Brazil's Ocyan to Renovate Petrobras Gas Pipeline for $317.5 Million

(Reuters) — Brazilian oil and gas services provider Ocyan has won a contract with state-run oil firm Petrobras to revitalize a network of gas pipelines in the offshore Campos Basin for 1.6 billion reais ($317.49 million), an executive told Reuters on Monday.

The contract will last an estimated four and a half years and will revamp the pipelines of two decommissioned platforms, Jorge Mitidieri, executive vice-president of Ocyan's services unit, told Reuters.

In June the firm, owned by Grupo Novonor, completed a restructuring in which it spun off its former drilling unit into another company, called Foresea, in which it will have a minority stake.

Ocyan kept the services business, with one of its units focusing on offshore production and subsea construction services and another on new energies.

"This contract is very important for us... we won it after the company split up, so it shows our strength and a very important position in the subsea construction market," Mitidieri said.

The company, formerly known as Odebrecht Oleo e Gas, will work in partnership with Portugal's Mota-Engil. ($1 = 5.0395 reais)

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