BP and Subsea7 extend agreement from 1998

Subsea7 has secured an extension of the existing frame agreement with UK energy giant BP for subsea construction, inspection, repair and maintenance services (IRM), for assets in the North Sea.

Under the terms of the two-year extension to the end of 2025, Subsea7 will provide an IRM, survey and light construction vessel, complete with work class and observation class remotely operated underwater vehicles (ROVs). This is the agreement’s latest extension since the original frame agreement began in 1998.

Project management and engineering work will continue to be managed from Subsea7’s office in Aberdeen.

The company defined the extension as sizeable, meaning it is worth between $50 million and $150 million.

Steve Wisely, Senior Vice President for Subsea7 UK & Global Inspection, Repair and Maintenance, said: “We are immensely proud of the safe and effective IRM services we have executed for bp for 25 years across its west of Shetland assets. Supporting bp in what is notably one of the harshest offshore environments, has significantly contributed to the expansive deepwater project delivery expertise that we offer across the globe.”

In terms of other recent joint activities, the Subsea Integration Alliance that comprises of Subsea7 and OneSubsea signed a memorandum of understanding (MoU) with BP in September aimed at developing a framework to enhance subsea project performance.

A new team will be formed to oversee and manage activities across the program.