DOW JONES NEWSWIRES
Subsea 7 Monday confirmed the award of a $160M contract to
SapuraAcergy from PTTEP Australasia (Ashmore Cartier) ("PTTEPAA")
for the development of the Montara Development Project located in
the southern Timor Sea approximately 690km West of Darwin.
MAIN FACTS:
-SapuraAcergy's scope under the contract involves the
engineering, procurement, load out, transportation and construction
activities for the removal and disposal of the existing topside and
the transportation and installation of new pipelines, risers,
umbilicals, spools, manifolds, FPSO mooring systems and a new
replacement topside, all of which to be undertaken at PTTEPAA's
Montara Development Project in water depths of approximately 80
metres.
-Engineering and project preparations will commence
immediately.
-Offshore installation is scheduled to be executed during 2011
using the Sapura 3000, SapuraAcergy's state of the art dynamic
positioning heavy lift and pipelay vessel.
-This project will be accounted for in the share of results of
associates and joint ventures line in the Subsea 7 S.A. accounts.
For this reason, the value of this award will not appear in Subsea
7's reported backlog and revenue.
-By Stockholm Bureau, Dow Jones Newswires; +46-8-5451-3090;
djnews.stockholm@dowjones.com