Subsea 7 with new contract by Stone Energy for US$70million

By Finance

Subsea 7 has won a contract by Stone Energy for the exploration of the Cardona field in the U.S. Gulf of Mexico. The deal is estimated at US$70 milion.

What work should Subsea 7 do?
Subsea 7 has to do: engineering, procurement, installation and commissioning of flowlines, risers, pipeline structures, and a gas lift umbilical.

Subsea 7 at Houston will immediately take the engineering activities. In the end of the next is expected offshore operations to start.

The vice President of Subsea 7 for the Gulf of Mexico said a few words for the contract:
"We are pleased to be awarded this contract and look forward to working collaboratively with Stone Energy. This is an important project for both Stone Energy and Subsea 7, and we look forward to delivering the project in a safe and timely manner, and to building a strong relationship."

Background information:

Subsea 7 S.A. is a worldwide subsea engineering and construction company. Head office located in London. The company is a result of a combination of its 2 predecessor companies, Acergy S.A. and Subsea 7, Inc.

Stone Energy Corporation is in the business of oil and natural gas exploration and production. The head office is located in Louisiana plus offices in New Orleans, Louisiana, Houston, Texas and Morgantown, West Virginia.