Subsea 7 UK and Canada vice president Steph McNeill said the company is happy for getting the extension from Shell of this value and importance.

"We believe it is an endorsement of Subsea 7’s ability to provide life-of-field support safely, effectively and to the highest standard,"McNeill added.

"Subsea 7 is committed to the continued successful partnership, held with Shell since 1990, across their North Sea Operations."

Under the terms of the contracts, Subsea 7 will continue to provide subsea construction, inspection, repair, maintenance and decommissioning services across Shell’s European offshore fields and facilities.

The company also said that the extension of both contracts will commence in 2014 and continue until 2016.