Seadrill, SapuraKencana clinch Petrobras contract

Seadrill and SapuraKencana Petroleum Berhad’s jointly owned entity, Sapura Navegação Marítima (SNM), Brazil has been contracted by Petróleo Brasileiro (Petrobras) to charter and operate three Pipe Laying Support Vessels (PLSVs).

The contract is for a period of eight years with an extension option for an additional eight years, and is expected to commence by the second quarter of 2016. The total revenue potential for the contract is expected to be USD 2.7B.

The three vessels will be constructed in Holland with IHC Caland and will have the same specifications as SNM's existing orders with the yard. The total cost for the new vessels will be approximately USD 800M.
John Fredriksen, chairman of Seadrill says, "Seadrill, along with SapuraKencana, continues to support the strategic investment in SNM. 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."