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Brazilian state-run energy giant, Petroleo Brasileiro SA or Petrobras S.A. (PBR - Analyst Report), has entered into an agreement with leading project management, engineering and construction company, Technip (TKPPY).

The four-year deal includes project modification services for Petrobras’ Rio de Janeiro Operations Unit (UO-RIO) formed after restructuring the Exploration and Production segment in Nov 2000. The deal also includes services for the existing offshore platforms in Brazil’s Campos Basin area.

The services in the offering include basic and detailed designing, updating documents, engineering consultation, as well as planning, control and execution in 13 offshore platforms. The project management, engineering and procurement services will be carried out at Technip’s Rio de Janeiro operating center as per client request.

Petrobras’ association with Technip extends beyond the current agreement. Previously, Technip had been awarded contracts for designing and constructing the topsides of three deepwater production semis for the integrated energy major.

Management of the French engineering and construction company believes that the deal would extend its commitment to Petrobras and help establish itself as one of the best service providers in the Brazilian market.

Headquartered in Rio de Janeiro, Petrobras’ activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks, and refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.

Petrobras currently holds a Zacks Rank #3 (Hold), implying that it is expected to perform in line with the broader U.S. equity market over the next one to three months.

Meanwhile, other stocks such as Magellan Midstream Partners LP (MMP - Analyst Report) and Dril-Quip, Inc. (DRQ - Analyst Report) are good buying options. Both these stocks currently hold a Zacks Rank #1(Strong Buy).


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