Petrobras taps Subsea 7 for saturation diving, subsea installations offshore Brazil

Source: Subsea 7

Subsea 7 S.A. (NASDAQ: SUBC) (LON:OMHK) has been awarded two new contracts from Petrobras (NYSE:PBR) for activities offshore Brazil.

Acergy Harrier

The first award is an extension to the contract for the Acergy Harrier. This contract, valued at approximately $40 million, is for the provision of saturation diving services to water depths of 300 meters for new construction tasks and inspection, maintenance and repair work, together with ROV services to 2,500 meters.

Following a short extension of the previous three-year contract, this new contract will commences at the end of January until November 2011, when the Acergy Harrier is expected to commence work on the Sul-Norte Capixaba Project.

Skandi Acergy

The second award is for a lump-sum contract for the installation of two manifolds on the Tambaú field, together with the installation of a pipeline end manifold on the Jubarte field in water depths of approximately 1,200 meters.

Engineering will commence immediately, with offshore installation due to take place in early 2011 using the Skandi Acergy.

Victor Bomfim, Subsea 7 Senior Vice President, Brazil, said: “We are pleased to be able to announce these awards. The Acergy Harrier follows more than thirteen uninterrupted years of similar work by this ship for Petrobras, during which we have achieved an excellent safety and operational track record. While the Equipment Installation contract is the third such award in three years. Together these awards demonstrate a high degree of client satisfaction.”

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