Gorgon Project: Subsea 7 wins $440M installation contract offshore Australia

subsea 7 gorgon project installationNorwegian seabed-to-surface engineering and construction contractor Subsea 7 SA (SUBC.OS) Friday said it has won a $440 million contract from Chevron Australia Pty Ltd. (CVX) for the Gorgon natural gas project, offshore Western Australia.

The contract includes installation and tie-in of heavy lift structures in the Gorgon and Jansz fields. Project management and engineering will start immediately while the offshore operations are scheduled to start in 2013.

The Gorgon project is one of the world’s largest natural gas projects, and is operated by Chevron and is a joint venture of the Australian subsidiaries of Chevron, ExxonMobil Corp. (XOM), Royal Dutch Shell PLC (RDSA), Osaka Gas Co. Ltd. (9532.TO), Tokyo Gas Co. Ltd. (9531.TO) and Chubu Electric Power Inc.(9502.TO).

Shares Thursday closed at NOK143.80.

-By Katarina Gustafsson, Dow Jones Newswires