Equatorial Guinea orders termination of Subsea 7’s local contracts
The government of Equatorial Guinea has ordered petroleum companies operating in the country to discontinue doing business with Subsea 7 for violation of local content regulations.
The decision came after the country’s oil ministry determined that the UK-based oil and gas service firm had failed to comply with legislation aimed at creating more jobs for locals.
Subsea 7 is the latest company to be sanctioned in the ongoing crackdown on violators of the National Content Regulation of 2014. Canada-based CHC Helicopter was the first to be sanctioned, the termination of its contracts with local companies having been ordered as well.
Schlumberger and TechnipFMC have also received similar warnings from the government.
