By Dominic Chopping
Norwegian seabed-to-surface engineering contractor Subsea 7 S.A.
(SUBC.OS) Monday announced the award of two contracts with a
combined value in excess of $600 million from Petrobras (PBR).
MAIN FACTS:
-The contracts are for operation of the Pipelay Support Vessels
(PLSVs) Seven Mar and Seven Condor on a day rate basis for
approximately three years, with operations starting toward the end
of 2013 for Seven Mar and in 3Q 2014 for Seven Condor.
-Both vessels have operated for Petrobras for several years and
are currently under contract with Petrobras.
-The work scope of the contract is similar to that of other
PLSVs which Subsea 7 currently operates offshore Brazil, comprising
project management, engineering and installation of flowlines,
umbilicals and equipment supplied by Petrobras.
-Shares closed Friday at NOK128.60, valuing the company at
NOK45.24 billion.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@WSJNordics
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