By DINA ARÉVALO
Port Isabel-South Padre Press
Subsea 7 will be leaving the Port Isabel San Benito Navigation District by the end of the year.
That was the news Port Director Steve Bearden announced during a breakfast meeting of the Port Isabel Chamber of Commerce last Friday.
“They are moving to a new spoolbase where they will actually own the land and the spoolbase,” Bearden said. “From what I understand, they’ve got work that’s going to carry them all the way through 2020 and they need the increased size.”
Subsea 7 is a sub-tenant of another tenant at the port, Bearden explained. Currently, the company is in the process of vacating the property. “Their contract allows them to take everything. That’s the only contract we have that allows them to take the buildings.”
Subsea 7 is a subsea engineering and construction company with facilities across the globe. In 2016, the company reported revenues in excess of $3.5 billion, but the figures represented a decrease of over $1 billion in revenues reported in 2015.
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