Subsea services provider Oceaneering International has secured a four-year contract with a one-year optional extension period from Petrobras in Brazil.
Oceaneering said on Monday that the contract was won by its wholly owned subsidiary, Marine Production Systems do Brasil Ltda.
According to the company, 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 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 added that it would start constructing and building the assets in the third quarter of 2018, and expects work under the contract to begin in the third quarter of 2019. The contract value is expected to exceed $50 million in revenue during the initial four-year period.
Roderick A. Larson, president and CEO of Oceaneering, said: “This award draws on our innovative capabilities and core competencies, including our expertise in control systems and umbilicals for the subsea industry, and demonstrates our ability to grow into adjacent markets.”