Subsea 7 Announces Contract Award from Petrobras, Offshore Brazil

26 July 2010

Subsea 7, through its i-Tech division, today announced the award by Petroléo Brasileiro S/A (Petrobras) of a contract for the provision of ROV and under water positioning survey services onboard a ROV support vessel, operating offshore Brazil. The contract is valued in the region of US $50m.

The award will see i-Tech providing two Centurion QX work-class ROVs and under water positioning and survey services onboard the vessel, for a five year, term with an option to extend for a similar term. It is anticipated that the mobilisation of the necessary equipment and personnel will commence in the third quarter 2010.

i-Tech's Managing Director, Bruce Masson, commented: "I am delighted to announce a further award from Petrobras in Brazil which further consolidates our position as a primary player in this important growing market sector, both in Brazil and globally.

“The award allows us to provide additional services encompassing the provision of a number of high precision ROV mounted sensors, including inertial navigation and sound velocity equipment, all of which are linked to a navigation software program to allow the integration of all positioning sensors onboard the vessel. These services demonstrate our extended capabilities, beyond that which we normally provide in support of our core business.”