Oil & Gas News

Subsea Receives Contract Extension from Petrobras in Brazil

Subsea 7 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 USD 155 million, net of agreed reductions to the current day-rates, and increase the backlog relating to the four Brazilian PLSVs to USD 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 Q2 2022, Q3 2022 and Q4 2022 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.”

Learn more about Subsea 7 here.

 

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

Phone: +1 772.221.7720