Petrobras, the Brazilian state-owned energy giant has officially granted Ocyana a substantial contract to rejuvenate a network of gas pipelines in the Campos Basin.

The contract, valued at $317.49 million, is expected to span over four and a half years, with the primary goal of refurbishing gas pipelines linked to two previously decommissioned platforms.

Jorge Mitidieri, the Executive Vice President of Ocyan’s services unit, expressed his enthusiasm for the contract, underlining its pivotal role in revitalizing vital infrastructure. Furthermore, Ocyan will partner with the esteemed Portuguese firm, Mota Engil, forming a 50/50 consortium to ensure the successful execution of this project.

This deal marks a significant return for Ocyan in the realm of EPCI (Engineering, Procurement, Construction, and Installation) contracts for subsea construction, demonstrating the company's unwavering commitment to expanding its presence and expertise within the offshore energy industry.

In June, Ocyan confirmed the successful conclusion of its restructuring process, resulting in the separation of its drilling business into a new entity temporarily known as DrillCo.

Ocyan's core operations, encompassing offshore production, subsea construction, decommissioning, maintenance, and offshore services, will continue to operate under the company's purview.

The company has also unveiled its aspirations to explore new opportunities in alternative energies and services, seeking to integrate them into its expanding portfolio.