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Oceaneering Worldwide (NYSE:OII) +1.9% post-market Monday after saying it secured a five-year contract from Petrobras (PBR) for the operation of three present drill pipe riser methods to help intervention and completion operations in Brazil, in a deal valued at as a lot as $75M.
Beneath the deal phrases, Oceaneering’s (OII) Brazil subsidiary will proceed to supply providers using three present drill pipe riser methods with set up workover management methods, together with venture administration, engineering and help providers.
The corporate stated it should substitute the umbilicals, which be manufactured at its facility in Brazil, on the prevailing methods in 2024, whereas discipline operations below the contract are anticipated to start when the present contract expires, or 18 months after the award.
Oceaneering (OII) would have one other 18 months to construct the system if Petrobras decides so as to add a fourth system, which might be anticipated to go on rent in June 2025.