SUBCY Subsea 7 SA (PK)

   By Dominic Chopping 
 

Norwegian seabed-to-surface engineering contractor Subsea 7 S.A. (SUBC.OS) said Friday it has been awarded a $70 million contract from Statoil ASA (STO) to provide subsea processing technology on the Gullfaks field in the Norwegian North Sea.

 
   MAIN FACTS: 

-The contract is for the engineering, installation and commissioning of a 15.5km integrated power service umbilical, a protection structure, a subsea compressor station, pipeline spools and tie-ins.

-Engineering and project management will commence immediately at Subsea 7's Stavanger office, with offshore operations due to commence in 2015.

-At 0955 GMT shares traded 0.6% lower at NOK123.30.

-Write to Dominic Chopping at dominic.chopping@dowjones.com

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