Houston-based Oceaneering has secured a five-year contract from Petrobras potentially worth up to $75m.
The contract, which will be executed by Oceaneering’s Brazilian subsidiary Marine Production Systems, covers the operation of three existing drill pipe riser (“DPR”) systems to support intervention and completion operations in Brazil.
The company will be replacing the umbilicals on the existing systems in 2024. The replacement umbilicals are planned to be manufactured at Oceaneering’s facility in Niteroi, Brazil. Field operations should start when the current contract expires, or 18 months after award, the New York-listed company said.
Petrobras also has the option to add a fourth DPR system by mid-December 2023, which would be expected to go on hire in June 2025.
Roderick A. Larson, president and CEO of Oceaneering, said, “Since winning the initial contract in 2018, we have greatly expanded our presence in Brazil and have leveraged our portfolio of services and products into other areas of the growing Brazilian market. We believe our strong performance under the original DPR contract and our expertise in control systems and umbilicals for the subsea industry were key elements to winning this contract.”
