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    Subsea 7 awarded Venture Sycamore work

    News // June 7, 2002
    Newly formed subsea development contractor Subsea 7 has received a $29 million contract award from Venture Production plc for the development of the Sycamore oilfield. Sycamore will be the third field on Block 16/12a in the UK sector, and the second development project since Venture acquired an interest and operation of the block in April 2000.

    The subsea development of Sycamore will be completed in three initial phases during 2002 and 2003, comprising up to three oil producers and two water injection wells. A pipeline and controls bundle connecting a new subsea Sycamore manifold to the existing Birch manifold will be fabricated by Subsea 7 at its Wick site in Scotland and will be floated out to Block 16/12a later this year.

    The total project is expected to cost $130 million with result in the recovery of 20 million barrels of oil and 14 billion cubic feet of gas. First oil is planned for April 2003, with production rates expected to peak around 20,000 barrels per day laterin the year.

    Subsea 7 was formed as a result of a combination of Halliburton Subsea and the subsea activities of DSND Subsea ASA on 23rd May 2002. It has offshore operations supported out of the UK, Norway, Singapore, Brazil, United States and the Caspian and employs4,000 worldwide.

    Subsea 7 has a fleet of 113 remotely operated vehicles (ROVs), three pipeline construction yards and 23 modern, high specification dynamically positioned ships capable of deepwater reeled and flexible pipelay, deepwater subsea construction and saturationdiving and survey.

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