We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Subsea7 Expands Sakarya Phase 3 Scope With Latest TP-OTC Contract
Read MoreHide Full Article
Key Takeaways
Subsea7's latest TP-OTC contract expands its role in Sakarya Phase 3 FPU work.
The deal covers FPU towing, mooring line installation and connection activities.
Project management and engineering will begin immediately from Subsea7's Istanbul office.
Subsea7 S.A. (SUBCY - Free Report) , an engineering, construction and services contractor to the offshore energy industry, announced a contract extension with Turkish Petroleum Offshore Technology Center (TP-OTC) for work on the Sakarya field, one of Turkey’s major energy projects. The new contract is associated with the third phase of development of the gas field in the Black Sea.
In May 2023, Turkish Petroleum offered an engineering, procurement, construction and installation (EPCI) contract to a consortium of three firms: SLB, Saipem and Subsea7. This contract was associated with the second development phase of the Sakarya gas field. Subsea7 later secured another contract in May 2024 for the installation of a floating production unit (FPU) for the second phase of the energy project.
The company received a contract for subsea umbilicals, risers and flowlines (SURF) systems for Phase 3 of the Sakarya field development in August 2025, and its association with the third phase of development was extended in March this year. The newest contract, announced in September, involves towing and mooring line installation associated with the FPU. SUBCY is also expected to handle connection activities related to the FPU, which is scheduled for commissioning in 2028. The project management and engineering tasks associated with the latest contract are expected to begin immediately from Subsea7’s Istanbul office.
The third phase of the giant Sakarya gas development reportedly involves connecting the Goktepe field to the Phase 3 FPU. The Sakarya gas field is one of the most important natural gas discoveries in Turkey. The new contract award strengthens SUBCY’s relationship with Turkish Petroleum and reinforces its presence in the region.
PBF Energy has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries, including Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. The diversified refining footprint provides the company exposure to several regional refining markets, supporting higher margins.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that the refineries can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It refines and markets oil products and gas, as well as engages in marketing and sales activities.
View the Zacks #1 Rank List
Image: Bigstock
Subsea7 Expands Sakarya Phase 3 Scope With Latest TP-OTC Contract
Key Takeaways
Subsea7 S.A. (SUBCY - Free Report) , an engineering, construction and services contractor to the offshore energy industry, announced a contract extension with Turkish Petroleum Offshore Technology Center (TP-OTC) for work on the Sakarya field, one of Turkey’s major energy projects. The new contract is associated with the third phase of development of the gas field in the Black Sea.
In May 2023, Turkish Petroleum offered an engineering, procurement, construction and installation (EPCI) contract to a consortium of three firms: SLB, Saipem and Subsea7. This contract was associated with the second development phase of the Sakarya gas field. Subsea7 later secured another contract in May 2024 for the installation of a floating production unit (FPU) for the second phase of the energy project.
The company received a contract for subsea umbilicals, risers and flowlines (SURF) systems for Phase 3 of the Sakarya field development in August 2025, and its association with the third phase of development was extended in March this year. The newest contract, announced in September, involves towing and mooring line installation associated with the FPU. SUBCY is also expected to handle connection activities related to the FPU, which is scheduled for commissioning in 2028. The project management and engineering tasks associated with the latest contract are expected to begin immediately from Subsea7’s Istanbul office.
The third phase of the giant Sakarya gas development reportedly involves connecting the Goktepe field to the Phase 3 FPU. The Sakarya gas field is one of the most important natural gas discoveries in Turkey. The new contract award strengthens SUBCY’s relationship with Turkish Petroleum and reinforces its presence in the region.
SUBCY’s Zacks Rank & Other Key Picks
SUBCY currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the energy sector are PBF Energy (PBF - Free Report) , Valero Energy (VLO - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While PBF Energy and Valero sport a Zacks Rank #1 (Strong Buy) each, Galp Energia carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
PBF Energy has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries, including Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. The diversified refining footprint provides the company exposure to several regional refining markets, supporting higher margins.
Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. VLO’s refineries have a combined Nelson Complexity Index of 11.5, which implies that the refineries can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It refines and markets oil products and gas, as well as engages in marketing and sales activities.