Subsea 7 S.A. awarded a five-year contract from Statoil AS

Subsea 7 S.A. announced the award of a five year Frame Agreement Contract, plus two 1 year options by Statoil ASA. The contract will cover provision of a dedicated vessel on full time basis, and associated project management and engineering support, for ROV based inspection, maintenance, and repair (IMR) work in the Norwegian Sea and North Sea starting mid 2011. The estimated contract value of this Frame Agreement is approximately $260 million.
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Source: Subsea World