Long-term Contracts with Petrobras for Subsea 7 PLSV Trio

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 offshore installation services firm said Tuesday that the contracts were worth between $500 million and $750 million in total.

Each contract comprises a firm three-year period and a subsequent one-year option. 

Seven Waves will start the new contract in the first quarter 2022. Seven Rio will start the new contract in the second quarter 2022. Seven Sun will startthe new contract in the third quarter 2022. 

Before starting the new contracts, each vessel will undergo minor modifications requiring a short shipyard stay and modest capital expenditure, Subsea 7 said.

Also, 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.