Subsea 7 - News - December 19, 2005

Gulf of Mexico Award for Subsea 7

Global subsea contractor, Subsea 7 announced today that it has been awarded a subsea installation contract with a value of approximately US $40 million from Anadarko Petroleum Corporation (NYSE: APC) and Dominion Exploration & Production, Inc. for work related to the Independence Hub project in the eastern Gulf of Mexico.

The contract is for the installation of the control system umbilicals, hardware, and flying leads for the tie back of seven fields consisting of a total of eleven umbilicals totalling over 106 miles in length. The scope also includes the ancillary equipment including the installation of three manifolds, eighteen jumpers, and seventeen flying leads.

The installation will take place around Mississippi Canyon 920 in the Gulf of Mexico working in water depths in the region of 8,000 to 9,000 feet. The offshore campaign is scheduled for mid to late 2006 utilising one of Subsea 7’s deepwater construction support vessels.

Subsea 7’s vice president Gulf of Mexico, Craig Broussard commented, “We are pleased to be selected as one of Anadarko's lead installation contractors for this challenging scope of work, which is yet another in a list of deepest firsts for Subsea 7. At 9000 feet this will be the deepest operating development in the world. In addition our commitment to this project for the second half of 2006 reinforces Subsea 7's undertaking to provide state of the art assets for our deepwater clients in the Gulf of Mexico”.

Ends
19 December 2005
###

Subsea 7 Public Relations:
Lyndsay Cruickshank Tel: +44 1224 344606
E-mail: lyndsay.cruickshank@subsea7.com
Pat Stephen Tel: +44 1224 344508 or +44 7712 427608
E-mail: pat.stephen@subsea7.com

Notes to editors:
With a workforce in excess of 3000 people worldwide, Subsea 7 is one of the world’s leading subsea engineering contractors. The company’s global offshore operations are supported out of Asia Pacific, Brazil, Gulf of Mexico, Norway, UK and West Africa. Subsea 7 has more than 100 remotely operated vehicles (ROVs), four pipeline construction yards and a fleet of modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturation diving. www.subsea7.com
Subsea 7’s shares trade on the Oslo Stock Exchange (www.ose.no): Ticker Code SUB