Oil and gas services company Helix Energy Solutions and Brazil’s state-owned Petrobras have delayed the start of two well intervention services contracts offshore Brazil with a reduced dayrate for one contract.

Namely, the pair renegotiated the terms of the contracts for two Helix’s chartered vessels, the Siem Helix 1 and the Siem Helix 2. Helix chartered the two vessels from Siem Offshore in February 2014 and agreed with Petrobras to provide well-intervention services offshore Brazil for an initial period of 4 years with options to extend.

According to the new deal, the contract for the Siem Helix 1, originally scheduled to begin no later than July 22, 2016, was amended to start between July 22, 2016 and October 21, 2016. In addition, the dayrate under the contract has been reduced.

The contract for the Siem Helix 2, originally scheduled to begin no later than January 21, 2017, was amended to start between October 1, 2017 and December 31, 2017; the dayrate under this contract was not changed.

Owen Kratz, President and Chief Executive Officer of Helix, stated, “We are glad to finalize this process in a manner that makes sense for both companies, and look forward to a long and productive working relationship.”