Subsea 7 hit by PLSV cancellationCompany News // June 2, 2016
Subsea 7 has confirmed the early termination of the day-rate contract for its pipelay support vessel (PLSV), Seven Mar, which has been working for Petrobras offshore Brazil, effective 31 May 2016.
The contract was due to expire at the end of 2016 and as a result the group backlog has diminished by approximately US$47 million.
Brazilian maritime law prioritises Brazilian-flagged vessels over international vessels of a similar specification.
As a consequence, the operating licence for Seven Mar has expired, which resulted in the early termination of the contract.