Subsea 7 was awarded with offshore contract for Egypt’s Atoll field

Seven BorealisThe subsea operator Subsea 7 was awarded with offshore contract for Egypt’s Atoll field by Pharaonic Petroleum Company. The total value of the contract is up to 300 million USD, including engineering, procurement, construction and installation works of the 105-km umbilical and 40-km rigid pipelines, as well as associated structures for the new Atoll offshore field. The contract will commence in the second half of 2017 and will last until and the early months of 2018, while the initial work has already begun. Subsea 7 will utilize the vessels Seven Borealis, Seven Eagle and Seven Arctic for operations related to planning, engineering, construction and installation works at Atoll field.

“We are delighted to strengthen our presence in Egypt. This substantial contract award recognizes our technical expertise and track record of strong execution for Pharaonic Petroleum Company”, said the vice-president of Subsea 7 for Africa region, Gilles Lafaye.

Atoll field is located in 900 meters water depth in the North Damietta Offshore Concession in the East Nile Delta. The operator of the offshore field is Pharaonic Petroleum Company, which is joint venture company between Egypt state-owned Egyptian General Petroleum Corporation and BP Egypt. BP announced the Atoll discovery in March 2015, which was estimated to 1.5 trillion cubic feet (tcf) of gas and 31 million barrels (mmbbl) of condensates.