Luxembourg - 21 July 2017 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR:
SUBCY) today announced the award of contract extensions for three
Pipelay Support Vessels (PLSVs) currently on long-term day-rate
contracts offshore Brazil. These extensions have a combined value of
approximately USD 250 million.
The firm contract periods for the Seven Waves, Seven Rio and Seven
Sun will now end respectively in Q2 2021, Q3 2021 and Q2 2022. The
extensions have been awarded at the same day rates and on the same
commercial terms as the original contracts.
Marcelo Xavier, Vice-President for Brazil Region, said: "These
contract extensions reflect our long-standing relationship with
Petrobras. We are focused on delivering a safe and reliable
performance. We have the right capability and capacity in Brazil to meet our clients' needs."