Subsea7 Expands Sakarya Project Scope With New TP-OTC Order

Subsea7 S.A. SUBCY recently announced that it has received a variation order from Turkish Petroleum Offshore Technology Center (TP-OTC) associated with the Sakarya field development, offshore Turkey. A variation order implies that the company has secured additional work under an existing contract.

This order marks an extension to the contract award that SUBCY received last year for the third phase of the Sakarya gas field development. As part of the extension, Subsea7 will connect the Goktepe gas field to the Phase 3 floating production unit of the Sakarya field.

The scope of the award covers engineering, procurement, construction and installation (EPCI) of subsea infrastructure, including flexibles spanning 20 kilometers and 120 kilometers of umbilicals. Additionally, a production riser and other associated subsea equipment will be installed at water depths reaching 2,200 meters. The company has mentioned that the contract is a ‘large’ one, indicating that its value is expected to be between $300 million and $500 million.

For this contract, the company plans to carry out and supervise project management and engineering activities from its Istanbul office in Turkey. The offshore activities are slated to take place in 2027 and 2028. The project enables SUBCY to strengthen its relationship with TP-OTC and support the development of the Goktepe field, thereby increasing gas production from the existing infrastructure at the Sakarya field. Additionally, this allows the company contribute to the growth and expansion of the country’s energy sector.

SUBCY’s Zacks Rank and Key Picks

SUBCY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Archrock Inc. AROC, TechnipFMC plc FTI and Galp Energia GLPEY. While Archrock and TechnipFMC each sport a Zacks Rank #1 (Strong Buy), Galp Energia carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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.

TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company ended the year with a strong backlog of $16.6 billion, providing revenue visibility. FTI prioritizes rewarding its investors, having returned $1 billion to shareholders in 2025.

Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil-exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence and has the potential to become a significant oil producer in the region.