Benzinga | Aug 31, 2021 04:32PM EDT

TechnipFMC Reports Its DOF Subsea Joint Venture Partner Wins Long-Term Charter, Services Contract By Petrobras, Valued In $75M-$250M Range

TechnipFMC (NYSE:FTI) (PARIS: FTI) and its joint venture (JV) partner DOF Subsea (OSE: DOF) have been awarded significant(1) long-term charter and services contracts by Petrobras (NYSE:PBR) for the pipelay support vessels Skandi Vit?ria and Skandi Niteroi.

The Brazilian-built and flagged vessels are owned by DOFCON Navega??o Ltda, a 50/50 JV between TechnipFMC and DOF Subsea. Each contract is for three years, with an option to extend.

Operations are expected to begin by February 2022. Skandi Niteroi will operate mostly in shallow water, while Skandi Vit?ria will work in shallow and deep water. Both vessels will perform decommissioning and subsea installation work.

Jonathan Landes, President, Subsea at TechnipFMC, commented, "Our vessels serve as an important component of the strong flexible pipe ecosystem we have in Brazil. We are proud to extend our multi-decade relationship with Petrobras through these long-term contracts, which are built on close collaboration and our client's trust in our ability to safely and efficiently deliver quality."

(1) For TechnipFMC, a "significant" contract is between $75 million and $250 million.