Oceaneering Receives Largest Umbilical Order in Its History (Brazil)

Oceaneering Receives Largest Umbilical Order in Its History (Brazil)

Oceaneering, a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry has received an order from Brazilian oil giant Petrobras, for the supply of approximately 200 kilometers, or 125 miles, of thermoplastic production control umbilicals for field development projects offshore Brazil in the Santos Basin.

 The contract, which represents the largest umbilical order in Oceaneering’s history, has added over $120 million to the company’s Subsea Products backlog. The umbilicals are for the Lula and Sapinhoá field developments, Petrobras’ first large pre-salt projects. Product manufacturing is planned to take place in Oceaneering’s plant in Niteroi, Brazil and is expected to commence in the third quarter of 2012 and be completed in the third quarter of 2015.

M. Kevin McEvoy, President and Chief Executive Officer, stated, “We are extremely pleased to have secured this major contract award from Petrobras, the largest deepwater operator in the world. Our success in winning Petrobras’ first large pre-salt umbilical contract demonstrates the leading edge position of our Brazilian manufacturing plant operation.

“The award is attributable to our demonstrated project execution capabilities, our ability to provide state-of-the-art technical designs, and the capital improvements we have made to our Niteroi facility to manufacture more complex umbilicals.

Offshore Energy Today Staff, May 8, 2012