Subsea 7 Bags Very Large Petrobras Award

Subsea 7 has announced a “very large” award by Petrobras for new long-term day-rate contracts for the pipelay support vessels (PLSV) Seven Waves, Seven Rio and Seven Sun.

The deals, which will be recorded in backlog in the fourth quarter, have a combined value of between $500 million and $750 million, Subsea 7 revealed. Each contract comprises a firm three year period and a subsequent one year option, Subsea 7 highlighted.

Seven Waves will start its new contract in the first quarter of 2022, Seven Rio will start its new contract in the second quarter of 2022 and Seven Sun will start its new contract in the third quarter of 2022. Before commencing the new contracts, each vessel will undergo minor modifications requiring a short shipyard stay and modest capital expenditure, Subsea 7 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,” Daniel Hiller, Subsea 7’s vice-president of Brazil, said in a company statement.

Earlier this month, Subsea 7 confirmed the award of a “major” contract by Turkish Petroleum for the Sakarya field development offshore Turkey. The contract, which was first announced on a redacted basis on September 29, was awarded to Subsea 7 and Schlumberger as part of a consortium. Subsea 7 defines a major contract as being one where Subsea 7’s share of revenue is over $750 million.

Also during September, Subsea 7 announced the award of a “sizeable” contract by OneSubsea for a project at the Ormen Lange field operated by Shell in the Norwegian Sea and a deal with AkerBP for the front-end engineering and design study for the NOA Fulla development project offshore Norway. 

Subsea 7 describes itself as a global leader in the delivery of offshore projects and services for the evolving energy industry. The business recently completed a combination of its offshore fixed wind business with OHT ASA.

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