Brazilian oil company Petrobras has extended contracts with offshore services company Subsea 7 for three pipelay support vessels (PLSVs) operating offshore Brazil.
Subsea 7 said Friday that the extensions of long-term contracts had a combined value of about $155 million, net of agreed reductions to the current day-rates.
The extension increases Subsea 7's backlog relating to the four Brazilian PLSVs to $493 million at August 31, 2020.
The vessels Seven Waves, Seven Rio, and Seven Cruzeiro will operate at a new day-rate with effect from August 1, 2020, and their firm contract periods will now end in Q2 2022, Q3 2022, and Q4 2022 respectively.
The Seven Sun PLSV will complete its current contract in Q2 2022 at its prevailing day-rate.
Marcelo Xavier, Vice-President Brazil, said: "These contract extensions reflect our long-standing relationship with Petrobras and desire by both parties to reach a mutually beneficial solution in these challenging times. We remain focused on performing safely and to a high standard for our valued client.”