Subsea 7 announces Contract Award by BP in Gulf of Mexico

Date: 16 Apr 2010

Subsea 7 Inc (OSE Symbol: SUB), one of the world’s leading subsea engineering and construction companies, today announced the award of an installation contract by BP for the Galapagos and Nakika Phase 3 developments in the Gulf of Mexico. .

Engineering work will commence immediately at Subsea 7’s Houston office. Installation will take place during late 2010 using Subsea 7’s pipelay and construction vessel, the Skandi Neptune. .

Ian Cobban, Subsea 7’s Vice President – North America Region stated: “We are delighted that BP has chosen to build upon our existing long-term relationship with the award of the Galapagos and Nakika Phase 3 workscope, which will strengthen our presence in the Gulf of Mexico.” .

The Galapagos area and Nakika Phase 3 projects are subsea tie-backs scheduled to come on stream in 2011 and produce into the Nakika platform. The projects are located in Mississippi Canyon approximately 130 nautical miles southeast of New Orleans, LA in water depths up to 6,300 feet.

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