By Dominic Chopping
Norwegian seabed-to-surface engineering contractor Subsea 7 S.A.
(SUBC.OS) Monday announced the award of three contracts from
Petrobras (PBR) worth a total $1.6 billion for the construction and
operation of three new-build pipe-lay support vessels (PLSVs).
MAIN FACTS:
-The work scope of each of these 5 year contracts is similar to
that of the PLSVs which Subsea 7 currently operates offshore
Brazil, comprising project management, engineering and installation
of flowlines, umbilicals and equipment supplied by Petrobras.
-The three new PLSVs are of similar design to the Seven Waves,
and will be constructed in Holland at the IHC Merwede shipyard.
-The vessels are scheduled to be delivered in 3Q 2016, 4Q 2016
and 2Q 2017 respectively.
-The total cost of the three vessels, including inventories,
commissioning and mobilization to Brazil, is approximately $950
million.
-Shares closed Friday at NOK107.50, valuing the company at
NOK37.82 billion.
-Write to Dominic Chopping at dominic.chopping@dowjones.com;
Twitter: @WSJNordics
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