Subsea 7 is awarded a major contract in Egypt

The Norwegian company Subsea 7 has been awarded a contract for the value of  more than $ 750 million for the development of subsea fields off the coast of Egypt, the company reported.

The contract with BP and partner Deutsche Erdoel AG is for the development of subsea fields Giza, Fayoum and Raven off the coast of Alexandria in Egypt,  the company said  in a stock exchange release  Friday morning.

This is the second phase of West Nile Delta project, and the  field development will occur at depths of about 800 meters,  the web paper E24 writes.

The Company does not state how major the contract is but adds that they define major contracts  as contracts at more than $ 750 million, equivalent to NOK 6.45 billion in the current course.

Source: NTB scanpix / Norway Today