Subsea7 S.A. SUBCY announced that it has secured a contract for the engineering, procurement, commissioning and installation of subsea infrastructure offshore Egypt. The company noted that it was a “sizeable” contract, implying a value in the range of $50-$150 million.
The scope of the contract includes the engineering, procurement, commissioning and installation of flexible pipelines and umbilicals for a tie-back to existing oil and gas infrastructure. Additionally, the installation of other subsea equipment associated with the tie-back will be covered by the company. Project-management activities for this project will be undertaken at SUBCY’s offices in France, Portugal and Egypt.
The project management and engineering tasks are expected to begin immediately, while offshore activities related to the project are slated to start next year. SUBCY has not disclosed any client-related details. However, the company has expressed enthusiasm regarding the contract in Egypt, highlighting it as strategically important. In the past month, Subsea7 has secured two other contracts, one offshore Norway and the other offshore Trinidad and Tobago.
SUBCY's Zacks Rank & Key Picks
SUBCY currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK, The Williams Companies, Inc. WMB and Oceaneering International OII. While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, The Williams Companies and Oceaneering International carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Flotek Industries specializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. The company develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.
The Williams Companies, Inc. is a premier energy infrastructure provider in North America. The company’s core operations include finding, producing, gathering, processing and transporting natural gas and natural gas liquids. Williams boasts a pipeline system of more than 33,000 miles and is one of the largest domestic transporters of natural gas.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
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Williams Companies, Inc. (The) (WMB): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis Report Flotek Industries, Inc. (FTK): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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