Subsea 7 Gets Early PLSV Termination in Brazil

Subsea 7 informed about the early termination of the day-rate contract for its pipelay support vessel (PLSV), Seven Mar, working for Petrobras, offshore Brazil.

According to the company, the termination is effective May 31, 2016.

The contract was due to expire at the end of 2016, and as a result Subsea 7 said its backlog has reduced by approximately USD 47 million.

“Brazilian maritime law prioritises Brazilian-flagged vessels over international vessels of a similar specification. As a consequence, the operating licence for Seven Mar has expired, which resulted in the early termination of the contract,” the company said in Oslo Stock Exchange filing on Wednesday.

Share this article

Follow Subsea World News

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

2020 MCEDD

The MCE Deepwater Development (MCEDD 2020) is a conference and exhibition dedicated to the critical…

read more >

Submarine Networks EMEA 2020

Submarine Networks World Europe brings together the executives developing the strategy…

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >