Oceaneering’s Brazilian subsidiary, Marine Manufacturing Techniques do Brasil, has secured a five-year contract from the Brazilian oil firm Petrobras for the operation of three present drill pipe riser (“DPR”) techniques to help intervention and completion operations in Brazil.
Petrobras additionally has the choice so as to add a fourth DPR system by notifying Oceaneering previous to mid-December 2023. The contract worth might be price as much as $75 million in income through the five-year contract interval.
Below the contract phrases, Oceaneering will proceed to supply Petrobras with providers using three present drill pipe riser (“DPR”) techniques with set up workover management techniques, or IWOCS, together with mission administration, engineering, and help providers.
The corporate will probably be changing the umbilicals on the present techniques in 2024. The substitute umbilicals are deliberate to be manufactured at Oceaneering’s facility in Niteroi, Brazil. Discipline operations below the contract are anticipated to start out when the present contract expires, or 18 months after award. Ought to Petrobras elect so as to add a fourth system, Oceaneering can have an extra 18 months to construct the system, which might be anticipated to go on rent in June 2025.
Roderick A. Larson, President and Chief Government Officer of Oceaneering, stated: “We’re very happy to proceed offering Petrobras with DPR providers over the subsequent 5 years. Since profitable the preliminary contract in 2018, we have now significantly expanded our presence in Brazil and have leveraged our portfolio of providers and merchandise into different areas of the rising Brazilian market. We consider our robust efficiency below the unique DPR contract and our experience in management techniques and umbilicals for the subsea trade have been key components to profitable this contract. We sit up for supporting Petrobras in reference to this and future initiatives.”
