Oil and Gas World

Subsea 7 today announced a very large1 award by Petrobras for new long-term day-rate contracts for the pipelay support vessels (PLSV) Seven Waves, Seven Rio and Seven Sun. The contracts will be recorded in backlog in the fourth quarter.

Each contract comprises a firm three-year period and a subsequent one-year option. Seven Waves will commence the new contract in the first quarter 2022. Seven Rio will commence the new contract in the second quarter 2022. Seven Sun will commence the new contract in the third quarter 2022. Before commencing the new contracts, each vessel will undergo minor modifications requiring a short shipyard stay and modest capital expenditure.

The remaining period of Seven Waves’ and Seven Rio’s current contracts with Petrobras will be transferred to Seven Seas which will be deployed to Brazil in 2022.

Daniel Hiller, Vice-President Brazil, said: "We value our long-standing relationship with Petrobras and these new contracts reflect well on our track record of delivering successful PLSV activities in Brazil, achieving high standards of safety and a strong operational performance.”

1 Combined value between USD 500 million and USD 750 million.

Subsea7 awarded four PLSV contracts in Brazil

3 June 2024



Subsea7 announce, after a competitive tender process, the award by Petrobras of four long-term day-rate contracts for pipelay support vessels (PLSVs) commencing in 2025. The contracts have a combined value of over $1.25 billion and will be recorded in the backlog in the second quarter.

The contracts for Seven Rio, Seven Cruzeiro and Seven Sun comprise a firm three-year period while the award for Seven Waves comprises a firm four-year period.

Yann Cottart, Vice-President Brazil, said: “Subsea7 is pleased to extend its successful, long-term relationship with Petrobras that has covered both day rate PLSV activities and major greenfield projects since 1998. We look forward to continuing to work together to deliver complex and challenging deepwater developments with high standards of safety and reliability.”