Siem Offshore said it had received early termination for the vessel Siem Carrier after Petrobas failed to obtain an operating licence for it.
The company said the termination fee was not applicable to Petrobras as the vessel was blocked by a local tonnage.
The announcement comes on the same day as Farstad Shipping announced it was set to lay up five vessels in the North Sea due to the declining market place.
The decision will also see a headcount reduction of up to 100 staff members.