Petrobras lets 5-year drill pipe riser systems contract to Oceaneering

Oct. 10, 2023
Petrobras let a contract to an Oceaneering subsidiary for the operation of three existing drill pipe riser systems to support intervention and completion operations in Brazil.

Petróleo Brasileiro SA (Petrobras) has let a contract to Oceaneering International Inc. subsidiary Marine Production Systems do Brasil Ltda. for the operation of three existing drill pipe riser (DPR) systems to support intervention and completion operations in Brazil.

Petrobras has the option to add a fourth system prior to mid-December 2023. The contract value is potentially worth up to $75 million in revenue during the 5-year contract period, the service provider said in a release Oct. 10.

Under the terms of the contract, Oceaneering will continue to provide Petrobras with services utilizing three existing DPR systems with installation workover control systems, along with project management, engineering, and support services.

The company will be replacing umbilicals on the existing systems in 2024. The replacements are expected to be manufactured in Niteroi, Brazil.

Field operations under the contract are anticipated to begin when the current contract expires, or 18 months after award. Should Petrobras elect to add a fourth system, Oceaneering will have an additional 18 months to build the system, which would be expected to go on hire in June 2025.