Subsea 7 wins offshore Trinidad and Tobago

Oslo-listed Subsea 7 said it has secured a ‘sizeable’ contract from an undisclosed client for work offshore Trinidad and Tobago.

The contract scope covers the project management, engineering, procurement, installation and pull-in of one subsea rigid flowline and flexible riser together with flexible flowlines and associated subsea infrastructure and umbilical system.

According to the company, the deal is worth between $50 million and $150 million.

Offshore installation activities should take place in 2021.

Subsea 7 also noted that at this time, no further details can be communicated.

Finally, the contract will go in the third-quarter backlog.

To remind, the engineering and construction specialist recognised quarterly net loss of $922 million in the second quarter of this year.

Backlog at the end of June was $7.0 billion, of which $2.1 billion should be executed in 2020.

The backlog for execution in 2021 of $3.4 billion is up 70 per cent since the end Q1.