Subsea 7 Hires former Transocean CFO, Ricardo Rosa

ricardo rosa
Ricardo Rosa, via Transocean

International seabed-to-surface contractor, Subsea 7 S.A. (Oslo Børs: SUBC), announced today that their Chief Financial Officer (CFO), Simon Crowe, has resigned and his successor has already been named.

Effective Monday of next week, former Transocean CFO Ricardo Rosa will take over as CFO.

Ricardo Rosa was until recently Executive Vice President and CFO of Transocean Ltd where he had previously held general management roles as Senior Vice President for both the Europe & Africa and Asia Pacific regions. Prior to joining Transocean, Ricardo was employed by Schlumberger and, during a 16-year international career, held various financial positions of increasing responsibility.

He is a member of the Institute of Chartered Accountants in England and Wales and has a M.A. from Oxford University. Ricardo has dual British and Brazilian citizenship and will be based in London.

Jean Cahuzac, Subsea 7’s Chief Executive Officer commented, “I would like to thank Simon for his valuable contribution; in addition to leading the financial function, he played a key role in the success of the merger process and has been truly instrumental in the development of the group since he joined in late 2009. We wish him every success in the future. We are very pleased to appoint Ricardo who will ensure continuity, as well as bringing further diversity to the Executive Management team in support of the global development of the group going forward‟.

In operational news, Subsea 7 announced on July 2nd the award of a SURF (subsea, umbilicals, risers, and flowlines) contract valued at approximately $400 million from BG Norge Limited, for the development of the Knarr field, in the Norwegian Sector of the North Sea.

The contract is for the engineering, procurement, construction and installation of a 4.5 km flowline bundle containing production, water injection and service lines and controls system, a standalone water injection flowline, flexible riser systems, the static and dynamic umbilicals systems, as well as various subsea structures, associated tie-in spools and GRP protection covers and the connection and testing of the complete subsea architecture.

In addition, the contract is for the transport and installation of one production and one water injection template, and the associated manifolds and protection structures. Engineering and procurement activities will commence immediately with offshore operations planned from Summer 2013 until Spring 2014.