By Dominic Chopping

Norwegian support-vessel operator Siem Offshore Inc. (SIOFF.OS) said Friday it has agreed with Petrobras to terminate some vessel contracts early, without penalties to either of the parties.

The deal relates to the vessels Capela, Propria and Siem Carajas and is effective from 30 September 2015.

The company said this is in line its business strategy to focus on a modern, environmentally friendly and technically advanced fleet and also to improve company results by excluding unprofitable long term contracts.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics

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(END) Dow Jones Newswires

October 02, 2015 02:38 ET (06:38 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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