Subsea 7 today announced an agreement with Petrobras to extend by one year the current long-term day-rate contracts for three pipelay support vessels (PLSVs) operating offshore Brazil. 

The extensions have a combined value of approximately US$155m (£116m), net of agreed reductions to the current day-rates, and increase the backlog relating to the four Brazilian PLSVs to US$493m (£370m) at 31 August 2020. 

Subsea 7 PLSVs Seven Waves, Seven Rio and Seven Cruzeiro will operate at a new day-rate with effect from 1 August 2020. 

Subsea 7 SA is a subsea engineering, construction and services company serving the offshore energy industry, operating in 33 countries, employing more than 11,000 people and currently owning more than 30 vessels.