Yahoo Finance Subsea7 (SUBCY) to Handle EPCI for Bittern Field Development
Subsea7 S.A. SUBCY has been awarded a contract for the development of the Bittern oil and gas field, by Dana Petroleum (E&P) Limited. The Bittern field is located in the UK North Sea, around 190 kilometers east of Aberdeen. The water depth at the site is approximately 90m.
The exact financial details of the deal were not disclosed. However, per Subsea7’s statement, the value of the contract lies between $50 million and $150 million.
The project’s scope of work involves project management, engineering, procurement, construction and installation (EPCI) of a 22km and 12inch pipeline for injection of water. Subsea7 is also responsible for the installation of associated subsea infrastructure and tie-ins at the Triton Floating Production Storage & Offloading (“FPSO”) vessel and the Bittern field.
The Bittern offshore field, discovered in 1996, is located toward the south-east of the Triton FPSO. The Bittern field has been developed with five production wells and two water injection wells connected to the Triton FPSO via a subsea tie-back.
SUBCY has stated that project management and engineering activities will begin immediately in Aberdeen and the offshore activities are slated to begin in the third quarter of 2025. The company has expressed its enthusiasm for being able to render its project management and engineering expertise for the development of the Bittern field, offshore UK. Subsea7 has reinstated its commitment to support Dana Petroleum to meet its targets and successfully complete the development of the offshore field.
Zacks Rank and Other Key Picks
Currently, SUBCY carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the energy sector are Archrock Inc. AROC, SM Energy SM and Hess Midstream Partners LP HESM. Archrock presently sports a Zacks Rank #1 (Strong Buy), while SM Energy and Hess Midstream carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Hess Midstream owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess Corporation and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.
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