oil service company Subsea 7 reports that they have received “a significant” contract from Pharaonic Petroleum for work off the coast of Egypt.
It involves a size in milliardklassen.
Sam, Who bet on oil services entrepreneurs at home on Notododden
– Positive for Subsea 7
Analyst Haakon Amundsen in ABG Sundal Collier believes the award is positive for the company, but it does not come surprisingly.
This is expected. It has been on the list their, the project was sanctioned and Subsea 7 have won a lot in Egypt. I think most had expected that it would come in the fourth quarter and Subsea 7 would win it, he says to E24.
the Company discloses not about the value of the contract, but does even that they define “a significant contract” at anything between 150 and 300 million dollars, equivalent to 1.2 to 2.5 billion.
Subsea 7 has had huge success in the egyptian market the last time. In February notified the company of a giant contract at over 750 million dollars (nok 6.2 billion) with the BP and DEA for the development of the Giza, Fayoum and Raven-subseafeltene.
In the past, they have won a lot there. They have built up a solid position. There is a reason that it was expected that they were the most likely winner of this contract, ” says Amundsen.
Stig Remøy and local investors will rescue the Olympic Shipping with 400 fresh million
Have started work on
the Contract includes the engineering, procurement, construction and installation of more than 40 kilometres of pipelines and associated structures for the new field “Atoll”, which relates to the existing “Taurt”field.
Engineering and purchasing services, is already underway. Work offshore will take place in the second half of 2017 and early 2018.
the Vessels will be used is the “Seven Borealis”, “Seven Eagle” and “Seven Arctic”.
large price gains in the year
On the Oslo stock Exchange see also investors seem to share the optimism. In early trading rising shares of Subsea 7 with a 1.8 per cent.
As with other in oljeleverandørindustrien have oljeprisens fall from over usd 100 per barrel in 2014 to around $ 50 left its traces in the Subsea 7, but a little optimism seems to be on the way back again purely kursmessig.
After the stock dropped from over 150 down to 45 dollars on the lowest at the start of 2016, is the now at 93,5 million.
No comments:
Post a Comment