Subsea 7 reveals volume of revenues from Azerbaijan

Oil&Gas Materials 6 March 2020 13:09 (UTC +04:00)
Subsea 7 reveals volume of revenues from Azerbaijan

BAKU, Azerbaijan, March 6

By Leman Zeynalova – Trend:

Revenues of UK-based Subsea 7 company from Azerbaijan stood at $58.3 million in 2019, as compared to $45.9 million in 2018, Trend reports citing the company.

Non-current assets of the company in Azerbaijan amounted to $54.8 million in 2019, according to the report released by Subsea 7.

The company said that its Life of Field Revenue for the year ended 31 December 2019 was $266 million, an increase of $20 million or 8 percent compared to 2018.

“The increase in revenue was primarily driven by increased inspection, repair and maintenance activities, offshore Azerbaijan, in the North Sea and Gulf of Mexico,” said the company.

In 2019 Subsea 7 reported revenue of $3.7 billion and Adjusted EBITDA of $631 million. “During the year we delivered 27 projects and services offshore in 11 countries.”

Subsea 7 announced in September 2019 the award of two contracts, together representing a sizeable(1) contract award, by BP Exploration for the Azeri Central East (ACE) project in the Azeri-Chirag-Deepwater Gunashli (ACG) field in the Caspian Sea in a water depth of approximately 140 metres.

The work scopes comprise engineering and fabrication of subsea structures, engineering, transport and installation of spools, the launching of a 16,200 tonne jacket and the float-over of an 18,500 tonne topside.

Subsea 7 S.A. is a subsea engineering, construction and services company serving the offshore energy industry.


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