Subsea 7 Awarded $200mil Contract for Petrobas Projects

Subsea 7 S.A. (Oslo Børs: SUBC) has been awarded a contract worth approximately USD$200 million with a duration of approximately two years. The contract is for the installation of flexible lines for Petrobras’ projects using Subsea 7’s construction and flex-lay vessel Seven Seas, on a day-rate basis.

The vessel has been operating for Petrobras under a similar day-rate contract since 2013 and will commence the new contract in direct continuation to the current one.

The Seven Seas is a vessel capable of operating in water depths up to 3,000 meters and is equipped with an advanced flexible pipe-lay system with top tension capacity of 430 tons. The contract work scope will be similar to that of other Subsea 7 Pipelay Support Vessels (PLSVs) operating under day-rate contracts in Brazil, providing engineering and installation services for client-supplied flowlines, umbilicals and subsea equipment.

Subsea 7’s Senior Vice President for Brazil, Victor Bomfim, said: “This new contract for Seven Seas maintains our solid presence in the market for PLSVs in Brazil. We are proud to provide continuous service to Petrobras as it develops its complex oil and gas fields offshore Brazil.”