Subsea 7 has had to terminate the day-rate contract for its Pipelay Support Vessel (PLSV) Seven Mar early.
The Seven Mar was working for Petrobras, offshore Brazil. The contract was due to expire at the end of 2016 and as a result the company's backlog has diminished by approximately USD 47 million.
Expired Operating Licence
Brazilian maritime law prioritises Brazilian-flagged vessels over international vessels of a similar specification. As a consequence, the operating licence for Seven Mar has expired, which resulted in the early termination of the contract.
Picture: The Seven Mar (by Subsea 7).
