Paratus Energy Services secures $1.8bn in contracts from Petrobras tender

Paratus Energy Services Ltd., a key player in the offshore support vessel sector, has announced a significant contract win for its affiliate entities under Seabras Sapura Holding GmbH and Seabras Sapura Participações S.A.. Collectively known as “Seabras” or the “JV”, these entities have been awarded contracts for their entire fleet of six multi-purpose pipe-laying support vessels (PLSVs) in a competitive tender by Petrobras, Brazil’s state-controlled petroleum company. This achievement boosts Seabras’ backlog to approximately $2.1 billion.

The contracts, which reflect an upward adjustment in dayrates, signify positive industry momentum and an increasing demand for PLSVs in Brazil. Since beginning operations in 2014, Seabras’ vessels have shown remarkable technical utilization, maintaining an average rate of about 98%. The awarded contracts, each spanning three years, are set to commence between May 2024 and June 2025, with the latest contract extending until 2028.

Affiliates of Paratus Energy won $1.8 billion in contracts from Petrobras, bolstering their position in Brazil’s oil and gas sector

“We are delighted to announce this significant milestone,” stated Rogerio Salbego, CEO of Seabras. “This success demonstrates the strength of our fleet, our strong long-term relationship with Petrobras, and our track record of delivering value to our clients.”

The new contracts promise to enhance long-term revenue visibility for Seabras, supporting robust cash flow and enabling the JV to continue returning capital to its shareholders. “We are pleased with the outcome of Petrobras’ recent tender and are confident that this will pave the way for ongoing success,” added Robert Jensen, Executive Director of Paratus.

This contract win is not only a testament to Seabras’ commitment to operational excellence, safety, and customer satisfaction, but also a significant indicator of recovery and growth in the offshore oil and gas sector, particularly in Brazil. The enhancement of dayrates and the extension of contract terms provide a stable financial outlook for Seabras, reinforcing its market position and investment appeal.