Subsea7 Secures a New Subsea Contract in the US Gulf of Mexico
Subsea7 SUBCY has secured a contract in the U.S. Gulf of Mexico for the development of a subsea tieback platform. The company mentioned that the contract award was “sizeable”, which means its value lies in the range of $50-$150 million. The exact financial details of the deal have not been revealed.
The contract covers transportation and installation of the flow line, umbilical and other subsea components associated with the tieback. The project management and engineering tasks are expected to begin in SUBCY’s Houston office immediately. The offshore work for the project is scheduled to commence in 2025.
SUBCY stated that its engagement and close relationship with its clients enable it to deliver its projects with clarity and a profound understanding of the client’s needs. The company plans to work toward providing innovative and cost-effective energy solutions.
SUBCY’s Zacks Rank and Key Picks
Currently, SUBCY carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are PEDEVCO Corp. PED, Archrock Inc. AROC and FuelCell Energy FCEL. PEDEVCO and Archrock presently sport a Zacks Rank #1 (Strong Buy) each, whereas FuelCell Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.
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.
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, resulting in reduced carbon emissions and minimizing the environmental impact of power generation. As such, it 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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