Subsea Expo

Access. Connect. Grow.

Subsea 7 Announces Major Petrobras Contract Award Offshore Brazil

26 May 2010

Subsea 7 Inc, through its i-Tech division, today announced the largest single contract award to i-Tech since the formation of the division in January 2006. The award from Petroléo Brasileiro S/A (Petrobras) is for the provision of ROV and intervention tooling services onboard a minimum of 20 and a maximum of 30 offshore drilling units. The contract value is estimated at a minimum of US $250m with the potential for up to US $405m, dependent upon the number of units awarded and the number of personnel deployed.

i-Tech will provide a newly designed ROV based on its successful Centurion QX work-class ROV. The ROV systems will be mobilised in Brazil onboard rigs currently on hire to Petrobras and onboard a number of new build rigs. Engineering and installation support teams will be based in Brazil, UK and Asia-Pac. The contract duration for each ROV ranges from a minimum of five, to a maximum ten years, with the option to extend the contract for each ROV at the end of the initial term.

i-Tech's Managing Director, Bruce Masson, commented: "We are delighted to be awarded this major contract from Petrobras, one of the largest single contracts ever awarded globally for the provision of ROV services onboard drilling units. This award further strengthens our working relationship with Petrobras and further consolidates our position as the leading ROV contractor, offshore Brazil. The contract will allow i-Tech to plan for the long term with respect to our Brazilian business, enabling us to implement new and improved methods of working which will deliver value to both Petrobras and ourselves.”

As a result of the award, i-Tech’s Brazilian onshore and offshore workforce has the potential to double over the next three years.