New offshore contracts for Subsea 7

Source:Subsea 7

Subsea 7 S.A. (Oslo Børs: SUBC) today announced the award of three contracts with a combined value in excess of US$300 million from Petrobras.

The scope of work comprises the installation of flexible lines by the Seven Seas, under two lump sum contracts and one day rate contract.

The lump sum contracts encompass the installation of two export flexible Lazy Wave Risers at the Sapinhoa and Lula NE fields in the Santos Pre-Salt Basin in water depths of approximately 2,100 meters. The day-rate contract encompasses the project management, engineering and installation of Petrobras-supplied flowlines and umbilicals. Operations will commence in 2013.

Victor Bomfim, Subsea 7 Senior Vice President for Brazil, said: “We’re proud to be selected by Petrobras to perform these important projects, using our in-depth experience of operating in ultra-deep water. We look forward to supporting Petrobras in future developments.”

Subsea 7 announces the award of three contracts from Petrobras.

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