Subsea 7 and BP signed a massive IRM agreement

Subsea 7 S.A. today announced it
has secured a $50-to-$100mln-worth extension to the existing contract by BP Exploration Operating Company
Limited, for the provision of Subsea Construction, Inspection, Repair and Maintenance (IRM)
services in the North Sea.
Under the terms of this agreement, Subsea 7 will provide BP with an additional two years of cost-
effective IRM delivery, extending the contract to 2019. This is the continuation of the long-standing
relationship between Subsea 7 and BP that has been in place since 1998. It covers the maintenance
of the Schiehallion, Loyal, Foinaven and East Foinaven fields west of Shetland and will provide
increased operational value and return for BP and its joint venture partners in the respective fields
(Shell, OMV, Marathon Oil and Faroe Petroleum).