Subsea 7 Gets Petrobras Contract Offshore Brazil

Thursday, May 27, 2010

Subsea 7 Inc. (OSE Symbol: SUB), through its i-Tech division, announced the largest single contract award to i-Tech since the formation of the division in January 2006.  The award from Petroléo Brasileiro S/A (Petrobras) is for the provision of ROV and intervention tooling services onboard a minimum of 20 and a maximum of 30 offshore drilling units.  The contract value is estimated at a minimum of $250m with the potential for up to $405m, dependent upon the number of units awarded and the number of personnel deployed. 
 
i-Tech will provide a newly designed ROV based on its successful Centurion QX work-class ROV.  The ROV systems will be mobilised in Brazil onboard rigs currently on hire to Petrobras and onboard a number of new build rigs. Engineering and installation support teams will be based in Brazil, UK and Asia-Pac.  The contract duration for each ROV ranges from a minimum of five, to a maximum ten years, with the option to extend the contract for each ROV at the end of the initial term.
 
As a result of the award, i-Tech’s Brazilian onshore and offshore workforce has the potential to double over the next three years.

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