Subsea 7 Secures 5-Year Flexible Pipelay Contract Offshore Brazil

Subsea 7 announced the award of a five year contract by Petrobras for the provision of a dedicated deepwater flexible pipelay vessel for operations offshore Brazil commencing 2H 2014. The estimated contract value is approximately $500 million.

As a result of this award, Subsea 7 will construct a newbuild flexible pipelay vessel. Total costs, upon delivery, are expected to be approximately $350 million and will be funded entirely from the Company's existing cash resources.

The new vessel will have an overall length of 146 meters, a beam of 30 meters and a Class-2 dynamic positioning system. She will be equipped for transporting and installing flexible flowlines and umbilicals in water depths of up to 3,000 meters including: a Tiltable Lay System with a toptension capability of 550 tonnes, two under-deck storage carousels, a large deck crane and two work-class remotely operated vehicles. Delivery is planned for 2H 2014.

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