Seadrill JV nets Petrobras work

June 28, 2013

Brazil's Petrobras awarded Seadrill Ltd and SapuraKencana Petroleum Berhad's 50:50 joint venture Sapura Navegação Marítima S.A., Brazil (SNM), a contract for the charter and operation of three pipelaying support vessels (PLSV's). 

The eight-year contract, worth approximately US$2.7 billion, comes with an option to extend for an additional eight years. It is expected to commence by 2Q 2016. 

The three vessels will be capable of operating in water depths up to 3000m. Seadrill and SapuraKencana opted not to build the vessels in Brazil, instead choosing to construct them in Holland with IHC Caland, where the JV has existing orders. Total newbuild cost will be approximately $800 million.

Seadrill Chairman John Fredriksen, said: "The additional vessels bring the total PLSV fleet in the region to six units and builds capacity in order to insure that Petrobras has best in class support for their operations.  This long term agreement demonstrates SNM's strong relationship with Petrobras and their industry leading operational performance."



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