Petrobras Locks In Subsea Maintenance Deals as Stock Hovers Near 52-Week Peak

Petrobras awards Oceânica a four-year, R$354M subsea contract, adds Framo and TechnipFMC work, buys 21 exploration blocks and signs a 22-year Cheniere LNG deal.

Petrobras is steadily stitching together a network of long-term service agreements to keep its floating production fleet running, with the latest contract awarded to Oceânica Engenharia e Consultoria. According to Reuters, the four-year deal is valued at roughly R$ 354 million and covers underwater work off the Brazilian coast, including diving operations and tasks carried out with remotely operated vehicles. Fieldwork under the arrangement is scheduled to begin in the first half of 2027.

The Oceânica award is the newest thread in a broader maintenance push. On October 7, pump specialist Framo signed a four-year agreement with Petrobras covering inspections, upkeep and training for the pump systems aboard around 30 of the company's FPSO units — the largest service contract of its kind the supplier has ever landed. A day earlier, on October 6, TechnipFMC picked up a separate subsea assignment encompassing the development, engineering and manufacture of flexible pipes for several Brazilian pre-salt fields. Petrobras classifies the contract's value as significant, which under its own scale translates to a range of $75 million to $250 million.

Exploration Blocks and a Two-Decade LNG Commitment

Beyond the maintenance work, Petrobras has been laying groundwork for future production. The company secured 21 exploration blocks through licensing rounds run by Brazil's regulator ANP. CEO Magda Chambriard has suggested that newly acquired exploration acreage in the Campos Basin could serve as the foundation for a fresh production hub, provided the expected volumes in those areas are confirmed.

On the supply side, Petrobras agreed on September 29 to purchase around 0.8 million tonnes of liquefied natural gas annually from Cheniere Marketing. The free-on-board contract runs for 22 years.

Diesel Subsidy and Domestic Obligations

At home, the company remains tied into Brazil's regulatory framework. Petrobras joined the country's diesel subsidy program, which sets the price at R$ 2.12 per liter of diesel A. The measure is initially designed to last 30 days and can be extended by another 30. Petrobras said its participation was voluntary, does not alter its commercial direction and was approved by the board.

Share Price Within Striking Distance of Record

Investors appear to be taking the flurry of operational activity in stride. Petrobras shares closed yesterday at EUR 9.40, leaving the stock just 2.6 percent below its 52-week high of EUR 9.65. Since the start of the year, the paper has gained 92 percent. More recently, the stock has added 19.6 percent since the production agreement in Côte d'Ivoire was announced a little over three weeks ago, and today it is trading 1.1 percent higher at EUR 9.50 — a mere 1.6 percent shy of that 52-week peak.