Subsea 7 Secures $1.3B Saudi Project from Aramco

Dagens Industri reports that Norwegian oil service corporation Subsea 7 has secured a significant project in Saudi Arabia from energy giant Aramco, valued at approximately 12.3 billion Norwegian kroner. This substantial contract further solidifies Subsea 7's presence in the Middle Eastern energy sector. The scope of the agreement includes the engineering, procurement, construction, and installation (EPCI) of major offshore infrastructure. Key elements of the project involve installing 106 kilometers of production and export pipelines, undertaking crucial modifications to existing offshore platform facilities, and subsequently completing connection and integration work. Engineering and design activities will commence immediately, with management coordinated from Subsea 7 offices in Saudi Arabia and the United Arab Emirates. Offshore construction and installation are scheduled for 2027 and 2028. Subsea 7 categorizes projects of this financial scale as "major projects," which typically fall within the range of $750 million to $1.25 billion USD. The announcement aligns with Subsea 7's robust performance on the Oslo Stock Exchange; its stock has risen by nearly 12 percent year-to-date and over 125 percent in the last three years.