Subsea 7 today announced 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 the fourth quarter.

Each contract comprises a firm three-year period and a subsequent one-year option. Seven Waves will commence the new contract in the first quarter 2022. Seven Rio will commence the new contract in the second quarter 2022. Seven Sun will commence the new contract in the third quarter 2022. 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 USD 500 million and USD 750 million.