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.