Subsea7 S.A. SUBCY has been awarded a contract by Noble Energy EG Ltd. for subsea installation work on the Aseng Gas Monetisation Project. Noble Energy is a subsidiary of Chevron Corporation CVX, the U.S.-based energy supergiant.
The contract awarded to Subsea7 encompasses the development of a single-well tieback connected to the existing infrastructure. The scope of the contract covers the transportation and installation of rigid production flowlines spanning almost 19 kilometers, along with 20 kilometers of umbilicals and other related subsea infrastructure and tie-ins. The subsea installation activities will be carried out at water depths of 800 meters. The well tie-back will connect the Aseng gas field to the Alen platform.
SUBCY has mentioned that the project management and engineering work will be supervised from its office in Paris, with additional support from its offices in Lisbon and Equatorial Guinea. While project management and engineering activities are expected to begin immediately, offshore work is scheduled to start in 2026. The company described the contract as “substantial,” indicating that its value lies between $150 million and $300 million.
Chevron has recently reached a final investment decision (FID) on the Aseng Gas Monetisation Project, which will help advance the development of gas resources in Equatorial Guinea. The project is yet to receive the final regulatory approvals. The company has stated that it intends to develop gas volumes in the Aseng field by utilizing the existing midstream infrastructure in the region.
CVX highlighted that the project could potentially support continued liquefied natural gas (LNG) supply from Equatorial Guinea into the global markets until the mid-2030s. The FID on this project was reached after the company secured a deal with the government of Equatorial Guinea in September 2025. The deal established favorable fiscal and tax terms that supported the advancement of the gas project.
Subsea7 has operated in Equatorial Guinea for nearly 20 years, indicating significant operational history in the region. SUBCY has stated that the contract with Chevron enhances its global relationship with the company. It looks forward to working closely with CVX on the Aseng Gas Monetisation Project. The new contract adds to the company’s current backlog, providing revenue visibility and earnings growth.
Zacks Rank and Other Key Picks
SUBCY currently carries a Zacks Rank #2 (Buy), while CVX has a Zacks Rank #3 (Hold).
Some other top-ranked stocks from the energy sector are Equinor ASA EQNR and Archrock Inc. AROC. While Equinor sports a Zacks Rank #1 (Strong Buy) at present, Archrock carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has led to a sharp increase in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, thereby tightening global LNG supply. This is expected to boost demand for Equinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
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. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
SeeChevron Corporation (CVX) : Free Stock Analysis Report
Subsea 7 SA (SUBCY) : Free Stock Analysis Report
Archrock, Inc. (AROC) : Free Stock Analysis Report
Equinor ASA (EQNR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
