Our use of cookies

We use necessary cookies to make our site work. We’d also like to set optional analytics cookies to help us improve it. We won’t set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our cookie policy.

Analytics cookies

We’d like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone.

:

Subsea7 / Media / Company News / 2020 / Subsea 7 awarded contract extensions in Brazil

Share this page on:

Subsea 7 awarded contract extensions in Brazil

Subsea 7 today 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.”