Petrobras extends Acergy Condor pipelaying contract by 4 years for $220MM

Source: Acergy

Acergy S.A. (NASDAQ: ACGY) has been awarded a new four-year contract for the Acergy Condor by Petrobras (NYSE:PBR) in Brazil, commencing in September 2010.

This contract, valued at approximately $220 million, is for the provision of flexible pipe laying services, offshore Brazil in water depths of up to 2,000 meters.

Bruno Chabas, Acergy Chief Operating Officer, said: "We are pleased to have been awarded this contract for the Acergy Condor, which follows more than twelve uninterrupted years of similar work by this ship for Petrobras, during which we have achieved an excellent operational and safety performance. It demonstrates the high degree of client satisfaction with our operational capabilities and our strong local presence." 

Acergy has always been active in subsea engineering and construction, operating construction ships for Petrobras on long term contracts. Since 1996, the company has also developed local flexible pipe laying services capabilities. The company operates two ships on long term contracts for Petrobras: the Acergy Condor, carrying out flexible line bundle laying down to 2000 mts as well as ROV operations, and the Acergy Harrier, carrying out saturation diving intervention and diverless construction down to 3000 m water depth. In addition Acergy has recently been awarded a further contract from Petrobras that will see the introduction of the newly converted Pertinacia to the region.

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