Seadrill, SapuraKencana to Build Pipe Laying Support Vessels in Holland

Seadrill Limited reported that Sapura Navegação Marítima S.A., Brazil (SNM) - its jointly owned entity with SapuraKencana Petroleum Berhad - has contracted IHC Caland to build three Pipe Laying Support Vessels (PLSVs) in Holland.

Construction cost of the three newbuild vessels, which will have the same specifications as SNM's existing orders with the yard, is approximately $800 million.

SNM clinched a $2.7-billion contract from Petróleo Brasileiro S.A. (Petrobras) recently to charter and operate three PLSVs. The contract is for a period of 8 years with an extension option for an additional 8 years and is expected to commence by the second quarter of 2016. Petrobras awarded the first contract - worth $1.4 billion - to SNM in November 2011, with two of these PLSVs now under construction.

"Seadrill, along with SapuraKencana, continues to support the strategic investment in SNM. The additional vessels bring the total PLSV fleet in the region to 6 units and builds capacity in order to insure that Petrobras has best in class support for their operations. This long term agreement demonstrates SNM's strong relationship with Petrobras and their industry leading operational performance," John Fredriksen, chairman of Seadrill said in press release.

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