Technip, Odebrecht Joint Venture Lands $1B Petrobas Contract

Technip's Deep Blue, the world's largest purpose-built ultra deepwater pipelay and subsea construction vessel. Photo: Technip

PARIS (Dow Jones)–French oil service company Technip SA (TEC.FR) and a unit of Brazil’s conglomerate Norberto Odebrecht won a contract to supply two pipeline installation ships to state-controlled Petroleo Brasileiro SA (PBR), or Petrobras, Technip said.

Technip and Odebrecht each own 50% in the joint venture that will supply the ships to Petrobras, Technip said in a statement.

The ships will allow Petrobras to connect subsea wells to floating rigs in deep Atlantic Ocean waters, where the oil company has found huge reserves in an area below the seabed that is difficult to reach because of its depth.

The two ships will be built in Korea by Daewoo Shipbuilding & Marine Engineering Co. (042660.SE).

-By Inti Landauro, Dow Jones Newswires