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Subsea 7 sees $300m in Brazil overruns

Contractor Subsea 7 said on Wednesday it will book $250 million to $300 million in cost increases for a riser project at the Guara-Lula oil development in Brazil, forcing the company to backtrack on an expected improvement in 2013 adjusted annual results.

Rising cost tide: Subsea 7 sees overall costs for Guara-Lula increase by up to $300 million
Rising cost tide: Subsea 7 sees overall costs for Guara-Lula increase by up to $300 million
Published 26 June 2013, 21:31Updated 11 October 2016, 14:00