Statoil lets contracts on two more fast-track projects

Statoil let a $90 million contract to Subsea 7 Ltd. for the engineering, procurement, construction, and installation of pipelines and control cables for connecting the PanPandora and Katla fast-track developments in the North Sea to existing production installations. 
The contracts also cover installation of the subsea production system. 
“The purpose of fast-track developments is to realize small finds that would generally not be profitable,” said Per Haaland, Statoil's head of the portfolio of fast-track developments on the Norwegian Continental Shelf. 
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Source: Penn Energy