Subsea 7 sees continued pickup offshore Brazil, GoM

(Offshore) Subsea 7 has issued updates on its offshore energy activities in its 2Q results review.

Subsea 7 has issued updates on its offshore energy activities in its 2Q results review.

Offshore China, the company completed work on CNOOC’s Lingshui project using the Seven Borealis and Seven Eagle vessels.

In the Norwegian sector, the Seven Arctic installed umbilicals for Aker BP’s Ærfugl Phase 2-Skarv tieback in the Norwegian Sea, while the Seven Navica was laying gas pipelines for Equinor’s Johan Sverdrup Phase 2 project in the North Sea.

In Saudi Arabia, the Seven Champion continued work on the 28 jackets installation project (CRPO 47, 48 and 49).

The Seven Oceans installed subsea equipment for the Julimar Phase 2 project offshore Western Australia, with the Seven Oceanic in transit from UK waters to assist the campaign.

Subsea 7’s Renewables division continues work on the Seagreen project in the UK North Sea, with the first five jackets sailing from China to Europe, and suppliers progressing activity on the remaining 109 jackets.

Also in the UK, the Seaway AimerySeaway Moxie and Simar Esperança were all fully occupied on the Hornsea 2 project. In June, the Seaway Strashnov completed an oil and gas heavy-lift project and was mobilizing for the Hollandse Kust Zuid wind project in the Dutch North Sea.

Overall, Subsea 7’s active fleet achieved 82% employment in 2Q, up from 71% in the previous quarter, with 29 vessels in service.

As for the outlook, tendering activity in Brazil remains strong following Subsea 7’s contract awards for the Bacalhau and Mero 3 projects, with other developments set to go forward over the next two years.

Early engagement in Norway led to contracts for the Kobra East and Gekko and Hasselmus subsea tiebacks, and FEED activity remains high in preparation for further EPCI opportunities.

Offshore activity in the Gulf of Mexico should also increase in the second half of the year, with Subsea 7 tendering for further tiebacks.

To manage the growing activity, the company expects to increase its onshore workforce.

Tendering for renewable energy projects also remains strong with the industry expecting further projects to go forward in Asia, Europe, and the US.

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