Contracts with Petrobras for two Oil Spill Response Vessels

SIEM Consub (Brazil) is awarded time charter contracts by Petrobras for two Oil Spill Recovery Vessels (“OSRVs”).

The time contracts are for firm periods of 8 years, with options for Petrobras to extend with an additional period of 8 years.  The gross contract value for the firm period is USD 157 million for both vessels.

The two ORSVs shall be built in Brazil under the Merchant Maritime Brazilian Government Fund program (“FMM”), which provides up to 90% long-term debt financing.  The time charter contracts for Petrobras shall commence within second half of 2012.

Siem Consub owns and operates 9 vessels in Brazil.  The fleet will be extended with six vessels to be built in Brazil and operated on long-term charter contracts for Petrobras.

For further information:

Terje Sorensen
Chief Executive Officer
+47 91 31 61 64

Published 22-09-2009 in the Investor category