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Subsea7 Secures Major Decommissioning Project in the North Sea
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Key Takeaways
SUBCY secures a decommissioning contract covering the Alba FSU and the Greater Stella Area's FPF-1 facility.
Work includes pipeline flushing, diver support vessel operations, and seabed clearance for Ithaca Energy.
Project management starts immediately in Aberdeen, with offshore activities scheduled for Q2 2026.
Subsea7 S.A. (SUBCY - Free Report) has secured a contract involving decommissioning activities from Ithaca Energy. Per the terms of the contract, Subsea7 will provide off-station decommissioning services for two offshore assets, the Alba floating storage unit (FSU) and the Greater Stella Area‘s FPF-1 production facility. The Greater Stella Area, located in the Central Graben region of the Central North Sea, is operated by Ithaca Energy and includes the Stella, Harrier, Abigail and Vorlich producing fields.
The contract covers flushing subsea pipelines to remove any remaining hydrocarbons, providing diver support vessel services to carry out subsea operations and clearing the seabed of associated infrastructure. SUBCY has mentioned that project management and engineering works related to this contract are expected to begin immediately in the company’s Aberdeen office. The offshore activities are slated to start in the second quarter of 2026.
Subsea7 stated that this contract award underscores the company’s expertise in carrying out full-field decommissioning activities across three decades. The contract also strengthens its relationship with Ithaca Energy, which began in 2008. Subsea7 will utilize its expertise and work closely with Ithaca Energy to complete the project safely. The company describes the contract as a ‘sizeable’ one, implying that its value lies between $50 million and $150 million.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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Subsea7 Secures Major Decommissioning Project in the North Sea
Key Takeaways
Subsea7 S.A. (SUBCY - Free Report) has secured a contract involving decommissioning activities from Ithaca Energy. Per the terms of the contract, Subsea7 will provide off-station decommissioning services for two offshore assets, the Alba floating storage unit (FSU) and the Greater Stella Area‘s FPF-1 production facility. The Greater Stella Area, located in the Central Graben region of the Central North Sea, is operated by Ithaca Energy and includes the Stella, Harrier, Abigail and Vorlich producing fields.
The contract covers flushing subsea pipelines to remove any remaining hydrocarbons, providing diver support vessel services to carry out subsea operations and clearing the seabed of associated infrastructure. SUBCY has mentioned that project management and engineering works related to this contract are expected to begin immediately in the company’s Aberdeen office. The offshore activities are slated to start in the second quarter of 2026.
Subsea7 stated that this contract award underscores the company’s expertise in carrying out full-field decommissioning activities across three decades. The contract also strengthens its relationship with Ithaca Energy, which began in 2008. Subsea7 will utilize its expertise and work closely with Ithaca Energy to complete the project safely. The company describes the contract as a ‘sizeable’ one, implying that its value lies between $50 million and $150 million.
SUBCY’s Zacks Rank and Other Key Picks
SUBCY currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the energy sector are Oceaneering International (OII - Free Report) , Canadian Natural Resources Ltd. (CNQ - Free Report) and FuelCell Energy (FCEL - Free Report) . While Oceaneering and Canadian Natural Resources currently sport a Zacks Rank #1 (Strong Buy) each, FuelCell carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.