Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial(1) contract by BP Exploration for the provision of subsea inspection, repair and maintenance (IRM) services on both the Azeri-Chirag-Gunashli (ACG) and Shah Deniz (SD) fields, offshore Azerbaijan.
Under the terms of this five-year agreement, the scope of work comprises the provision of a Life of Field support vessel complete with work class and observation class ROVs, capable of performing inspection, survey, intervention, light subsea construction, surface diving and emergency response services. The Life of field support vessel will be supported by a Baku based onshore project management and engineering team.
Services will begin in March 2018 with a project team located in Baku and additional specialist support being provided from i-Tech Services’ operations centre in Aberdeen.
Steve Wisely, i-Tech Services Senior Vice President, said: ‘The award of this long term IRM contract by BP acknowledges the capability, capacity and diversity of our offering in the Life of Field market. This contract represents a significant milestone for i-Tech Services, with our entry into Azerbaijan. It provides us with an opportunity to develop our in-country and regional presence and tailor our service offerings to support BP’s ongoing IRM activities and future offshore developments. We look forward to growing our valued relationship with BP and extending our track record for successfully delivering safe, reliable and efficient Life of Field services.’
(1) Subsea 7 defines a substantial contract as being between USD 150 million and USD 300 million.
Source: Subsea 7