Petrobras Taps Fugro for Critical Subsea Inspection Contracts
The contracts will utilize four dedicated vessels — two operated by Fugro and two by its partners — equipped with state-of-the-art remotely operated vehicles (ROVs). This innovative technique will help shift personnel from offshore sites to office-based environments, improving efficiency and allowing real-time data analysis for quicker, more informed decision-making. This collaboration expands the use of Fugro's remote operations capabilities, including remote ROV piloting, which was successfully pioneered together by Petrobras and Fugro in 2023 from the Fugro Aquarius. This innovative approach not only boosts operational safety by reducing offshore personnel exposure but also supports faster, data-driven decision-making through real-time analytics.
Valued at approximately $340 million over four years, these contracts represent both continuity and evolution. Out of the four contracts, three will be renewals of the existing contracts that are set to expire later this year with improved terms, and one will be an entirely new engagement.
This significant milestone reinforces Fugro's long-standing partnership with Petrobras, built on a shared history of leveraging advanced survey technologies and underwater robotics to drive responsible energy development in the region. It also aligns with Fugro's strategy of pursuing recurring revenues as a key driver of long-term, sustainable value.
Petrobras' selection of Fugro reaffirms confidence in its ability to deliver critical services reliably and safely. This project, which was included in Fugro's 12-month backlog (as of March 2025), further strengthens its strategic agenda to foster innovation, ensure asset integrity and reinforce leadership in Brazil's offshore development.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A., or Petrobras S.A., is the largest integrated energy firm in Brazil and one of the largest in Latin America. Currently, PBR has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like BKV Corporation BKV, Subsea 7 S.A. SUBCY and Oceaneering International, Inc. OII. While BKV and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, Oceaneering carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
BKV Corporation is an energy company that produces natural gas from its owned and operated upstream businesses. The Zacks Consensus Estimate for BKV's 2025 earnings indicates 338.18% year-over-year growth.
Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for SUBCY's 2025 earnings indicates 95.52% year-over-year growth.
Houston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII's 2025 earnings indicates 57.02% year-over-year growth.
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Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report
Oceaneering International, Inc. (OII) : Free Stock Analysis Report
Subsea 7 SA (SUBCY) : Free Stock Analysis Report
BKV Corporation (BKV) : Free Stock Analysis Report
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Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law. View source version on Contacts Investor and Analyst Contact John R. WonderlichInvestor Relations ManagerPhone: (208) 388-5413JWonderlich@ Media Contact Jordan RodriguezCorporate CommunicationsPhone: (208) 388-2460JRodriguez@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
