Subsea 7 pipelay vessel terminated by Petrobras again

Subsea 7 says that Petrobras has terminated the day-rate contract for pipelay vessel Seven Mar, effective January 16.

The termination, which will cost Subsea 7 around $106m, comes as a result of the operating license expiring due to the vessel being blocked by local tonnage.

Seven Mar had its previous contract with Petrobras cancelled for the same reason in June 2016, losing Subsea 7 around $47m in revenues. A few weeks later, the vessel was back in action replacing Normand Seven in a vessel substitution.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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