Subsea 7 awarded services contract from Petrobras - Brazil

Norwegian oil services company Subsea 7 has picked up a contract with Brazilian state-run energy group Petrobras (NYSE: PBR) to provide remotely operated underwater vehicles (ROVs) for operations offshore Brazil.
Subsea 7 will also provide underwater positioning survey services onboard a ROV support vessel, the company said in a statement.
The contract has an estimated value of US$50mn. The contracted services will start in the third quarter this year, the company said.
"The award allows us to provide additional services encompassing the provision of a number of high precision ROV mounted sensors, including inertial navigation and sound velocity equipment, all of which are linked to a navigation software program to allow the integration of all positioning sensors onboard the vessel," Subsea 7 executive Bruce Masson said in the statement.