Subsea 7 has created a contract with Petrobras to sub a vessel for its Pipelay Support Vessel (PLSV) coming from Solstad Offshore that will take place within the next six days.
The two agreed to substitute the PLSV Seven Mar for Normand Seven, their existing Normand Seven contract. The operating license for the substituted vessel has expired due to a Brazilian law that prioritizes their flagged ships over similar vessels. However, it’s reported there are no other changes to the contract.
As a result, Normand Seven will go back to its owner. Subsea 7 gave notice that by early next year, five vessels will leave the active fleet based on the traffic with existing contracts and their expirations. It will also downsize the workforce by roughly 1,200 jobs globally within the next 6-8 months.
Article written by HEI contributor Marcela Abarca.