Norwegian deep-sea engineering firm Subsea 7 (OSE: SUBC) announced it has won a three-year contract extension with BP Exploration and Production for subsea activities in the Gulf of Mexico.
The contract covers underwater construction as well as inspection, repair, and maintenance and will include two vessels; one of which will be on a full-time contract.
Valued at approximately $160 million, this contract begins in the second quarter of 2014 and extends into the third quarter of 2017.
Hydraulic Fracturing 101
With shifting tides in legislation and public reception of fracking, the biggest gains in the domestic oil and gas industry will come from companies that can improve our drilling and completion technologies. A number of major corporations are already disclosing more information about their fracking operations, and many more are soon to follow…