Subsea7 announced the award of a sizeable(1) extension of an existing frame agreement by bp, for subsea construction, inspection, repair and maintenance services (IRM), across bp’s North Sea assets.

This is the agreement’s latest extension since the original frame agreement began in 1998. Under the terms of this two-year extension to the end of 2025, Subsea7 will provide an IRM, survey and light construction vessel, complete with work class and observation class remotely operated underwater vehicles (ROV), capable of performing inspection, survey, intervention, subsea construction and emergency response services.

Project management and engineering work will continue to be managed from Subsea7’s office in Aberdeen.

Steve Wisely, Senior Vice President for Subsea7 UK & Global Inspection, Repair and Maintenance, said: “We are immensely proud of the safe and effective IRM services we have executed for bp for 25 years across its west of Shetland assets. Supporting bp in what is notably one of the harshest offshore environments, has significantly contributed to the expansive deepwater project delivery expertise that we offer across the globe.”

(1) Subsea7 defines sizeable as being between USD 50 million and USD 150 million.

About Subsea7

Subsea7 (Oslo Børs: SUBC, ADR: SUBCY) is a global leader in the delivery of offshore projects and services for the evolving energy industry. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.
Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.