Subsea 7 S.A. awarded $1 billion contract for deepwater development offshore Brazil

Subsea 7 S.A. (Oslo Børs: SUBC) announced today the award of a contract with Petrobras, as Operator of BM-S-9 and BM-S-11 Consortia to Subsea 7 Inc., a wholly owned subsidiary of Subsea 7 S.A., of approximately $1 billion for the development of the Pre-Salt deepwater Guará and Lula NE Areas located in the Santos Basin, offshore Brazil, in water depths of approximately 2,200 metres.

 The project scope includes the Engineering, Procurement, Installation and Pre-Commissioning of four decoupled riser systems featuring:

- four submerged buoys each of 1,900 tonnes to be installed at approximately 250 metres below the sea level buoy foundations and associated tethers; and

- twenty-seven steel catenary risers of 3.9km and associated pipeline end terminations (PLETs) of which eighteen 7.5” production lines, three 9.5” water injection lines and six 8” gas injection lines, and associated anchor piles and crossings.
                              
Engineering and project management work will commence with immediate effect and will be undertaken at our offices in Rio de Janeiro, Brazil. Fabrication of the rigid pipelines will be carried out at the pipeline fabrication spoolbase, which Subsea 7 are developing at Paranaguá, Paraná in Brazil. Offshore installation is scheduled to commence during the second half of 2012, using Seven Oceans, Seven Seas and Skandi Seven.

Victor Snabaitis Bomfim, Subsea 7’s Senior Vice President, Brazil, said: “We are delighted to be awarded this pioneering contract in this new deepwater frontier which is the Santos Basin Pre-Salt area, as it enables us to leverage our newly enhanced capabilities, further develop our strong track record as a local strategic partner to Petrobras, whilst building upon our long-term commitments in Brazil. We look forward to continuing to support Petrobras’ developments and bringing our expertise in engineering, project management and installation to the ongoing development of the challenging Pre-Salt Area, offshore Brazil.”

Jean Cahuzac, Subsea 7’s Chief Executive Officer, said: “This contract, the first EPIC award on the Pre-Salt Areas, represents a significant development. It reflects Subsea 7’s capabilities to apply advanced solutions to meet the increasingly challenging needs of our clients in their complex deepwater subsea developments. We look forward to developing further our local content facilities and expertise and build on our already strong presence in Brazil.”

Contact:
Karen Menzel
Subsea 7 S.A.
+44 (0)20 8210 5568
karen.menzel@subsea7.com
www.subsea7.com

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