Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable(1) contract by Cooper Energy Ltd for the Sole Development Project, offshore Australia.
The Sole gas field is located in the eastern part of the Gippsland Basin, approximately 40km offshore Victoria, Australia. The contract scope consists of the subsea tie- back of the Sole well to the Orbost Gas Plant, including the fabrication and installation of 64km of pipeline, spool and manifold, along with installation of a 64km umbilical and the commissioning of the system. Project management and engineering will commence immediately from Subsea 7's office in Perth, Australia, with offshore operations scheduled to commence in 2018.
The material offshore operations are subject to the Sole Development Project final investment decision which is anticipated soon. Andy Woolgar, Managing Director, Australia and New Zealand, said: "We are delighted to have been awarded this key project from Cooper Energy Ltd.
This award draws upon Subsea 7's substantial experience of delivering projects in the Gippsland Basin over the last 40 years. We look forward to leveraging this established and proven record in pipeline fabrication and offshore installation to help Cooper Energy as it develops its offshore gas resources." (1) Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.