Subsea7 Wins Major Petrobras Contract for Sépia 2 Field

A Strategic Win in the Santos Basin

Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has officially secured a significant new contract from Brazilian state-controlled oil giant Petrobras for the development of the Sépia 2 field. The deal, finalized following a competitive tender process, underscores the ongoing demand for deep-water engineering expertise in one of the world’s most prolific offshore energy hubs.

Located approximately 280 kilometres southeast of Rio de Janeiro, the Sépia 2 field sits in the pre-salt Santos Basin, an area renowned for its complex geological conditions and high-yield production potential. The project presents substantial engineering challenges, with operations to be conducted at a staggering water depth of 2,170 metres.

Why Sépia 2 Matters to the Energy Landscape

Sépia 2 represents a cornerstone of Brazil’s long-term energy strategy. As one of the largest pre-salt expansion phases currently underway, the project is designed to bolster Brazil's production capacity significantly. For investors and energy analysts, the selection of Subsea7 for this development is a testament to the company’s technical capability in ultra-deepwater environments—a segment of the industry that has seen a resurgence in capital expenditure as oil majors look to optimize their offshore portfolios.

For Subsea7, this "supermajor" contract—a classification reserved for projects of significant scale and complexity—solidifies its position as a key partner for Petrobras. The offshore sector has been characterized by a tightening of supply for specialized vessels and engineering talent, making the successful capture of such a high-profile tender a critical indicator of market strength for the Norwegian-headquartered firm.