Oceaneering secures multi-million dollar contract with Petrobras for Brazilian operations

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Subsea solutions provider, Oceaneering, has inked a five-year contract with Petrobras, potentially valued at up to US$75 million. The contract will be managed by Oceaneering’s Brazilian subsidiary, Marine Production Systems, and focuses on the operation of three existing drill pipe riser (DPR) systems, designed to support intervention and completion operations in Brazil.

Oceaneering will undertake the task of replacing the umbilicals on the existing DPR systems, scheduled for 2024. The replacement umbilicals are set to be manufactured at Oceaneering’s facility in Niteroi, Brazil. Field operations under the new contract are slated to commence either upon the expiration of the current contract or 18 months following the contract award, as disclosed by the New York-listed company.

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Petrobras retains the flexibility to exercise its option and add a fourth DPR system by mid-December 2023. Should this option be exercised, the additional system would be expected to become operational in June 2025.

Roderick A. Larson, President, and CEO of Oceaneering, expressed his enthusiasm for the contract, saying, “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.”

Oceaneering had also been awarded a project in the Stabroek block, offshore Guyana. The project’s scope involves jumper and subsea field development installation, as well as various associated tasks. Work on the project has already commenced and is anticipated to extend through the remainder of 2023. Oceaneering has been providing related support to Guyana’s oil sector since 2017 including remotely operated vehicle (ROV) and subsea tooling services.

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