Subsea 7 took the highly unusual step of signing up for the construction of a new vessel which it may need for work that is currently "visible" as it sees the market improving. The company signed a letter of intent with Royal IHC in the Netherlands for the construction of a new reel-lay vessel and associated pipe lay equipment. This will become Subsea 7's highest specification reel-lay vessel, capable of installing complex rigid flowlines including pipe-in-pipe systems and electrical trace heating. This capability will address the market trend towards longer tie-back developments.
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