Oslo-listed offshore engineering and services provider Subsea 7 is set to be awarded a new contract estimated to be worth over $750m.
The company said Wednesday it had received a client recommendation to execute, subject to consortium partners’ approval, a major subsea contract.
Subsea 7 will book the deal in its subsea and conventional business unit’s third-quarter backlog, while consortium approval is expected in the fourth quarter.
No further details have been disclosed “due to contractual obligations”. In a note to clients Norwegian lender Pareto said it expects the deal to be with Petrobras for the Buzios 9 development offshore Brazil and worth close to $1bn.
