Subsea 7 lands ‘sizeable’ prize from mystery client

UK-based engineering, construction and services company Subsea 7 said Friday it has won a ‘sizeable’ contract with an undisclosed client.

The deal is between $50 million and $150 million, the company said in its Oslo Exchange filing.

The scope of work includes engineering, project management and procurement.

Engineering activities will commence immediately at the company’s office in Sutton, UK.

The contract will go in the first quarter backlog of the Subsea and Conventional business unit.

Subsea 7 has not disclosed any further details at this time due to contractual obligations.

The company’s backlog at the end of December was $6.2 billion, of which $4 billion set for execution in 2021.

$3.8 billion of the backlog is for the SURF and Conventional business.

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