Siem Consub SA, a 100% owned subsidiary of Siem Offshore Inc, has entered into an agreement with Petrobras, the major Brazilian Oil & Gas company, to built two Fast Supply Vessels for 8 + 8 years time charter contracts.
The accumulated contract value for the two vessels is approximately USD 45 million for the firm period, and both vessels shall commence operation in first quarter of 2010. The vessels are to be built at yards in Brazil. The vessels are of GPA150 FSV design and are able to cruise at 28 knots to attend the expansion of very deep water oilfields offshore Brazil.
Siem Consub SA has currently a fleet of 10 vessels in operation with Petrobras as its main client. The company, which has more than 20 years experience from offshore services in Brazil and work for Petrobras, has been awarded with the Petrobras gold medal for excellent HSEQ performance for the years 2004, 2005, 2006 and 2007 among 34 companies that provide such services.
The new long-term contracts with Petrobras will represent a renewal of the Siem Consub fleet, and we regard these contracts as a confirmation of Siem Consub’s excellence in operation. We consider that Siem Offshore is well positioned to support the expected increase in demand for offshore support vessels in Brazilian waters with its local presence and Siem Offshore’s controlled fleet of a total 43 vessels, of which 19 are under construction."
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