March 6 (Reuters) - Subsea 7 SA SUBC.OL :
- SUBSEA 7 AWARDED THREE CONTRACTS BY WOODSIDE
- ASSUMING FID IS REACHED ON ALL THREE PROJECTS, THEY WOULD IN AGGREGATE BE EQUIVALENT TO A MAJOR PROJECT AWARD FOR SUBSEA 7
- DEFINES A MAJOR CONTRACT AS BEING OVER USD 750 MILLION
- EACH CONTRACT IS FOR ENGINEERING STUDIES AND INCLUDES AN OPTION FOR WOODSIDE TO PROCEED TO EXECUTE PHASE WITH AN ENGINEERING, PROCUREMENT, CONSTRUCTION AND INSTALLATION (EPCI) CONTRACT
- CONTRACTS ARE FOR: - SNE FIELD DEVELOPMENT-PHASE 1, OFFSHORE SENEGAL (SNE)1 - SCARBOROUGH PROJECT, OFFSHORE AUSTRALIA (SCARBOROUGH) - JULIMAR DEVELOPMENT PHASE 2, OFFSHORE AUSTRALIA (JULIMAR)
- SUBSEA 7 HAS ALREADY RECOGNISED VALUE OF ENGINEERING STUDIES IN ITS ORDER BACKLOG
- VALUE OF EPCI CONTRACTS WILL BE RECOGNISED AFTER FID, FOLLOWING EXERCISE OF RELEVANT OPTION
