Subsea7 has secured a significant win, announcing the award of four long-term day-rate contracts for pipelay support vessels (PLSVs) by Petrobras. Following a competitive tender process, these contracts are set to commence in 2025 and carry a combined value of over $1.25 billion, a substantial addition to Subsea7’s backlog for the second quarter.
These contracts cover four vessels: Seven Rio, Seven Cruzeiro, Seven Sun, and Seven Waves. The contracts for Seven Rio, Seven Cruzeiro, and Seven Sun each include a firm three-year period, while the contract for Seven Waves includes a firm four-year period. This commitment underscores the strong and ongoing partnership between Subsea7 and Petrobras, reflecting a history of successful collaboration on both day-rate PLSV activities and major greenfield projects since 1998.
Yann Cottart, Vice-President Brazil, expressed the company’s enthusiasm, stating, “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.”
This development highlights Subsea7’s strategic positioning in the Brazilian offshore market and its capabilities in delivering complex deepwater projects. The company’s expertise in managing challenging environments and maintaining high safety standards is a cornerstone of its enduring relationship with Petrobras.
The awarded contracts are poised to bolster Subsea7’s operational capacity and financial performance over the coming years. As the global demand for energy continues to grow, the ability to secure long-term contracts with major industry players like Petrobras positions Subsea7 favorably in the competitive offshore services market.
The anticipation surrounding these contracts also speaks to the broader industry trends where deepwater exploration and production are becoming increasingly vital. Subsea7’s proven track record in these areas assures stakeholders of the company’s ability to meet and exceed project expectations.
In an industry marked by volatility and high stakes, Subsea7’s achievement in securing these contracts is a testament to its robust operational capabilities and strategic foresight. The continued partnership with Petrobras is not just a business victory but also an affirmation of Subsea7’s commitment to delivering excellence in offshore engineering and construction.
