Subsea 7 Announces US$110M 'Day Rate' Contract for Petrobras
Subsea 7 Inc. today announced the award of a new Day-Rate contract with Petrobras (Petróleo Brasileiro S/A). The contract, valued in excess of US $110m, is for the exclusive use of Subsea 7's pipelay vessel, "Lochnagar*" and will run for a period of two years.
Subsea 7's Lochnagar vessel will support a variety of engineering, field development and life-of-field work for Petrobras' fields along the Brazilian coast including the installation of flexile pipelines and umbilicals; ROV support, testing and commissioning; and inspection, repair and maintenance activities.
"We are delighted to have the opportunity of a new two-year contract with Petrobras. This contract further consolidates our position in the important flexible pipelay market in Brazil." said Victor Bomfim, Subsea 7's Regional Vice President, Brazil.
* The Lochnagar is a pipelay support vessel specifically equipped for the installation of flexible pipelines in up to 2,000m water depth with a top tension capacity of 255t. It has been operating safely in Brazilian waters for a number of years during which time it has built up a six year incident free record.
Subsea 7 Inc. (OSE Symbol: SUB) is one of the world's leading subsea engineering and construction companies offering all the expertise and assets that make subsea umbilical, riser and flowline (SURF) field development possible. With a multi-national workforce in excess of 5,500 people worldwide, the company's global offshore operations are supported out of the North Sea, Africa, Asia Pacific, Brazil, North America and the North Sea. Subsea 7 has a fleet of industry leading, dynamically-positioned ships capable of reeled and flexible pipelay, subsea construction and saturation diving and a portfolio of pipeline construction yards worldwide.
Published 15/11/2010
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