NKT Flexibles, a unit of Danish industrial group NKT Holding, has won a contract of $1.86 billion to supply flexible pipes to Brazilian oil and gas company, Petrobras, Reuters reports. About half of the contract value was guaranteed for the 2012-15 contract period.

NKT Flexibles, 49% owned by Norwegian oilfield engineering group Subsea 7, will supply Petrobras with up to 694 kilometers of flexible pipe structures. The new deal replaces a previous three-year agreement with Petrobras worth up to $270 million.

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