Subsea 7 secures long-term pipelay contract from Petrobras

Subsea 7, a provider of subsea engineering and construction services, has secured a long-term contract from Brazilian oil and gas company Petrobras for its pipelay vessel the Normand Seven.

The contract, valued in excess of $250 million, is for the exclusive use of the vessel for a period of four years, commencing in the third quarter of 2009.

Victor Bomfim, Subsea 7's vice president for Brazil, said: "Subsea 7 has a tremendous track record of successful and safe project execution for Petrobras built up over a number of years. We are delighted to extend this relationship with this long-term commitment to Subsea 7.

"It reinforces Subsea 7's position as the subsea partner of choice in the region and recognizes the strong local presence that it has developed over many years."

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