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UPDATE 1-Technip, DOF Subsea win billion-dollar contracts from Petrobras
August 12, 2013 / 7:07 AM / in 4 years

UPDATE 1-Technip, DOF Subsea win billion-dollar contracts from Petrobras

(Adds value of Technip share of contracts, details)

OSLO/PARIS, Aug 12 (Reuters) - Oil industry suppliers Technip and DOF Subsea have won major contracts from Brazilian state-owned oil company Petrobras , they said on Monday.

A joint venture of the two companies will build four pipelay support vessels and install flexible pipes in Brazilian waters under the eight contracts, Technip said.

The contracts are worth 10 billion crowns ($1.71 billion) for DOF Subsea, the Norwegian company said, while Technip said its portion of the contracts was worth about 1.35 billion euros ($1.80 billion).

Technip said it would manage flexible pipelay under their joint venture agreement, and that DOF Subsea would be responsible for marine operations.

The four ships are due to be delivered in 2016-2017, Technip said, adding that the contracts would last eight years from the start of operations and could be renewed for another eight-year period.

Vard Holdings will be in charge of the design and construction of the four vessels, Technip added. ($1 = 5.8435 Norwegian kroner) ($1 = 0.7490 euros) (Reporting by Gwladys Fouche and James Regan; Editing by Terje Solsvik)

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