Subsea 7 Inc. (OSE Symbol: SUB) through its i-Tech division, today announced the award of four new contracts with an estimated total value of $ 30m.
i-Tech has been awarded a four year contract by Petroleo Brasileiro S.A (Petrobras) for the provision of a ROV and underwater positioning services onboard a platform supply vessel (PSV) offshore Brazil. Canadian Superior Energy Inc. have also selected i-Tech to provide ROV services onboard a recently upgraded drilling unit offshore Trinidad and Tobago.
i-Tech has also secured a year long contract from Petro-Canada UK Ltd for the supply of ROV and tooling services onboard a semi submersible drilling rig in the UKCS. A similar term contract onboard a drilling unit has also been awarded by Sonangol P&P S.A. offshore Angola.
i-Tech's Managing Director, Neil Milne, commented, "These awards further consolidate our position as a global provider of ROV and intervention technologies to the offshore drilling industry. We are particularly pleased with our award offshore Angola as this is one of the countries we had targeted for growth at the formation of i-Tech in January 2006, this improved focus has we believe secured this award from a new client and from which we can build upon."