Petrobras Awards $1B Vessel Contract

Friday, November 18, 2011

The joint venture formed by Technip (50%) and Odebrecht Oil & Gas (OOG, 50%) received a letter of award from Petróleo Brasileiro S.A. (Petrobras) for the charter and operation, during a fixed period of five years, of two identical flexible pipeline installation vessels for a value of approximately $1b. with a mutual option to extend for a further five years. Characterized by their high pipelay tension capacity of 550 tons, the twin vessels will be employed principally to install umbilical and flexible flowlines and risers to connect subsea wells to floating production units in waters up to over 2,500m deep offshore Brazil, including in the pre-salt area. The provision of installation engineering services is included in a JV´s scope.

Technip and OOG have formed a JV project team which will manage the construction of the vessels at the Daewoo Shipbuilding and Marine Engineering shipyard in the Republic of Korea (South Korea) where OOG is currently completing the construction of the third and the fourth of 4 drilling units. Subsequently, vessel operations and the provision of marine management and engineering services during the charter phase will be handled by the JV in Rio de Janeiro.
Jorge Luiz Mitidieri, Executive VP of OOG, stated "OOG was the only national company pre-qualified to participate in the bid and this award further strengthens and consolidates OOG´s presence in the Subsea market where we have invested heavily in capacity and skills since our decision to enter the segment in 2009. Our proven track record in the construction and operation of offshore drilling assets and our partnership with Technip are key to the success of the project and we believe will provide significant potential to leverage synergies in the management and operation of the vessels and mitigate risks during project execution. This opportunity was also an important indication that our client Petrobras trust in our expertise and capability to deliver and serve."

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