Subsea 7 scores $300m engineering contract

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Subsea 7 scores $300m engineering contract

Subsea 7 has been awarded a $300 million (£187m) engineering contract to support the development of a $1.6 billion Western Isles project by Dana Petroleum, the Aberdeen-based oil and gas firm.

Under the deal, Subsea 7 will build and install two 1.5-mile pipeline “bundles” and a 6.8-mile gas export pipeline. The firm, which is listed in Norway, said engineering and project management work will begin immediately at its Aberdeen office and offshore activities are scheduled to start next year.

Steph McNeil, Subsea 7’s vice-president for the UK and Canada, said: “The award of this prestigious contract from Dana is an endorsement of our unique bundle technology.

“We are grateful to Dana for choosing us to provide them with a cost-effective solution and look forward to helping them deliver this strategically important development.”

Dana, headed by chief executive Marcus Richards, is aiming to double its production to 100,000 barrels a day by 2016. The firm got the green light from the Department of Energy & Climate Change last month to press ahead with the Western Isles project, which will develop two fields called Barra and Harris in the northern North Sea.

Although the fields are named after islands in the Outer Hebrides, they actually lie about 100 miles east of Shetland and 7.5 miles west of the Tern field. The nine-well development is expected to produce more than 40,000 barrels of oil equivalent a day, adding more than 30,000 net barrels to Dana’s daily production when it comes onstream in 2015.

The Barra and Harris fields have an estimated lifespan of about 15 years and are thought to contain recoverable reserves of more than 45 million barrels.

Dana, founded by oil entrepreneur and Parkmead executive chairman Tom Cross, was acquired for £1.87bn by Korea National Oil Company in 2010.

Source: The Scotsman

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.