Subsea 7 has entered into an agreement to substitute a pipelay support vessel (PLSV) working on a day-rate contract for Petrobras, offshore Brazil.
Namely, the companies agreed to substitute the owned PLSV Seven Mar for the chartered PLSV Normand Seven in the existing Normand Seven contract.
To remind, Seven Mar was on a contract with Petrobras until March 31, 2016. The contract was due to expire at the end of 2016, however, the vessel’s operating licence had expired which resulted in the early termination of the contract.
The substitution will be made in late June, and according to the Oslo-listed Subsea 7, there are no other significant changes to the contractual terms and conditions.
As a consequence of this substitution, Subsea 7 said it will return Normand Seven to its owner at the end of its fixed-term charter agreement.