Oil Sector Going Strong: Oceaneering Signs 5-Year Contract With Petrobras Worth Up to $75 Million in Revenue During Execution for Drill Pipe Riser Operations

Written by Roberta Souza

Published on 12/10/2023 at 09:58

Foto: reprodução google imagens/portosenavios

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Oceaneering International Secures Contract with Brazilian State Oil and Gas Giant Petrobras for Operation of Drilling Pipe Riser Systems (DPR)

Oceaneering’s wholly owned subsidiary, Marine Production Systems do Brasil Ltda. won a five-year contract with Petrobras for the operation of three existing DPR systems to support intervention and completion operations, according to offshore-energy.

Petrobras also has the option to add a fourth DPR system by notifying Oceaneering before mid-December. The contract value could reach up to US$ 75 million in revenue during the five-year contract period.

Contract between Oceaneering and Petrobras

Under the contract, Oceaneering will continue to provide Petrobras with services using three existing DPR systems with installation workover control systems (IWOCS), along with project management, engineering, and support services.

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The company will replace the umbilicals of the existing systems in 2024. The replacement umbilicals are planned to be manufactured at Oceaneering’s facilities in Niterói, in the state of Rio de Janeiro.

Field operations under the contract are expected to begin when the current contract expires or 18 months after award. If Petrobras decides to add a fourth system, Oceaneering will have an additional 18 months to build the system, which is expected to be leased in June 2025.

According to Oceaneering’s President and CEO, Roderick A. Larson, “We are very pleased to continue providing DPR services to Petrobras over the next five years. Since winning the initial contract in 2018, we have significantly expanded our presence in Brazil and leveraged our service and product portfolio into other areas of the growing Brazilian market.”

“We believe that our strong performance on the original DPR contract and our experience in control systems and umbilicals for the subsea industry were key elements in winning this contract.”

Oil Sector Going Strong: Oceaneering Signs 5-Year Contract With Petrobras Worth Up to $75 Million in Revenue During Execution for Drill Pipe Riser Operations

Oceaneering International Secures Contract with Brazilian State Oil and Gas Giant Petrobras for Operation of Drilling Pipe Riser Systems (DPR)

Contract between Oceaneering and Petrobras

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Oil Sector Going Strong: Oceaneering Signs 5-Year Contract With Petrobras Worth Up to $75 Million in Revenue During Execution for Drill Pipe Riser Operations

Oceaneering International Secures Contract with Brazilian State Oil and Gas Giant Petrobras for Operation of Drilling Pipe Riser Systems (DPR)

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