Subsea7 announced, in a statement posted on its website recently, the award of a “major” contract by Turkish Petroleum Offshore Technology Center (TP-OTC).
The contract was for the development of phase 3 of the Sakarya field development in the Black Sea, offshore Türkiye, Subsea7 revealed in the statement, which pointed out that the company defines a major contract as being “between $750 million and $1.25 billion”.
Subsea7’s work scope for the project includes engineering, procurement, construction and installation (EPCI) of the subsea umbilicals, risers, and flowlines (SURF), the statement highlighted. Project management and engineering will commence immediately and will be managed by the Subsea7 office in Istanbul, Türkiye, the company noted in the statement.
“This award builds on our track record in Türkiye and further reinforces our relationship with TP-OTC, demonstrating Subsea7’s expertise in delivering complex, integrated offshore projects safely and reliably,” David Bertin, Senior Vice President for Subsea7 Global Projects Center East, said in the statement.
“It underlines our commitment to supporting Türkiye’s strategic energy goals and advancing our strong regional presence,” he added.
Hulya Ozgur, Subsea7 Türkiye Business Unit Director, said in the statement, “we are proud to continue our journey with TP-OTC on the Sakarya Gas Field Development Project, supporting Türkiye’s vision for energy independence”.
“This new award reflects the dedication and capability of our Türkiye team, our commitment to local content development, and our focus on delivering safe and efficient offshore solutions,” he added.
2Q, Half Year Results
In its second quarter and half year results statement, which was posted on Subsea7’s site on July 31, the company reported half year revenue of $3.285 billion, adjusted EBITDA of $596 million, net operating income of $263 million, and net income of $148 million.
This statement highlighted that, in the first half of 2024, Subsea7’s revenue came in at $3.134 billion, its adjusted EBITDA was $454 million, its net operating income was $157 million, and its net income was $92 million. Subsea7’s backlog was $11.823 billion in the first half of 2025, the statement revealed.
“Subsea7 delivered strong growth in profitability in the second quarter of 2025 driven by the solid execution of our portfolio of projects in both Subsea and Conventional, and Renewables,” Subsea7 Chief Executive Officer John Evans said in the company’s results statement.
“The group’s adjusted EBITDA margin increased 370 bps year on year to 20.5 percent in the quarter, putting us on track to achieve our full year guidance and deliver over 20 percent growth in EBITDA in 2025 compared with 2024,” he added.
“During the quarter we replenished the backlog with high-quality orders of $2.5 billion, equivalent to 1.4 times book-to-bill, demonstrating the resilience of our strategy that is focused on long-cycle subsea markets with advantaged economics, alongside a selective approach to offshore wind,” he went on to state.
July Deals
In a statement posted on its site on July 23, Subsea7 announced the award of a “substantial” contract. The project involves the engineering and offshore installation of flexible pipe, umbilicals, subsea equipment and a mooring system, the company added in the statement, which noted that Subsea7 defines a substantial contract as being between $150 million and $300 million.
“Project management and engineering activities will begin immediately at Subsea7’s office in Houston, Texas, with offshore operations expected to start in 2027. No additional details will be provided at this time,” that statement added.
In a statement posted on its site on July 17, Subsea7 announced the award of a “large” contract by Equinor relating to the Fram Sør development project, offshore Norway. The statement pointed out that the company defines a large contract as being between $300 million and $500 million.
The project work scope covers engineering, procurement, construction and installation (EPCI) of subsea structures and flowlines, including 53 kilometers (32.9 miles) of production, gas lift and water injection lines, the statement noted, adding that the scope also includes installation of the umbilical system.
“Engineering and project management will begin immediately in our offices in Norway and UK. Offshore installation activities are expected in 2026, 2027 and 2028,” that statement said.
In a statement posted on its site on July 4, Subsea7 announced the award of “sizeable” contract offshore Egypt. This statement highlighted that Subsea7 defines a sizeable contract as being between $50 million and $150 million.
“Subsea7 will be responsible for the engineering, procurement, commissioning and installation of flexible pipelines, umbilicals, and associated subsea components for a tie back to existing infrastructures,” the company said in that statement.
“Project management and engineering work will begin immediately at Subsea7’s offices in France, Portugal, and Egypt. Offshore activity is expected to start in 2026,” it added.
To contact the author, email andreas.exarheas@rigzone.com
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