Subsea 7 announced a very large(1) 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.

About Subsea 7

Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs. Subsea 7 is listed on the Oslo Bors (SUBC).

About Petrobras

Petrobras has upwards of 100 production platforms, 16 refineries, 30,000 kilometers of pipelines and more than 6,000 service stations. Our proved reserves are around 14 billion barrels of oil, a figure expected to double in the next few years. With the discovery of oil and gas in the pre-salt region, Brazil may become the world's fourth biggest oil producer in 2030.

We have built a track record of overcoming challenges since 1953, when the company was created. The main one was developing technology to explore and produce oil in deep and ultra-deep waters, where upwards of 90% of our reserves are nestled. With innovation and daringness, we are now the Brazilian company that makes the applies for the most patents in Brazil and abroad.