Seabras, a leading subsea services company, has announced that it has been awarded contracts for its full fleet of six multi-purpose pipe-laying support vessels (PLSV). The contracts, which were part of a competitive tender process by Petrobras, are set to bolster Seabras’ backlog by approximately $1.8 billion, bringing their total backlog to around $2.1 billion.
The contract awards signify a significant improvement in dayrates for the PLSVs, reflecting the positive industry momentum and the growing demand for these vessels in Brazil. Seabras’ commitment to operational excellence, safety, and customer satisfaction has been instrumental in securing these contracts, as their vessels have maintained an impressive average technical utilization rate of 98% since commencing operations in 2014.
“We are thrilled to achieve this significant milestone,” said Rogerio Salbego, CEO of Seabras. “This success is a testament to the strength of our fleet, our strong long-term relationship with Petrobras, and our track record of delivering value to our clients.”
The contracts, each with a three-year term, will commence at different mobilization dates between May 2024 and June 2025, with the longest contract extending until 2028. These awards provide Seabras with long-term revenue visibility and further support their strong cash flow, enabling the company to continue returning capital to its shareholders.
“We are pleased with the outcomes of Petrobras’ recent tender and are confident that this success will pave the way for future achievements,” said Robert Jensen, Executive Director of Paratus, the parent company of Seabras. “We remain optimistic that Seabras’ long-term cash flow visibility will strengthen Paratus’ financial flexibility and its ability to provide returns to its shareholders.”
Seabras, a 50/50 joint venture between Paratus Energy Services Ltd. and Sapura Energy Berhad, is focused on providing subsea engineering, installation, and other services. With its fleet of six PLSVs, all operating under contract in Brazil, Seabras is well-positioned to meet the growing demand in the subsea services market.
For more information about Seabras, please visit www.sapura.com.br/en. With additional support offices in Rio das Ostras and Vienna, Seabras is headquartered in downtown Rio de Janeiro.
About Paratus
Paratus Energy Services Ltd. is an investment holding company that includes SeaMex, an offshore drilling company with a fleet of high-specification jack-up rigs in Mexico, and Seabras, the leading subsea services company in Brazil. Paratus is also the largest shareholder in Archer Ltd, a global oil services company listed on the Oslo Stock Exchange.
For further information about Paratus, please visit www.paratus-energy.com. Should you have any inquiries, please contact Hawthorn Advisors at [email protected] or call +44 (0)203 7454960.
Note: This article has been rewritten while maintaining the core facts and information from the original source.
Seabras, a leading subsea services company, has recently secured contracts for its full fleet of six multi-purpose pipe-laying support vessels (PLSV) through a competitive tender process by Petrobras. These contracts, valued at approximately $1.8 billion, will significantly contribute to Seabras’ backlog, bringing it to around $2.1 billion. This success highlights the positive industry momentum and the growing demand for these vessels in Brazil.
One of the key advantages of these contract awards is the substantial improvement in dayrates for the PLSVs. This reflects the increasing value and significance of these vessels in the market. Additionally, Seabras’ commitment to operational excellence, safety, and customer satisfaction has played a crucial role in securing these contracts. Their impressive average technical utilization rate of 98% since 2014 showcases their reliability and efficiency.
The contracts have a three-year term and will commence at various mobilization dates, starting from May 2024 to June 2025. The longest contract extends until 2028, providing Seabras with long-term revenue visibility. This will further strengthen their cash flow and enable the company to continue returning capital to its shareholders, enhancing their overall financial position.
However, it is important to note that there are also challenges and controversies associated with the subject. The subsea services market can be highly competitive, and Seabras will need to continue demonstrating its operational excellence to maintain its position as a leading provider in this sector. Additionally, the company’s reliance on long-term contracts with Petrobras may expose them to fluctuations in the demand for these services and any challenges faced by the Brazilian oil and gas industry.
In terms of current market trends, there is an increasing focus on subsea developments, driven by the need to access offshore oil and gas reserves. This presents opportunities for companies like Seabras that specialize in subsea engineering and installation services. The growing demand for these services is expected to continue as new projects are undertaken in the deepwater and ultra-deepwater regions.
Looking ahead, it is anticipated that Seabras’ success in securing these contracts will pave the way for future achievements. The company’s long-term cash flow visibility is expected to strengthen Paratus Energy Services Ltd.’s financial flexibility, the parent company of Seabras. This, in turn, will enable Paratus to provide returns to its shareholders and demonstrate its commitment to delivering value.
For more information about Seabras, please visit their official website: www.sapura.com.br/en.
To learn more about Paratus Energy Services Ltd., the parent company of Seabras, please visit their official website: www.paratus-energy.com.