Prysmian to Supply Power & Communication Umilicals for Peregrino Project
Prysmian Cables & Systems has signed a Letter of Intent with affiliates of Norsk Hydro and Anadarko Petroleum Corporation for the supply of subsea power and communication umbilicals for the Peregrino development. The project is being developed by Norsk Hydro and Anadarko and is located offshore Rio de Janeiro, Brazil.
The $19 million deal will consist of 20 km of Dynamic power and communication umbilicals, which will be manufactured in Prysmian's new state of the art factory located at Vila Velha, Brazil. This agreement is in line with the business objective of the Company of expanding its market share in the worldwide market of umbilicals.
"This agreement represents for Prysmian a further step in the successful expansion into the international Umbilical market", said Llyr Roberts, Director of Prysmian's global Industrial Market business. "Supplying subsea power and communication umbilicals for the Peregrino Development allows us to strengthen Prysmian's position in this high value-added sector."
Vila Velha, where the umbilical production is located, is an industrial plant with high production capacity, a strategic location (on the Vitoria channel in Brazil's Espirito Santo State) and a simplified loading procedure, which enables Prysmian to meet customer demands in any part of the world, particularly South America, the Gulf of Mexico and the West African coast.
Thanks to its location, the umbilicals produced at Vila Velha can be loaded directly onto installation or transport vessels. This enables Prysmian to produce longer length umbilicals, thus meeting the evolving needs of the industry. The location is also strategic because it is close to Brazil's major offshore Oil and Gas developments and to Petrobas' operational base.
The Dynamic Power Umbilicals for the Peregrino Development will be designed and manufactured by Prysmian during 2008.
The Prysmian Group is a world leader in the energy and telecommunication cables industry, with a strong market position in higher-added value market segments. Organized into two business units, Energy Cables & Systems (submarine and terrestrial cables for electricity transmission and distribution) and Telecom Cables & Systems (optical fibers and cables for video, data and voice transmission, and copper telecom cables), the Prysmian Group has a global presence with subsidiaries in 34 countries, 54 plants in 20 countries, 7 Research & Development Centres in Europe, the United States and South America, and more than 12,000 employees. Specializing in the development of products and systems designed to meet clients' specific requirements, Prysmian's main competitive strengths include its focus on research and development, its innovative products and production processes, and the use of advanced proprietary technologies. Prysmian is listed on the Milan Stock Exchange Blue Chip index.
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