Oceaneering International announced that one of its wholly owned subsidiaries, Marine Production Systems do Brasil Ltda., has secured a four-year contract with a one-year optional extension period from Petróleo Brasileiro S.A.in Brazil.

The contract will support intervention and completion operations in Brazil.

Under the terms of the contract, Oceaneering will supply and operate three drill pipe riser ("DPR") systems with installation workover control systems, or IWOCS, along with project management, engineering and support services. 

The company plans to manufacture the associated umbilicals for the DPR systems at its facility in Niteroi, Brazil. 

Oceaneering will start constructing and building the assets in the third quarter of 2018, and expects work under the contract to commence in the third quarter of 2019. 

The contract value is expected to exceed $50 million in revenue during the initial four-year period.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, said, "We are excited by this Petrobras award and the opportunity to expand our portfolio of service and product offerings in the growing Brazilian market.  This award draws on our innovative capabilities and core competencies, including our expertise in control systems and umbilicals for the subsea industry, and demonstrates our ability to grow into adjacent markets.  We look forward to supporting Petrobras in connection with this and future projects."