Subsea 7 SA has been awarded a sizeable contract for the installation of the submarine cable system on an offshore wind farm project in Taiwan, the company said on July 16.
Project engineering will commence immediately at Seaway 7’s offices in Leer, Germany and in Taipei, Taiwan. Offshore activities are expected to commence in 2023.
The contract is subject to a final investment decision by the client and Subsea 7 will record the contract in backlog once that decision has been made.
At this time, no further details can be communicated for contractual reasons.
Subsea 7 defines a sizeable contract as being between $50 million and $150 million.
While some analysts have said oil demand may never reach pre-pandemic levels, Goldman Sachs said it expected this by the end of the year and predicted Brent would hit $80 and WTI $77 within six months.
Top oil exporter Saudi Arabia has cut the June official selling prices (OSPs) of all crude grades it sells to Asia, sources say.
Oil prices are expected this week to drift sideways with an upward bias, while product prices in the Atlantic Basin will move upward until the Colonial Pipeline is back in service, says Stratas Advisors in its latest forecast.