DOW JONES NEWSWIRES

Subsea 7 said Monday it has been awarded a new Day-Rate contract with Petrobras (Petroleo Brasileiro) valued in excess of $110M, for the exclusive use of Subsea 7's pipelay vessel, "Lochnagar" and will run for a period of two years.

 
   MAIN FACTS:

-Subsea 7's Lochnagar vessel will support a variety of engineering, field development and life-of-field work for Petrobras' fields along the Brazilian coast including the installation of flexile pipelines and umbilicals; ROV support, testing and commissioning; and inspection, repair and maintenance activities.

-By Stockholm Bureau, Dow Jones Newswires; +46-8-5451-3090; djnews.stockholm@dowjones.com