Oceaneering Announces Petrobras Drill Pipe Riser Systems Contract
Tuesday 21 August 2018
Oceaneering International, Inc. announced that one of its wholly owned subsidiaries, Marine Production Systems do Brasil Ltda., has secured a four-year contract with a one-year optional extension period from Petróleo Brasileiro S.A. ("Petrobras") in Brazil. The contract will support intervention and completion operations in Brazil.
Under the terms of the contract, Oceaneering will supply and operate three drill pipe riser ("DPR") systems with installation workover control systems, or IWOCS, along with project management, engineering and support services. The company plans to manufacture the associated umbilicals for the DPR systems at its facility in Niteroi, Brazil. Oceaneering will start constructing and building the assets in the third quarter of 2018, and expects work under the contract to commence in the third quarter of 2019. The contract value is expected to exceed $50 million in revenue during the initial four-year period.