1. OII's Brazilian subsidiary won subsea contracts worth $180 million from Petrobras. 2. Contracts include ROV services and specialized tooling for offshore projects. 3. Contracts will start in late 2025 and extend over four years. 4. OII aims to solidify its market presence in Brazil’s offshore energy sector. 5. These contracts enhance future revenue visibility and strategic resource planning.
The $180 million contracts will significantly boost OII’s revenue streams, reflecting increased demand for offshore services. Historically, such contract awards positively affect a company’s stock beyond short-term fluctuations.
The awarded contracts represent a pivotal growth opportunity directly impacting OII's financial outlook. Such contracts are crucial for strategic planning and investor confidence in the company’s long-term stability.
With a four-year contract duration and the potential for extensions, OII can plan resources and strategy effectively. This prolonged engagement with Petrobras could lead to additional contracts in Brazil, emphasizing sustained revenue growth.
Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announced that its Brazilian subsidiary, Marine Production Systems do Brasil LTDA ("MPS"), was awarded multiple Subsea Robotics contracts by Petróleo Brasileiro S.A. ("Petrobras") during the second quarter of 2025, following a competitive tender. The anticipated aggregate revenue of the contracts is approximately $180 million.
Oceaneering will provide work class remotely operated vehicle ("ROV") services, specialized tooling packages, and survey services onboard multiple anchor handling and ROV support vessels working on Petrobras projects offshore Brazil. The scopes of work include ROV support of inspection, maintenance, and repair and decommissioning activities, as well as services related to surface and subsea positioning, FPSO hook-ups, mooring inspections, and pile installations. Each contract has a duration of four years with options to extend. The contracts are expected to commence on various dates in the third and fourth quarters of 2025 and the first quarter of 2026.
Martin McDonald, Senior Vice President of Subsea Robotics, stated, "As a global leader in ROV services, we are excited to further expand our presence in Brazil. These contracts provide visibility into our backlog over the next several years, reinforcing our outlook for resilient offshore energy markets. This visibility also allows us to strategically plan and allocate resources, ensuring safe, consistent, and reliable performance. We are proud to continue our support of Petrobras' offshore projects and contributions to the development of Brazil's energy sector."
Oceaneering has operated continuously in Brazil for almost three decades. Through MPS, Oceaneering operates multiple facilities, including a center for ROV, Survey, Subsea Intervention Tooling, and Engineered Solutions and an Onshore Remote Operations Center in Macaé, and an umbilical manufacturing plant in Niterói.
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 statements concerning Oceaneering's anticipated revenue, work scopes, contract commencement periods, and contract duration. 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, and manufacturing industries.
For more information, please visit www.oceaneering.com.
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Hilary Frisbie
Senior Director, Investor Relations
713-329-4755
investorrelations@oceaneering.com