Subsea7 S.A. SUBCY has secured an inspection, repair and maintenance (IRM) services contract at the Sakarya gas field. The contract was awarded by the Turkish Petroleum Offshore Technology Center (TP-OTC). The gas field is located in the deep waters of the Black Sea, offshore Turkey.
SUBCY mentioned that the contract is a sizeable one, implying that its value lies in the range of $50-$150 million. The contract covers project management and engineering tasks that will be carried out from the company’s offices in Türkiye and Scotland. In addition, the contract includes a provision to supply equipment for repair and maintenance work in the field, includingtwo work-class remotely operated vehicles (ROVs).
For this project, Subsea7 will also be responsible for recruiting personnel required to execute the subsea construction tasks. The personnel will operate and manage the construction activities onboard TP-OTC’s light construction vessel, Mukavemet. The offshore activities related to the project will be carried out in 2025 and 2026.
Subsea7 mentioned that the contract underscores its ability to provide effective engineering solutions across the asset’s lifecycle while closely working with its clients. The company looks forward to working with TP-OTC on the Sakarya gas field development and expanding its presence in Turkey in the long run.
SUBCY’s Zacks Rank and Key Picks
SUBCY currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are TechnipFMC plc FTI, Sunoco LP SUN and Oceaneering International OII. TechnipFMC and Sunoco currently sport a Zacks Rank #1 (Strong Buy) each, while Oceaneering International carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a high of $14.7 million in the third quarter of 2024, indicating an 11.1% increase from the previous year’s level. This growing backlog ensures strong revenue growth for FTI.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than that of the composite stocks in the industry, providing unitholders with consistent returns.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading offshore equipment and technology solutions provider to the energy industry. Its proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
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