Next Geosolutions and subsidiary Rana Subsea have secured contractual amendments with Saipem for the Bouri Gas Utilisation project in North Africa.
Following project progress and client requirements, the original agreement was valued at more than €70 million ($76 million).
For Next Geosolutions, the survey and installation support activities increased by approximately €4 million to €6 million. Two specialised vessels, the NG Worker and the NG Surveyor, will be deployed to conduct touch down monitoring and deliver project pipes during the installation phase.
The services provided by Rana Subsea for specialised diving and installation grew by about €25 million to €30 million. This specific increase stems from the exercise of options and a new tender for further work within the same initiative.
Located off the Libyan coast, the Bouri field development involves the installation of a new gas recovery module.
In a separate corporate move, Next Geosolutions acquired an additional seven per cent stake in Rana Subsea from Nettuno Capital for €7.25 million through a call option on April 30. This transaction brings the total share capital held in the subsea specialist to 82.5 per cent.
