Subsea7 wins US$250mn Petrobras pipeline contract

US-Norwegian engineering company Subsea7 signed a US$250mn contract with Brazil's federal energy company Petrobras (NYSE: PBR) to build its underwater gas and oil transport system in the Campos basin, Subsea said in a statement Monday. Subsea 7 is jointly controlled by Norway's DSND and US engineering company Halliburton. The system will include the construction of six pipelines to make a 168km seabed network of 10 and 12-inch pipelines. Construction will start in 2005, the statement said. Petrobras had announced in April a 2.7bn-real (US$1bn) oil and gas Campos basin transport plan that included linking the company's six offshore production units to the PRA-1 pumping platform in shallow waters. The six units to be connected will be P-40, P-51, P-52, P-53, P-55 and Roncador-4, which are in some 1,800m of water, the company said at the time. Campos basin is the most productive oil field in Brazil, accounting for over 80% of domestic oil production.