Subsea 7 Loses Petrobras Contract Worth £90m
Subsea 7 has announced today that it has lost a significant contact with Brazilian Oil Giant Petrobras after the company invoked an early termination clause.
The contract loss comes after the state-owned Brazilian firm terminated its contract for Subsea 7’s pipelay vessel the Sevan Mar.
The Brazilian government has since withdrawn the operating license for the vessel in order to prioritise vessels from the organisations National fleet.
The contract was due to expire next year, but was still worth a further £90m of revenue to Subsea 7.
