Subsea7 Secures New Decommissioning Contract From Saudi Aramco

Subsea7 S.A. SUBCY has secured a contract with Saudi Arabia’s state-owned oil company, Aramco, for pipeline replacement work at the Abu Safah field. The Abu Safah field is located offshore Saudi Arabia. SUBCY noted that the contract’s value lies in the range of $150-$300 million.The contract covers the decommissioning of current subsea infrastructure at the site. It also includes engineering, procurement, construction and installation of new subsea infrastructure, alongside a new pipeline at the Abu Safah field. The company stated that engineering work related to the contract shall begin immediately.The offshore activities are scheduled to start in 2026. Project management and other activities will be undertaken by Subsea7’s office in Al Khobar, Saudi Arabia. Furthermore, the project will be supported by SUBCY’s offices in Dubai and Singapore.The contract highlights Subsea7’s long-term partnership with Saudi Aramco. It also builds on SUBCY’s successful track record of executing subsea projects in the Kingdom of Saudi Arabia. The company is committed to executing the project efficiently to support the client in developing their offshore fields.SUBCY’s Zacks Rank and Key PicksCurrently, SUBCY carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are FuelCell Energy FCEL, TechnipFMC plc FTI and Nine Energy Service NINE, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.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.TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company’s total backlog witnessed a high of $14.7 million in the third quarter of 2024, indicating an 11.1% increase from the previous year’s level. This growing backlog ensures strong revenue growth for FTI.Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.Free Report: 5 Clean Energy Stocks with Massive UpsideEnergy is the backbone of our economy. It’s a multi-trillion dollar industry that has created some of the world’s largest and most profitable companies.Now state-of-the-art technology is paving the way for clean energy sources to overtake “old-fashioned” fossil fuels. Trillions of dollars are already pouring into clean energy initiatives, from solar power to hydrogen fuel cells.Emerging leaders from this space could be some of the most exciting stocks in your portfolio.Download Nuclear to Solar: 5 Stocks Powering the Future to see Zacks’ top picks free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TechnipFMC plc (FTI): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Subsea 7 SA (SUBCY): Free Stock Analysis Report Nine Energy Service, Inc. (NINE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks