Subsea 7:SapuraAcergy JV Gets $160 Million Pact For Montara Devt Project

   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; [phone]; [e-mail]