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Subsea7 Expands Sakarya Project Scope With New TP-OTC Order
ZACKS· 2026-03-06 16:50
Core Insights - Subsea7 S.A. has received a variation order from Turkish Petroleum Offshore Technology Center for the Sakarya field development, indicating additional work under an existing contract [2][10] - The order extends the contract awarded last year for the third phase of the Sakarya gas field development, specifically connecting the Goktepe gas field to the Phase 3 floating production unit [3][10] Contract Details - The scope includes engineering, procurement, construction, and installation (EPCI) of subsea infrastructure, comprising 20 kilometers of flexibles and 120 kilometers of umbilicals, with installation at depths of up to 2,200 meters [4] - The contract value is estimated to be between $300 million and $500 million, categorized as a 'large' contract by the company [4] Project Management - Subsea7 will manage project activities from its Istanbul office, with offshore operations scheduled for 2027 and 2028 [5][10] - This project enhances Subsea7's relationship with TP-OTC and supports the development of the Goktepe field, contributing to increased gas production in Turkey's energy sector [5]