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Subsea 7 bags $1.6bn Petrobras deal

Subsea 7 bags $1.6bn Petrobras deal
Subsea 7 has been awarded contracts with Petrobras for the construction and operation of three pipelay support vessels (PLSV), totalling $1.6bn.

Due to be delivered in 2016 and 2017, the vessels will be constructed by IHC Merwede in Holland and will be of similar design the flex lay vessel Seven Waves which is on schedule for delivery by the Dutch yard in 2014.

Including their delivery to Brazil, construction of the vessels will cost around $950m, leaving around $650m for their charters.

Similar to existing PLSV arrangements between Subsea 7 and Petrobras, the five year contracts for the vessels cover project management, engineering and installation of flowlines, umbilicals and equipment supplied by Petrobras.

The deepsea trio will be capable of operating in depths up to 3,000m, will carry a pair of ROVs, a pipelay system for flexible flowlines and umbilicals, and underdeck storage for 4,000t of flexible flowlines.

Jean Cahuzac, ceo of Subsea 7 commented, "we are pleased with this award which further strengthens our presence in this key deepwater territory. Based on our experience with the construction of the Seven Waves, which is progressing well, we are confident that these three vessels will be delivered on time and in line with our cost estimates. We are comfortable with the commercial model, the risk profile, and the expected financial return of these contracts."

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