Subsea 7 S.A. has been awarded a contract worth approximately USD$200 million with a duration of approximately two years. The contract is for the installation of flexible lines for Petrobras' projects using Subsea 7's construction and flex-lay vessel Seven Seas, on a day-rate basis. The vessel has been operating for Petrobras under a similar day-rate contract since 2013 and will commence the new contract in direct continuation to the current one.

The Seven Seas is a vessel capable of operating in water depths up to 3,000 metres and is equipped with an advanced flexible pipe-lay system with top tension capacity of 430 tonnes. The contract work scope will be similar to that of other Subsea 7 Pipelay Support Vessels (PLSVs) operating under day-rate contracts in Brazil, providing engineering and installation services for client-supplied flowlines, umbilicals and subsea equipment.

Subsea 7's Senior Vice President for Brazil, Victor Bomfim, said: "This new contract for Seven Seas maintains our solid presence in the market for PLSVs in Brazil. We are proud to provide continuous service to Petrobras as it develops its complex oil and gas fields offshore Brazil."

About Subsea 7

Subsea 7 S.A. (Oslo ørs: SUBC) is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. We provide technical solutions to enable the delivery of complex projects in all water depths and challenging environments.

About Petrobras

We have 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.