The Petrobras Board of Directors has resolved to charter one additional of Siem Offshore’s AHTS vessels, the “Siem Ruby”, for a firm period of four years.
Petrobras has an option to extend the charters for four additional years, upon terms to be mutually agreed. The contract value for the firm period is approximately USD 100 million. The vessel shall commence operations in Brazil latest within June 2012.
Siem Offshore regard the contract for the additional AHTS vessel as an acknowledgment by Petrobras that Siem Offshore is positioned as a first class operator in Brazil, which is a targeted growth area for the Company.
