• Project involves underwater inspection and maintenance; no dedicated diving support vessel needed
• New contract signals continued relationship with Petrobras after BRL 1.3bn in cancellations
• BRL 350m equivalent to USD 69m

Oceânica’s new contract with Petrobras to be announced soon is expected to total around BRL 350m (USD 69m), according to a source close and a source familiar with the matter.

The Brazilian oil services provider is expected to announce the new service contract with the state-controlled oil company as soon as this week, as reported.

The project involves diving services, the source close and a second source familiar said.

Unlike most subsea contracts, it does not rely on a dedicated diving support vessel, the source close said. In this case, divers and a ROV (remotely operated vehicle) will be launched directly from the offshore platforms themselves, the source close said.

The divers will carry out underwater inspection and maintenance activities, the same source said.

The new contract, although small, is expected to be a signal that Oceanica continues to have a good relationship with the government-controlled firm after the recent cancelation of two contracts, as reported.

Petrobras terminated contracts, totaling BRL 1.3bn, for Oceânica’s SUB XIII and SUB XVIII vessels, in May and July, after the oil services provider missed contractual deadlines, as reported. The situation raised concerns about Oceânica’s relationship with the oil firm, which is responsible for around 90% of Oceânica’s revenue, as reported.

A Petrobras representative did not respond to a request for comment and a representative for Oceanica declined to comment.

Oceânica’s USD 625m 11.25% 2031 bonds traded 7 September at 91.9.