Subsea 7 awarded contract extensions in Brazil
Published by Aimee Knight,
Editorial Assistant
World Pipelines,
Subsea 7 S.A. has announced an agreement with Petrobras to extend by one year the current long-term day-rate contracts for three pipelay support vessels (PLSVs) operating offshore Brazil.
The extensions have a combined value of approximately US$155 million, net of agreed reductions to the current day-rates, and increase the backlog relating to the four Brazilian PLSVs to US$493 million at 31 August 2020.
Seven Waves, Seven Rio and Seven Cruzeiro will operate at a new day-rate with effect from 1 August 2020 and their firm contract periods will now end in 2Q22, 3Q22 and 4Q22 respectively. Seven Sun will complete its current contract in Q2 2022 at its prevailing day-rate.
Marcelo Xavier, Vice-President Brazil, said: "These contract extensions reflect our long-standing relationship with Petrobras and desire by both parties to reach a mutually beneficial solution in these challenging times. We remain focused on performing safely and to a high standard for our valued client.”
Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/04092020/subsea-7-awarded-contract-extensions-in-brazil/
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