SUBSEA 7 EYES BACALHAU EPCI

Subsea 7 expects to be hired for the engineering, supplies, construction and installation (EPCI) project for the Bacalhau field in the first half of this year. The project is subject to Equinor’s final investment decision.

In the fourth quarter of 2020, Subsea 7 completed FEED and engineering activities for the development of Bacalhau, in the Santos Basin. Last week, Equinor started a 3D seismic acquisition campaign with ocean bottom nodes in the field.

In addition to Bacalhau, the company also listed other projects in Brazil as opportunities in the next 12 months: Mero 3, Búzios 6, 7 and 8, BM-C-33 (Pão de Açúcar) and PLSV contracts with Petrobras. The country is one of the regions with the most SURF and conventional activity on this horizon, along with the Gulf of Mexico and Norway.

Subsea 7 is participating in Mero 3 bids and Petrobras’ PLSV extensions. Regarding the changes in the command of the state-owned company, the CEO declared that he does not see any changes in the project schedules at the moment, but that “it is too early since the changes made to Petrobras’ leadership”.

“As you can see, there are orders for SPS [subsea production systems] or FPSOs being made for those projects [Mero 3 and Búzios 6, 7 and 8], so I think we should probably see the pace continue, despite any changes in senior leadership, ”he declared.

Results

The company ended 2020 with revenue of $ 1 billion in the fourth quarter and $ 3.47 billion during the year. In the period, Subsea 7 recorded a net loss of US $ 1.1 billion, of which US $ 103 million was reported in the last quarter.

For 2021, Subsea 7 is expected to execute US $ 4 billion in projects from its US $ 6.2 billion portfolio, evaluated in the last quarter. Of these, 61% are related to the SURF and Conventional areas and 32% to Renewables.

Source: Brasil Energia Magazine

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