Oceaneering Announces Petrobras Drill Pipe Riser Systems Contract

Oceaneering International, Inc. (NYSE: OII), a leading global technology company, has recently announced a significant contract win from Petróleo Brasileiro S.A. (Petrobras), one of the largest oil and gas companies in Brazil. Oceaneering’s subsidiary, Marine Production Systems do Brasil Ltda., secured a five-year contract to operate three drill pipe riser (DPR) systems, with the option for Petrobras to add a fourth system.

The contract, valued at up to $75 million in revenue over the five-year period, will support intervention and completion operations in Brazil. Oceaneering will provide Petrobras with services utilizing the existing DPR systems, along with project management, engineering, and support services. Additionally, the company plans to replace the umbilicals on the existing systems in 2024, with the replacement umbilicals to be manufactured at Oceaneering’s facility in Niteroi, Brazil.

Since winning the initial contract in 2018, Oceaneering has significantly expanded its presence in Brazil and has successfully leveraged its portfolio of services and products into other areas of the growing Brazilian market. The company’s strong performance under the original DPR contract, coupled with its expertise in control systems and umbilicals for the subsea industry, were key factors in securing this contract extension.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, expressed his satisfaction with the contract win, stating, “We are very pleased to continue providing Petrobras with DPR services over the next five years. 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. We look forward to supporting Petrobras in connection with this and future projects.”

Oceaneering’s commitment to delivering high-quality services and products, along with its focus on technological innovation, has positioned the company as a trusted partner in the offshore energy, defense, aerospace, manufacturing, and entertainment industries. With a global presence and a diverse range of capabilities, Oceaneering continues to drive advancements in the industry and contribute to the success of its clients.

For more information about Oceaneering and its comprehensive offerings, please visit their official website at www.oceaneering.com.