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General: Subsea 7 warns of flat 2008 in UK

Posted on 30.07.2007 - 12:00 EDT in GENERAL NEWS by Rons_ROV_Links

Subsea 7 warns of flat 2008 in UKSubsea 7 was boosted by a strong performance in the North Sea region in the second quarter this year, but warned that the UK sector will be "flat" in 2008.

The subsea specialist said net operating profit was US $71.9 million compared to $69.3 million for the same period last time after a strong operational performance in the North Sea, Asia Pacific and GoM.

During the period, the company completed pipelay operations on Hydro's Oseberg Delta in Norway and on the Venture Greater Kittiwake Area and Talisman Rev projects in the UK.

Work on Talisman's Enoch project was also completed and commissioning on Talisman Blane continues, Subsea 7 said, adding that it is currently pursuing tenders worth more than $8 billion around the world.

Looking at the market up to 2012, Subsea 7 said in a statement: "Growth is apparent in all regions in this period, albeit both Asia Pacific and UK are seen as flat in 2008 before uplift in 2009."
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