Sapura Diamante starts work offshore BrazilProjects and Operations // July 4, 2014
SapuraKencana Petroleum Berhad has clocked up a key milestone in its international operations by starting work ahead of schedule with its first pipe-laying support vessel (PLSV) project for Petrobras.
The new PLSV, Sapura Diamante, started working for Brazil's state-owned oil company on 28 June 2014, more than three months ahead of the original contractual delivery date.
SapuraKencana's offshore operations in Brazil are being executed by its Brazilian joint venture company Sapura Navegacao Maritima (SNM), a 50:50 venture with offshore drilling firm Seadrill.
"This is indeed a key milestone for us as it signals the start of SapuraKencana's PLSV operations in Brazil, our single biggest foreign market," said Tan Sri Dato' Seri Shahril Shamsuddin, President and Group CEO of SapuraKencana Petroleum. "Soon revenues from this new geographical area of operation are set to start contributing to the group's future results."
"We are proud to have been able to keep our promise and deliver ahead of schedule the first of the six PLSVs contracted by Petrobras," he added.
In November 2011 and in June 2013, SapuraKencana's joint venture company in Brazil, SNM, was awarded two contracts by Petrobras worth a total of US$4.1 billion to build and operate a total of six PLSVs for work in Brazil.
Three of the PLSVs from the contract awarded in 2011 are on 5+5 year contracts; the remaining three from the contract in 2013 are on 8+8 year contracts.