Norway's Aker Solutions has signed "a large" framework agreement with Petrobras to provide subsea lifecycle services for Petrobras-operated oil and gas fields offshore Brazil.
The agreement has a fixed period of three years and includes an option to extend the contract for two additional years.
Aker Solutions defines a large contract as being between NOK 1.2 billion (~$145,3 million) and NOK 2.0 billion (~$242,2 million).
The value represents an estimate of the work expected for the fixed period of the contract and will depend on the customer's future demands.
The agreement covers a wide variety of subsea lifecycle services for a number of Petrobras-operated fields off the coast of Brazil, including inspection, maintenance, repairs, upgrades, and spares supply, as well as installation and commissioning services.
"Aker Solutions will continue its commitment to drive local partnerships, with a local content rate of minimum 90 percent," Aker Solutions said.
"Brazil is a key global offshore market and we look forward to continuing our strong partnership with Petrobras,” said Maria Peralta, executive vice president and head of Aker Solutions' subsea business.
According to Aker Solutions, the company has over a 25-year period installed close to 240 subsea trees for Petrobras-operated fields offshore Brazil.
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