Oceânica points to possible redeployment

Oceânica points to possible redeployment of SUB XIII and SUB XVIII under Petrobras contract
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Oceânica expects to reallocate SUB XIII and SUB XVIII to its Hull Inspection contract with Petrobras, according to the company’s second-quarter results.
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The vessels had their respective contracts terminated while still in the final stages of mobilization and before operations under those contracts had started. The contracts related to SUB XIII were terminated on May 19, while those related to SUB XVIII were terminated on July 31. Oceânica has contested both decisions through the contractual mechanisms available.
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Before those mobilizations, both vessels had already worked for Petrobras under the Hull Inspection scope. SUB XIII performed the service for approximately 18 months, until January 2026, while SUB XVIII operated for approximately 13 months, until April. According to Oceânica, both vessels remain fully operational and available.

​In May, Oceânica signed a 535-day extension to its Hull Inspection contract, adding approximately R$ 650 million to its backlog. The company identifies this contract as one of the main alternatives currently being evaluated for the two vessels, while continuing to assess other commercial opportunities.
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In an interview published by Bloomberg Línea, CFO James Lynch Jr indicated that one vessel could return to work by the end of the third quarter and the other at the beginning of the fourth quarter.
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The redeployment, however, has not yet been confirmed by Petrobras. The company said that the selection and utilization strategy of vessels under the Hull Inspection contract are the contractor’s responsibility, subject to contractual requirements and Petrobras’ prior acceptance.
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The potential redeployment is particularly relevant given the scale of the relationship between the companies. Oceânica’s own financial statements show that Petrobras represented 99% of its total revenue in the first half of 2026, compared with 95% in 2025.