The contract’s value could be worth up to $75 million during the five-year contract period. (Source: Shutterstock)
Oceaneering International Inc. announced its subsidiary, Marine Production Systems, secured a five-year contract with Petrobras for the operation of three existing drill pipe riser systems to support intervention and completion operations in Brazil, according to an Oct. 9 Oceaneering press release.
The contract’s value could be worth up to $75 million during the five-year contract period.
According to the contract, Oceaneering will provide Petrobras with services for systems such as installation workover control, project management and engineering. Oceaneering will also replace its current umbilicals on the system in 2024, which will be manufactured at its facility in Niteroi, Brazil.
Field operations under the contract will begin when the current contract expires or 18 months after the award. If Petrobras decides to add a fourth system, Oceaneering will have an additional 18 months to build it.
“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,” Oceaneering CEO Roderick Larson said in the release. “We believe our strong performance under the original [drill pipe riser] contract and our expertise in control systems and umbilicals for the subsea industry were key elements to winning this contract.
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