Oceaneering Wins Umbilical Gig for Lula

Oceaneering International, Inc. has secured a contract from Petroleo Brasileiro S.A. (PBR), Petrobras, to supply approximately 125 miles (200 kilometers) of thermoplastic production control umbilicals for field development projects offshore Brazil in the Santos Basin. This contract has added over $120 million to its Subsea Products backlog.

This contract is the largest umbilical order in Oceaneering's history. The umbilicals are for the Lula and Sapinhoa field developments, Petrobras' first large pre-salt projects. Product manufacturing is planned to take place in Oceaneering's plant in Niteroi, Brazil and is expected to commence in the third quarter of 2012 and be completed in the third quarter of 2015.

M. Kevin McEvoy, President and Chief Executive Officer, stated, "We are extremely pleased to have secured this major contract award from Petrobras, the largest deepwater operator in the world. Our success in winning Petrobras' first large pre-salt umbilical contract demonstrates the leading edge position of our Brazilian manufacturing plant operation.

"The award is attributable to our demonstrated project execution capabilities, our ability to provide state-of-the-art technical designs, and the capital improvements we have made to our Niteroi facility to manufacture more complex umbilicals."

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