Subsea 7 awarded contract extensions in Brazil

Subsea 7 today has entered into an agreement with Petrobras to extend the current long-term day-rate contracts for three pipelay support vessels (PLSVs) operating offshore Brazil.

The one-year extensions have a combined value of approximately US$155 million, net of agreed reductions to the current day-rates.

The firm contracts for Seven Waves, Seven Rio, and Seven Cruzeiro will now end in the second, third, and fourth quarters of 2022, respectively. Seven Sun will complete its current contract in the second quarter of 2022 at its prevailing day-rate.