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Subsea 7 S.A. awarded $360 million Shell contract extension

Tuesday, Nov 27, 2012

Subsea 7 S.A. (Oslo Børs: SUBC) announced today the extension of both of its Underwater Services Contracts (USC) by Shell Upstream International Europe. The extension of both contracts will commence in 2014 and continue until at least 2016. The extension in aggregate is worth approximately $360 million.

Under these contracts Subsea 7 will continue to provide subsea construction, inspection, repair, maintenance and decommissioning services across Shell’s European offshore fields and facilities.

Steph McNeill, Subsea 7 Vice President, UK and Canada, said: "We are privileged and grateful to have received an award from Shell of this value and importance. We believe it is an endorsement of Subsea 7's ability to provide life-of-field support safely, effectively and to the highest standard. Subsea 7 is committed to the continued successful partnership, held with Shell since 1990, across their North Sea Operations".

Source: Subsea 7 S.A.

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