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Petrobras PBR, Brazil’s state-controlled energy giant, has signed a new $84 million agreement with Solstad Offshore, a leading offshore service provider in Norway, for the continued use of the AHTS vessel Normand Turquesa. This four-year contract marks a strategic move in reinforcing Petrobras’ operational strength in Brazil’s demanding offshore environments. Scheduled to begin in February 2026, the agreement secures the vessel’s continued service with Petrobras through February 2030, supported by a confirmed nine-month extension to bridge the current contract period.
This new contract signifies Petrobras' unwavering commitment to enhancing offshore logistics and support capabilities. The Normand Turquesa, a vessel built in 2007, is designed to perform in demanding offshore environments. With a length of 80.4 meters and a breadth of 18 meters, the vessel features the UT 722 L design, renowned for its durable construction, excellent seakeeping performance and impressive towing capacity.
The contract’s value and duration highlight the essential role of anchor handling tug supply (“AHTS”) vessels in Petrobras’ deepwater exploration and production activities. Normand Turquesa has been pivotal in anchor handling, towing and supply operations, particularly in pre-salt basins where dynamic marine conditions and technical demands require precision and reliability.
Normand Turquesa's UT 722 L design places it among the most reliable and efficient vessels in Solstad Offshore’s fleet. The vessel features high bollard pull capacity, powerful winch systems, and advanced navigation and dynamic positioning technologies, which enable it to perform complex offshore maneuvers required in Petrobras’ exploration fields.
In addition to towing and anchor handling, Normand Turquesa is also adept at platform supply missions, ensuring seamless delivery of equipment, fuel and other vital resources to offshore installations. The vessel’s large deck space and specialized equipment allow it to manage subsea operations and contribute to logistical chains critical to continuous production flow.
In preparation for a forthcoming long-term agreement, Solstad Offshore has announced a nine-month extension of the Normand Turquesa's current contract with PBR. This ensures uninterrupted deployment of the vessel, maintaining Petrobras’ offshore support strength during a transitional period.
The extension showcases Petrobras’ trust in Solstad's operational excellence and asset reliability. It also highlights how both companies are aligned in their commitment to sustained operational efficiency, asset utilization and field development continuity in Brazil’s waters.
Brazil remains one of the world’s most promising offshore oil and gas markets, with Petrobras leading its ongoing growth. The new contract for the Normand Turquesa reflects Petrobras’ wider strategy to modernize and strengthen the offshore vessel fleet, ensuring it can meet production targets and support long-term projects, especially in the pre-salt region.
Leveraging its deep experience in Brazil, Solstad Offshore is expanding footprint in the market. The $84 million contract highlights Solstad’s strategic importance within Petrobras’ supply chain and reinforces its role as a trusted partner in Brazil’s offshore energy industry.
The latest agreement is just an example of how Petrobras is reinvesting in critical maritime infrastructure to maintain its leadership in deepwater exploration. By securing advanced AHTS vessels like Normand Turquesa, Petrobras guarantees its ability to manage complex offshore logistics while adhering to strict safety and environmental standards.
These contracts also promote technological advancement and workforce development in offshore services. Petrobras continues to demand high-performance vessels capable of withstanding extreme marine environments, supporting both operational safety and environmental protection.
This multi-year deal with Petrobras not only provides financial stability for Solstad Offshore but also reinforces its strategic commitment to Brazil’s offshore sector. As a key global provider of specialized vessels for offshore operations, Solstad’s collaboration with Petrobras places it at the heart of one of the most active offshore exploration regions in the world.
Normand Turquesa is one of several vessels in Solstad’s fleet operating under long-term charters in Brazil. The ability to secure long-term contracts with Petrobras highlights Solstad’s high operational standards, vessel performance and strong local partnerships.
Both companies stand to benefit significantly from this renewed agreement. Petrobras secures a battle-tested, high-performance vessel tailored for its demanding offshore operations. At the same time, Solstad ensures fleet utilization and operational visibility for the next half-decade, aligning with its financial and strategic targets.
With this contract, Petrobras advances its goals for logistical stability, operational continuity and cost efficiency in offshore operations. Solstad, in turn, enhances its position as a trusted maritime partner in one of the world's most competitive offshore energy markets.
The contract between Petrobras and Solstad Offshore for the Normand Turquesa represents more than a simple charter agreement, it is a strategic investment in the future of Brazil’s offshore oil and gas sector. With a combination of technical capability, proven reliability and long-term collaboration, this deal ensures both operational success and sustainable offshore development.
As Petrobras continues to expand exploration and production in ultra-deepwater regions, the reliance on versatile, powerful AHTS vessels like Normand Turquesa will become increasingly essential. Solstad’s role in delivering that capability, through a vessel designed to endure the challenges of Brazil’s offshore fields, further solidifies its standing as a premier operator in the global offshore market.
Currently, PBR has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Kodiak Gas Services KGS, which sports a Zacks Rank #1 (Strong Buy), Oceaneering International OII and Arc Resources AETUF, each holding a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Kodiak Gas Services is valued at $2.81 billion and offers contract compression along with related infrastructure services to the U.S. oil and gas sector. Operating through its Contract Services and Other Services segments, Kodiak Gas Services supports natural gas and oil production with fixed-revenue contracts and a range of ancillary services.
Oceaneering International, with a valuation of $2.15 billion, provides engineered services, products and robotic solutions to global markets including offshore energy, defense, aerospace, manufacturing and entertainment. Its offerings include remotely operated vehicles, subsea hardware, pipeline inspection and repair, diving services and digital technologies. Oceaneering International serves multiple segments and supports U.S. government defense and space programs.
Arc Resources, with a valuation of $11.93 billion, is a leading oil and gas company in Canada focused on the exploration, development and production of energy assets predominantly in Western Canada. Founded in 1996, Arc Resources has grown to become one of Canada’s prominent mid-sized energy producers.
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This article originally published on Zacks Investment Research (zacks.com).
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