Subsea 7 awarded contract extensions by Petrobras

Norwegian OSV operator Subsea 7 has entered into an agreement with Petrobras to extend the current long term day-rate contracts for three pipelay support vessels (PLSVs) by one year. 

The Seven Waves, Seven Rio and Seven Cruzeiro will operate at a new day-rate from August 1 and their firm contract periods will now end in Q2, Q3 and Q4 of 2022 respectively. The extensions have a combined value of $155m. 

Subsea 7 has four PLSVs operating in Brazil, the other one Seven Sun will complete its current contract in Q2 of 2022.

“These contract extensions reflect our long-standing relationship with Petrobras and desire by both parties to reach a mutually beneficial solution in these challenging times. We remain focused on performing safely and to a high standard for our valued client,” said Marcelo Xavier, vice president Brazil of Subsea 7.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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