Stolt Offshore Wins 6-Year Pipelay Contract from Petrobras

Stolt Offshore has been awarded a new contract by Petrobras for a firm period of six years for deepwater flexible pipelay offshore Brazil.

The contract which will commence in January 2007 and is valued at approximately $250 million, will be undertaken by the CS Pertinacia which will be on long-term charter to Stolt Offshore from mid 2006. At the start of the charter period the ship will be converted from her original cable lay configuration to enable her to transport and install up to 2,500 tonnes of flexible flowlines in water depths of up to 2000 meters. The investment in the ship conversion and in project specific equipment will be approximately $55 million.

Philippe Lamoure, Vice President, South America Region, said, "Following the recent increase in the exploration and production budget for Petrobras, we are now seeing substantial growth in the pace of offshore construction in Brazil. This contract, which is evidence of this market growth, will increase our revenue from the South America region by some 30% without the need to increase our local cost structure."

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