Oceaneering International, Inc. (NYSE: OII) announced that it secured a contract in late June with estimated revenue in the range of $44 million to $64 million from Petrobras Netherlands B.V. - PNBV, a subsidiary of Petroleo Brasileiro S/A (NYSE: PBR).
The contract is an umbilical global supply order for four exploration and production business units offshore Brazil; more specifically, the order is for up to 52 electro-hydraulic thermoplastic control umbilicals totaling approximately 165 kilometers (100 miles) in length. The umbilicals will be used to supply power to and perform chemical injection for various subsea wells.
Product manufacturing has commenced at the Oceaneering Multiflex facility in Niteroi, Brazil and is scheduled to be completed by late 2010. The maximum water depth at the locations where these umbilicals are to be installed is 6,500 feet.