Subsea 7 Inc, one of the world's leading subsea engineering and construction companies, today announces the award of a new Day-Rate contract with Petrobras (Petróleo Brasileiro S/A). The contract, valued in excess of US $110m, is for the exclusive use of Subsea 7's pipelay vessel, Lochnagar and will run for a period of two years.
Subsea 7's Lochnagar vessel will support a variety of engineering, field development and life-of-field work for Petrobras' fields along the Brazilian coast including the installation of flexile pipelines and umbilicals; ROV support, testing and commissioning; and inspection, repair and maintenance activities.
"We are delighted to have the opportunity of a new two-year contract with Petrobras. This contract further consolidates our position in the important flexible pipelay market in Brazil." said Victor Bomfim, Subsea 7's Regional Vice President, Brazil.
The Lochnagar is a pipelay support vessel specifically equipped for the installation of flexible pipelines in up to 2,000m water depth with a top tension capacity of 255t. It has been operating safely in Brazilian waters for a number of years during which time it has built up a six year incident free record.