Subsea 7 S.A. (SUBCY)

[Wildbilly]

Subsea 7 Nets TWO Petrobas Contracts For $600m+

Subsea 7 Gets Two Contracts Worth Over $600 Million From Petrobas

By Dominic Chopping

Norwegian seabed-to-surface engineering contractor Subsea 7 S.A. (SUBC.OS) Monday announced the award of two contracts with a combined value in excess of $600 million from Petrobras (PBR).


MAIN FACTS:
-The contracts are for operation of the Pipelay Support Vessels (PLSVs) Seven Mar and Seven Condor on a day rate basis for approximately three years, with operations starting toward the end of 2013 for Seven Mar and in 3Q 2014 for Seven Condor.

-Both vessels have operated for Petrobras for several years and are currently under contract with Petrobras.

-The work scope of the contract is similar to that of other PLSVs which Subsea 7 currently operates offshore Brazil, comprising project management, engineering and installation of flowlines, umbilicals and equipment supplied by Petrobras.

-Shares closed Friday at NOK128.60, valuing the company at NOK45.24 billion.

-Write to Dominic Chopping at [e-mail]; Twitter: @WSJNordics

http://ih.advfn.com/p.php?pid=nmona&article=59675010


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