By Dominic Chopping
Norwegian seabed-to-surface engineering contractor Subsea 7 S.A.
(SUBC.OS) said Thursday it has received a contract worth around
$400 million from Petrobras (PBR).
MAIN FACTS:
-The contract is for the operation of the Pipe Lay Support
Vessel (PLSV) Normand Seven on a day rate basis for around five
years, with operations starting in 4Q this year.
-The vessel has operated for Petrobras for several years and is
currently under contract with this client.
-The work scope of the contract is similar to that of other
PLSVs which Subsea 7 currently operates offshore Brazil, comprising
project management, engineering and installation of flowlines,
umbilicals and equipment supplied by Petrobras.
-Shares closed Wednesday at NOK104.50, valuing the company at
NOK36.76 billion.
-Write to Dominic Chopping at dominic.chopping@dowjones.com;
Twitter: @WSJNordics
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