Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announced today an agreement to substitute a Pipelay Support Vessel (PLSV) working on a day-rate contract for Petrobras, offshore Brazil.
Petrobras and Subsea 7 have agreed to substitute the owned PLSV Seven Mar for the chartered PLSV Normand Seven in the existing Normand Seven contract. The substitution will be made in late June. There are no other significant changes to the contractual terms and conditions. As a consequence of this substitution, Subsea 7 will return Normand Seven to its owner at the end of its fixed-term charter agreement.
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