Petrobras Extends Contract with Subsea 7

Subsea 7 has been awarded an extension to the "Hybrid Vessel" contract by Petrobras for engineering, fabrication and installation of rigid pipelines as well as the installation of flexible pipelines on the Brazilian continental shelf, until 2010.

The value of the contract extension is in the region of US $390m. It has a combination of day rate and unitary lump sum.

The offshore campaign for installation of up to 350 km of new rigid pipelines during the contract extension period will be performed by either of our rigid pipelay vessels the Seven Oceans or Skandi Navica. The flexible pipelines scope will continue to be delivered by the Lochnagar.

The first rigid pipeline installation is scheduled to take place between October 2007 and February 2008. It will involve the fabrication and installation of 22 rigid pipelines from 6 inch to 12 inch diameter, totalling 141 km, in water depths up to 1,500m. Fabrication will take place at Subsea 7's spool base in Ubu, Espirito Santo.

The original Hybrid contract was awarded by Pertrobras in August 2004 for the installation of 300km of flexible and rigid pipeline installation in the deepwater Campos Basin.

Victor Bomfim, Vice President for Subsea 7 in Brazil commented, "The extension of the "Hybrid" contract until 2010 represents an important step for us in becoming the Subsea Partner of Choice for Petrobras. It consolidates Subsea 7's position as the market leader for the installation of rigid and flexible pipelines in Brazil. It justifies the substantial ongoing investments the company is making in new vessels, equipment, facilities and people, as well as reinforcing the commitment of Subsea 7 to Brazil, to work with its customers, to meet their needs".

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