Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) announces the award of contract extensions for three Pipelay Support Vessels (PLSVs) currently on long-term day-rate contracts offshore Brazil. These extensions have a combined value of approximately USD 250 million.

The firm contract periods for the Seven Waves, Seven Rio and Seven Sun will now end respectively in Q2 2021, Q3 2021 and Q2 2022. The extensions have been awarded at the same day rates and on the same commercial terms as the original contracts.

Marcelo Xavier, Vice-President for Brazil Region, said: "These contract extensions reflect our long-standing relationship with Petrobras. We are focused on delivering a safe and reliable performance. We have the right capability and capacity in Brazil to meet our clients' needs."

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