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Subsea7 (SUBCY) Secures Two Offshore Wind Projects in Poland
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Subsea7’s (SUBCY - Free Report) subsidiary Seaway7 has secured two new contracts in the emerging Polish offshore wind markets. The first contract has been awarded by Equinor and its partner Polenergia, while the second one has been bestowed by PGE Polska Grupa Energetyczna and Ørsted.
The first contract involves work for the inter-array cables of the MFW Baltyk II and MFW Baltyk III bottom-fixed offshore wind projects. Per the terms of the agreement, Seaway7 will be responsible for carrying out engineering, procurement, construction and installation (EPCI) of 100 66kV inter-array cables, which measure approximately 200 km in length. The projects will be carried out in the Polish part of the Baltic Sea, with the offshore works expected to begin in 2026.
The contract value lies in the range of $150-$300 million. Both projects will be executed in continuous campaigns.
MFW Baltyk II and MFW Baltyk III are 50-50 joint ventures between Equinor and Polenergia, which collectively boast a total installed capacity of 1.44 GW. Per the company’s statement, these two projects are among the largest and most advanced offshore wind farm projects being developed in Poland.
The second contract entails the transportation and installation of four substations for the Baltica 2 wind farm. According to the company, the contract value lies in the range of $50-$150 million. The project involves the utilization of Seaway7’s heavy lift and transportation vessels to carry out the offshore activities, which are expected to commence in 2026.
Baltica 2 is a joint venture between PGE Polska Grupa Energetyczna and Ørsted, with both holding equal stakes. The wind farm will be located at the Polish part of the Baltic Sea, with its closest point being 40 kilometers away from the shore, boasting a capacity of around 1.5 GW.
Seaway7, a subsidiary of SUBCY, expressed its enthusiasm for being part of the emerging market for offshore wind in Poland. The company also highlighted its long-standing partnership with Equinor and its commitment to supporting EQNR on its energy transition journey with the project.
Following the second contract, Seaway7 has planned to enhance its long-term relationship with Ørsted by supporting its offshore wind project.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
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 the composite stocks in the industry, providing unitholders with consistent returns.
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Subsea7 (SUBCY) Secures Two Offshore Wind Projects in Poland
Subsea7’s (SUBCY - Free Report) subsidiary Seaway7 has secured two new contracts in the emerging Polish offshore wind markets. The first contract has been awarded by Equinor and its partner Polenergia, while the second one has been bestowed by PGE Polska Grupa Energetyczna and Ørsted.
The first contract involves work for the inter-array cables of the MFW Baltyk II and MFW Baltyk III bottom-fixed offshore wind projects. Per the terms of the agreement, Seaway7 will be responsible for carrying out engineering, procurement, construction and installation (EPCI) of 100 66kV inter-array cables, which measure approximately 200 km in length. The projects will be carried out in the Polish part of the Baltic Sea, with the offshore works expected to begin in 2026.
The contract value lies in the range of $150-$300 million. Both projects will be executed in continuous campaigns.
MFW Baltyk II and MFW Baltyk III are 50-50 joint ventures between Equinor and Polenergia, which collectively boast a total installed capacity of 1.44 GW. Per the company’s statement, these two projects are among the largest and most advanced offshore wind farm projects being developed in Poland.
The second contract entails the transportation and installation of four substations for the Baltica 2 wind farm. According to the company, the contract value lies in the range of $50-$150 million. The project involves the utilization of Seaway7’s heavy lift and transportation vessels to carry out the offshore activities, which are expected to commence in 2026.
Baltica 2 is a joint venture between PGE Polska Grupa Energetyczna and Ørsted, with both holding equal stakes. The wind farm will be located at the Polish part of the Baltic Sea, with its closest point being 40 kilometers away from the shore, boasting a capacity of around 1.5 GW.
Seaway7, a subsidiary of SUBCY, expressed its enthusiasm for being part of the emerging market for offshore wind in Poland. The company also highlighted its long-standing partnership with Equinor and its commitment to supporting EQNR on its energy transition journey with the project.
Following the second contract, Seaway7 has planned to enhance its long-term relationship with Ørsted by supporting its offshore wind project.
Zacks Rank and Key Picks
Currently, SUBCY holds a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energysector are Archrock Inc. (AROC - Free Report) , Sunoco LP (SUN - Free Report) and Helmerich & Payne (HP - Free Report) . Archrock and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, while Helmerich & Payne carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
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 the composite stocks in the industry, providing unitholders with consistent returns.
Helmerich & Payne is primarily involved in the contract drilling of oil and natural gas, with operations in all major U.S. onshore basins as well as in South America, Australia and the Middle East. In the past months, the company has secured eight new rig contracts with Saudi Aramco, thereby expanding its presence in the Middle East. With plans to capitalize on unconventional drilling growth opportunities, HP’s outlook seems positive.