Subsea 7 today announced the award of a contract with a value of approximately $500 million by BP, and partner DEA, for the development of the Taurus and Libra subsea fields offshore Alexandria, Egypt.

The contract is the first phase of Egypt’s West Nile Delta project where field development will be at depths of approximately 800 metres.

According to Subsea 7, the contract scope includes the engineering, procurement, installation and pre-commissioning of subsea infrastructure required to develop the hydrocarbon resources from nine wells including 75 kilometres of umbilicals and 100 kilometres of pipeline.

The company said that engineering and project management work will start immediately and will be undertaken at Subsea 7’s Global Projects Centre in London. Fabrication of the subsea structures and spools will be carried out at the Petrojet Maadia yard near Alexandria.

Furthermore, offshore installation is scheduled to start in the second half of 2016 using the Subsea 7 pipelay vessel, Seven Borealis, and heavy construction vessel, Seven Arctic.

Øeyvind Mikaelsen, Executive Vice President Southern Hemisphere and Global Projects said: “This large contract awarded by BP for the first phase of the West Nile Delta field development recognises the value we bring to our clients through early engagement with them to engineer, design and deliver cost-effective solutions for complex field developments. We look forward to expanding our presence in Egypt and building on our long, successful and collaborative relationship with BP.”

This follows the news yesterday of Subsea 7 cost cutting measures of $550 million, including staff redundancies and a reduction of vessels within there fleet

Source: www.offshoreenergytoday.com

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