Oceaneering Subsidiary Secures Contract with Petrobras

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(Oceaneering International, Inc., 20.Aug.2018) – Marine Production Systems do Brasil Ltda., one of Oceaneering International, Inc.’s wholly owned subsidiaries, has secured a four-year contract with a one-year optional extension period from Petróleo Brasileiro S.A. (Petrobras) in Brazil.

“We are excited by this Petrobras award and the opportunity to expand our portfolio of service and product offerings in the growing Brazilian market,” announced Oceaneering President and Chief Executive Officer Roderick A. Larson in an official statement released by the company.

The contract will support intervention and completion operations in Brazil, announced Oceaneering in an official statement.

Under the terms of the contract, Oceaneering will supply and operate three drill pipe riser (DPR) systems with installation workover control systems, or IWOCS, along with project management, engineering and support services. The company plans to manufacture the associated umbilicals for the DPR systems at its facility in Niteroi, Brazil. Oceaneering will start constructing and building the assets in the third quarter of 2018, and expects work under the contract to commence in the third quarter of 2019. The contract value is expected to exceed $50 million in revenue during the initial four-year period.

“We look forward to supporting Petrobras in connection with this and future projects,” said Larson.

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