Subsea 7 announced yesterday a very large1 award by Petrobras for new long-term day-rate contracts for the pipelay support vessels (PLSV) Seven Waves, Seven Rio and Seven Sun. The contracts will be recorded in backlog in Q4.
Each contract comprises a firm three year period and a subsequent one-year option. Seven Waves will commence the new contract in 1Q22.
Seven Rio will commence the new contract in 2Q22. Seven Sun will commence the new contract in 3Q22. Before commencing the new contracts, each vessel will undergo minor modifications requiring a short shipyard stay and modest capital expenditure.
The remaining period of Seven Waves’ and Seven Rio’s current contracts with Petrobras will be transferred to Seven Seas which will be deployed to Brazil in 2022.
Daniel Hiller, Vice-President Brazil, said: "We value our long-standing relationship with Petrobras and these new contracts reflect well on our track record of delivering successful PLSV activities in Brazil, achieving high standards of safety and a strong operational performance.”
1. Combined value between US$500 million and US$750 million.
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