Technip Awarded Contract for Reeled Pipe Installation Services

Technip in consortium with Subsea 7 has received a letter of intent from Statoil for a 2 year Frame Contract for reeled pipe installation services in Norway. The consortium is based on a 50/50 split of revenue and contribution of internal resources and assets between the two parties. The actual contract revenue will depend upon Statoil's project requirements, however based on Statoil's commitments as at contract award, a total contract value of approximately € 200 million (NOK 1.6 billion) is estimated. This includes project management, engineering, fabrication and installation of all Statoil's reeled pipe applications for 2007 and 2008.

The management and engineering work will be performed both in Technip's offices in Stabekk, Norway, and Subsea 7's offices in Stavanger, Norway. The flowlines will be manufactured at Technip's welding base in Orkanger, Norway and Subsea 7's newly built spoolbase in Gaupne, Norway.

Pipelay, construction and survey vessels from the Technip and Subsea 7 fleets will be provided as part of this contract for the offshore installation activities.

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Posted 25/07/06

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