Another $1.25B win for Subsea7 at Petrobras’ deepwater field

Subsea7 has secured a contract worth over $1.25 billion with Brazilian oil & gas giant Petrobras for a field located at 2,000 meters of water depth off the coast of Rio de Janeiro.

Under the contract defined as “super-major”, Subsea7’s scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 112 kilometers of rigid risers and flowlines system for the Búzios 11 field.

Project management and engineering will begin immediately at the company’s offices in Rio de Janeiro, Suresnes and Sutton, with the fabrication of pipelines set to take place at Subsea7’s spoolbase in Brazil.

Offshore activities are scheduled for 2027 and 2028.

“This award again underscores Subsea7’s proven expertise in delivering complex, world-scale size projects, reinforcing our strong execution capabilities and commitment to operational excellence and safety,” said Yann Cottart, Subsea7’s Senior Vice-President Brazil and Global Projects Centre West.

“With a solid backlog and a diverse portfolio, we continue to drive value for our shareholders while further contributing to Brazil’s development. We thank Petrobras for their trust and look forward to once again playing a significant role in the success of the Búzios field.”

The Búzios field was discovered in 2010 and began operating in 2018. It is the second field in terms of production volume and reserves in the country, behind the Tupi field.

The deepwater field is operated by Petrobras (88.98% stake), in partnership with CNOOC (7.34%) and CNPC (3.67%), with Pré-Sal Petróleo S.A. (PPSA) as the manager. The current development concept for the field encompasses 11 platforms.

Last year around this time, Subsea7 was awarded a contract also worth over $1.25 billion for Búzios 9.