Subsea 7 Secures Sizeable Contract for String Music Project in US Gulf

Key Facts

In a move that strengthens its position in the global offshore services sector, Subsea 7 announced the award of a sizeable contract by Murphy Exploration & Production Company for the String Music development in the US Gulf of Mexico. The contract is designed to facilitate the subsea development of the field. The company categorizes this award as 'sizeable,' a designation typically representing a value between $50 million and $150 million.

This award comes amid a notable recovery in the offshore oil services sector, as exploration and production firms seek to expand deepwater capacity. In comparison to peers, Saipem recently reported offshore contract wins exceeding $500 million across various regions, reflecting robust investment flows into the sector per market data. Subsea 7’s previous quarterly results showed a backlog growth of over 10% year-over-year, a trend this new contract continues to support.

Investors should monitor Subsea 7 (SUBC) shares, which remain sensitive to new contract announcements and oil price stability. According to the economic calendar, traders will watch the API Crude Oil Stock Change data on May 27, 2026, for its impact on energy sector sentiment. Additionally, the US GDP growth rate release on May 28, 2026, will be a key catalyst for assessing overall energy demand levels.