OneSubsea in Long-Term GoM Master Agreement with Chevron

Chevron has awarded OneSubsea a 20-year equipment and services master contract for subsea development projects in the Gulf of Mexico, a parent company Schlumberger said in its quarterly report. 

Combining this master contract with a preapproved catalog of standard subsea equipment should enable Chevron to decrease operating costs in its subsea projects, Schlumberger said.

The provision of a OneSubsea custom catalog of equipment will also include new technologies, including high-temperature projects or high-pressure projects requiring equipment that can withstand up to 20,000 psi.

The OneSubsea orders in the second quarter of 2019 were $428 million, down from $511 million sequentially. Backlog stands at $2.17 billion against $2.09 billion Q-on-Q.