Oceaneering (OII) Gets Umbilical Supply Contract from Petroleo Brasileiro (PBR)
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Oceaneering International, Inc. (NYSE: OII) has secured a contract from Petroleo Brasileiro S.A. (NYSE: PBR), Petrobras, to supply approximately 135 kilometers, or 85 miles, of thermoplastic production control umbilicals for the Whales Park field development project offshore Brazil in the Espirito Santo Basin.
This contract has added $70 million to its Subsea Products backlog. Product manufacturing is planned to take place in Oceaneering's plant in Niteroi, Brazil and is expected to commence in the fourth quarter of 2012 and be completed in the fourth quarter of 2014.
This contract has added $70 million to its Subsea Products backlog. Product manufacturing is planned to take place in Oceaneering's plant in Niteroi, Brazil and is expected to commence in the fourth quarter of 2012 and be completed in the fourth quarter of 2014.
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