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Oceaneering Announces Manufactured Products Contracts with Petrobras

Business Wire 10-Jun-2024 8:00 AM

Oceaneering International, Inc. (NYSE:OII) announced that its Manufactured Products segment has secured two significant contracts with Petroleo Brasileiro S.A. ("Petrobras") through a competitive bidding process. The expected aggregate net revenue is in the range of $120 million to $183 million.

Oceaneering is contracted to supply up to 362 kilometers, or approximately 225 miles, of steel tube and thermoplastic electro-hydraulic umbilicals and associated subsea distribution hardware for use in projects offshore Brazil. Manufacturing of the products is scheduled to take place at Oceaneering's Niteroi, Brazil facility with the final delivery expected in the fourth quarter of 2027.

Reflecting on these achievements, Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "The award of these major contracts reinforces our confidence in the durability and commitment of our customers to the resurgent deepwater markets. It further demonstrates Oceaneering's position as a trusted provider with the ability to deliver quality work in a safe and timely manner. This advances the leading-edge position of our Brazilian manufacturing operation and we look forward to supporting Petrobras on these projects."

Statements in this press release that express a belief, expectation, or intention, as well as those that are not historical fact, are forward-looking. The forward-looking statements in this press release include the statements concerning Oceaneering's: anticipated aggregate revenue from Manufactured Products contracts; work scope, production location, and delivery of contracted products; and expected start and completion dates. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions, including risks and uncertainties related to counterparty performance under contracts and market conditions and other economic factors affecting Oceaneering's business. Should one or more of these risks or uncertainties materialize or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.

For more information on Oceaneering, please visit

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