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Oceaneering (OII) Finishes Its First ROV Piloting in Brazil
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Oceaneering International, Inc. (OII - Free Report) and Petrobras (PBR - Free Report) completed a pioneering project in remote underwater vehicle (ROV) operations. This collaboration marks a significant step forward in subsea technology and safety for Brazil's offshore industry.
Secure Offshore Connectivity for Remote Piloting
The project involved piloting an ROV from an onshore remote operation center in Macaé, Rio de Janeiro. Oceaneering and Petrobras collaborated to ensure secure offshore connectivity using existing LTE coverage. This complex setup bridged the data networks of both companies while maintaining low latency and adhering to strict cybersecurity protocols.
Successful Operations Across Diverse Depths
The Oceaneering team conducted various tasks at depths ranging between 16 feet and 3,600 feet (5 meters and 1,100 meters). These tasks included inspections, hull cleaning, and interventions. The operations were carried out on the CBO Manoella vessel for 14 days in November 2023.
Oceaneering's Remote Operations Expertise on Display
The Oceaneering team achieved a remarkable 100% uptime across four different scopes, utilizing the powerful 220-horsepower Millennium Plus ROV. This success showcases the company’s leadership in subsea robotics and its ability to deliver value-added remote operating solutions in Brazil.
Benefits of Remote Operations
"This project demonstrates Oceaneering's commitment to advancing remote operations technology," said Simao Silva, Brazil's country manager at Oceaneering. He added, "Remote operations not only enhance safety but also improve efficiency and allow for specialized services tailored to each project." This innovative technology offers a multitude of advantages, which have been discussed below.
Safety First: Distant control of underwater vehicles significantly reduces the number of personnel needed on offshore rigs. This also minimizes risk by keeping Petrobras' valuable workforce out of harm's way during potentially hazardous operations.
Boosting Efficiency: Remote operations streamline workflows. Crews don't need to travel to and from offshore locations, which translates to faster project completion times and potentially lower costs for Petrobras.
Specialized Expertise: The technology allows Petrobras to tap into a global pool of highly skilled ROV operators. The company can choose the perfect specialist for every job, regardless of location, ensuring the best possible outcome for each project.
Expanding Collaboration
Oceaneering and Petrobras signed a separate agreement in October 2023. This five-year contract grants Oceaneering's subsidiary, Marine Production Systems do Brasil, the responsibility of operating three existing drill pipe riser systems to support intervention and completion activities in Brazil.
Conclusion
The collaboration between OII and PBR represents a paradigm shift in offshore operations, characterized by innovation, efficiency and sustainability. By leveraging advanced technologies and forging strategic partnerships, these industry leaders are poised to navigate the challenges of the offshore environment while paving the way for a safer, more efficient future.
Zacks Rank and Key Picks
Currently, both OII and PBR carry a Zacks Rank #3 (Hold).
Murphy USA is valued at around $8.75 billion. In the past year, its shares have risen 55.4%.
MUSA is involved in the marketing of retail motor fuel products and convenience merchandise, operating retail stores under the brands Murphy USA, Murphy Express and QuickChek.
Energy Transfer is valued at $50.2 billion. The company currently pays a dividend of $1.26 per share, or 8.46%, on an annual basis.
ET is an independent energy company, principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
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Oceaneering (OII) Finishes Its First ROV Piloting in Brazil
Oceaneering International, Inc. (OII - Free Report) and Petrobras (PBR - Free Report) completed a pioneering project in remote underwater vehicle (ROV) operations. This collaboration marks a significant step forward in subsea technology and safety for Brazil's offshore industry.
Secure Offshore Connectivity for Remote Piloting
The project involved piloting an ROV from an onshore remote operation center in Macaé, Rio de Janeiro. Oceaneering and Petrobras collaborated to ensure secure offshore connectivity using existing LTE coverage. This complex setup bridged the data networks of both companies while maintaining low latency and adhering to strict cybersecurity protocols.
Successful Operations Across Diverse Depths
The Oceaneering team conducted various tasks at depths ranging between 16 feet and 3,600 feet (5 meters and 1,100 meters). These tasks included inspections, hull cleaning, and interventions. The operations were carried out on the CBO Manoella vessel for 14 days in November 2023.
Oceaneering's Remote Operations Expertise on Display
The Oceaneering team achieved a remarkable 100% uptime across four different scopes, utilizing the powerful 220-horsepower Millennium Plus ROV. This success showcases the company’s leadership in subsea robotics and its ability to deliver value-added remote operating solutions in Brazil.
Benefits of Remote Operations
"This project demonstrates Oceaneering's commitment to advancing remote operations technology," said Simao Silva, Brazil's country manager at Oceaneering. He added, "Remote operations not only enhance safety but also improve efficiency and allow for specialized services tailored to each project." This innovative technology offers a multitude of advantages, which have been discussed below.
Safety First: Distant control of underwater vehicles significantly reduces the number of personnel needed on offshore rigs. This also minimizes risk by keeping Petrobras' valuable workforce out of harm's way during potentially hazardous operations.
Boosting Efficiency: Remote operations streamline workflows. Crews don't need to travel to and from offshore locations, which translates to faster project completion times and potentially lower costs for Petrobras.
Specialized Expertise: The technology allows Petrobras to tap into a global pool of highly skilled ROV operators. The company can choose the perfect specialist for every job, regardless of location, ensuring the best possible outcome for each project.
Expanding Collaboration
Oceaneering and Petrobras signed a separate agreement in October 2023. This five-year contract grants Oceaneering's subsidiary, Marine Production Systems do Brasil, the responsibility of operating three existing drill pipe riser systems to support intervention and completion activities in Brazil.
Conclusion
The collaboration between OII and PBR represents a paradigm shift in offshore operations, characterized by innovation, efficiency and sustainability. By leveraging advanced technologies and forging strategic partnerships, these industry leaders are poised to navigate the challenges of the offshore environment while paving the way for a safer, more efficient future.
Zacks Rank and Key Picks
Currently, both OII and PBR carry a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Murphy USA Inc. (MUSA - Free Report) and Energy Transfer LP (ET - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is valued at around $8.75 billion. In the past year, its shares have risen 55.4%.
MUSA is involved in the marketing of retail motor fuel products and convenience merchandise, operating retail stores under the brands Murphy USA, Murphy Express and QuickChek.
Energy Transfer is valued at $50.2 billion. The company currently pays a dividend of $1.26 per share, or 8.46%, on an annual basis.
ET is an independent energy company, principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.