The extensions have a combined value of approximately US$155 million, net of agreed reductions to the current day-rates, and increase the backlog relating to the four Brazilian PLSVs to US$493 million at 31 August 2020.
Seven Waves, Seven Rio and Seven Cruzeiro will operate at a new day-rate with effect from 1 August 2020 and their firm contract periods will now end in 2Q22, 3Q22 and 4Q22 respectively. Seven Sun will complete its current contract in Q2 2022 at its prevailing day-rate.
Marcelo Xavier, Vice-President Brazil, said: "These contract extensions reflect our long-standing relationship with Petrobras and desire by both parties to reach a mutually beneficial solution in these challenging times. We remain focused on performing safely and to a high standard for our valued client.”
