Prysmian has signed a four-year frame agreement with Brazil’s Petrobras, for the design and supply of flexible pipes for offshore oil&gas extraction. Initial supplies’ value is $135 million with significant potential development. This agreement represents a major step forward in the expansion of Prysmian’s operations in the Oil Gas & Petrochemical (OGP) services industry, confirming its commitment to invest in value-added businesses with higher profitability and levels of technology. Thanks to the addition of the production of Flexible Pipes, the Company is now able to offer a comprehensive range of SURF products (Subsea Umbilicals, Risers and Flowlines) meeting the needs of OGP industry. Prysmian will invest around $110 million for the construction of a new plant in Brazil. The new plant production capacity will be partly covered by the first supply agreement with Petrobras, allowing capacity for potential business development in the future. The new plant will complement the one dedicated to the production of subsea umbilicals opened in Brazil in early 2007.