Subsea 7 says that Petrobras has terminated the day-rate contract for pipelay vessel Seven Mar, effective January 16.
, effective January 16.The termination, which will cost Subsea 7 around $106m, comes as a result of the operating license expiring due to the vessel being blocked by local tonnage.
Seven Mar had its previous contract with Petrobras cancelled for the same reason in June 2016, losing Subsea 7 around $47m in revenues. A few weeks later, the vessel was back in action replacing Normand Seven in a vessel substitution.
