Oceaneering International secured two contracts with Petrobras through a competitive bidding process to supply 362 km of umbilical manufacturing products for projects offshore Brazil.

Products supplied will include steel tube and thermoplastic electro-hydraulic umbilicals and associated subsea distribution hardware.

The expected net revenue of the contracts is expected to be between $120 million to $183 million.

"The award of these major contracts reinforces our confidence in the durability and commitment of our customers to the resurgent deepwater markets," Roderick Larson, president and CEO of Oceaneering, said in the companies' press release. "It further demonstrates Oceaneering’s position as a trusted provider with the ability to deliver quality work in a safe and timely manner. This advances the leading-edge position of our Brazilian manufacturing operation and we look forward to supporting Petrobras on these projects."