Subsea 7 has secured a $500m contract from BP and partner DEA to develop the Taurus and Libra subsea fields in offshore Alexandria, Egypt.

Field development at Egypt’s West Nile Delta project will be at depths of around 800m and the contract is part of initial phase of this project.

Under the contract, Subsea 7 will be responsible for the engineering, procurement, installation and pre-commissioning of subsea infrastructure that is needed to develop the hydrocarbon resources.

The resources will be developed from nine wells, including 75km of umbilicals and 100km of pipeline.

Set to begin with immediate effect, the engineering and project management work will be undertaken at Subsea 7’s Global Projects Centre located in London.

Subsea structures and spools fabrication will be performed at the Petrojet Maadia yard near Alexandria.

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Subsea 7 pipelay vessel, Seven Borealis and heavy construction vessel, Seven Arctic will be used to start offshore installation, which is due to take place in the second half of 2016.

Subsea 7 Southern Hemisphere and Global Projects executive vice-president Øeyvind Mikaelsen said: "This large contract awarded by BP for the first phase of the West Nile Delta field development recognises the value we bring to our clients through early engagement with them to engineer, design and deliver cost-effective solutions for complex field developments."

In a separate announcement, the company announced plans to reduce $400m in employee related costs and around $150m in vessel costs by early 2016.

Subsea 7 also proposes to resize and cut its fleet by 12 vessels.

Image: Subsea 7 will provide services engineering, procurement, installation and pre-commissioning of subsea infrastructure to develop the hydrocarbon resources. Photo: courtesy of num_skyman/ FreeDigitalPhotos.net.