Subsea 7 and Petrobras entered into an agreement to substitute a pipelay support vessel (PLSV) working on a day-rate contract for the Brazilian giant, offshore Brazil.
The deal will substitute the PLSV Seven Mar for the chartered PLSV Normand Seven in the existing Normand Seven contract. The substitution will be made in late June.
As a consequence of this substitution, Subsea 7 will return Normand Seven to its owner at the end of its fixed-term charter agreement.
Earlier this month, Subsea 7 had its day-rate contract for the Seven Mar terminated early after the vessel lost its operating license.
Brazilian maritime law prioritizes Brazilian-flagged vessels over international vessels of a similar specification. As a consequence, the operating license for Seven Mar expired, resulting in the early termination of the contract, Subsea 7 said.
Image of the Seven Mar, from Subsea 7.
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