real-time news and commentary for investors
Monday, Oct 21
Subsea 7 gets two contracts worth more than $600M from Petrobras
- Subsea 7 (SUBCY) says it won two contracts with a combined value in more than $600M to provide pipelay support vessels to Petrobras (PBR).
- The contracts are for operation of the PLSVs Seven Mar and Seven Condor on a day rate basis for some three years, with operations starting toward the end of 2013 for Seven Mar and in Q3 2014 for Seven Condor.
- The contracts are effectively an extension, since both vessels have operated for PBR for several years and are currently under contract to the firm.