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i-Tech Announces Contract Award from Petrobras International

11 November 2010

Subsea 7 Inc, through its i-Tech division, today announced an award by Petrobras International for the provision of remotely operated vehicle (ROV) services onboard a new build ultra-deepwater drillship. The contract is valued at US $18m.

The initial contract term is five years, which can be extended by a similar term. Offshore works are scheduled to commence during the 3rd quarter of 2011 in the Gulf of Mexico. The drillship will be used for global drilling operations.

For this contract, i-Tech will provide a new build 150hp Quantum work-class system, capable of working in water depths of up to 4,000msw. The garaged tether management system, containing the ROV, will be deployed using a rail guided launch and recovery system, designed to operate to the same environmental parameters as the drillship.

i-Tech's Managing Director, Bruce Masson, commented: "I am very pleased to announce this award from Petrobras International following our recent significant awards from Petrobras for operations, offshore Brazil. Our operations team based in Houston are already preparing for the arrival of the vessel and with our international reach we will be able to effectively support the drillship when it is allocated to other areas worldwide.