Subsea7 Secures Major Decommissioning Project in the North Sea

Core Insights - Subsea7 S.A. has secured a contract for decommissioning activities from Ithaca Energy, involving the Alba floating storage unit and the Greater Stella Area's FPF-1 production facility [1][3] Group 1: Contract Details - The contract includes flushing subsea pipelines to remove hydrocarbons, providing diver support vessel services, and clearing the seabed of associated infrastructure [2][8] - Project management and engineering works are set to begin immediately in Aberdeen, with offshore activities scheduled to start in Q2 2026 [2][8] Group 2: Company Expertise and Relationship - Subsea7 emphasizes its three decades of expertise in full-field decommissioning activities, which is highlighted by this contract [3] - The contract strengthens the long-standing relationship with Ithaca Energy, which began in 2008 [3] Group 3: Contract Value - The contract is described as 'sizeable', with an estimated value between $50 million and $150 million [3]