Subsea 7 was giving little away with an announcement that it had been awarded a major offshore contract worth up to $750million, but declined to give details.
The oilfield services giant said the major EPCI (engineering, procurement, construction and installation) contract for offshore execution in 2017 and 2018 but “contractual obligations” prevented further details being disclosed.
“A more detailed announcement will be made in the near future,” the company said in a statement.
Subsea 7 defines a major contract as being over $750 million.
Such a contract would be welcome for the company, which saw income dip for the first quarter 2016 as the reduction in SURF (subsea, umbilical, riser and flowline) project activity worldwide affects the service sector.
Its net income dropped from $151 million in the first quarter of 2015 to $147million in the first three months of this year.
Reported revenue was $746 million in the first quarter 2016, 37% lower than the same period in 2015.
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