Rutter renews $3.5M contract in Brazil

St. John's, NL-based Rutter Inc announced that its 74% owned subsidiary Unicontrol International Ltd has renewed a contract to provide support services to 32 Petrobras platforms operating in the Campos Basin, offshore Brazil.

Valued at $3.5 million, the two-year contract involves the ongoing control systems maintenance and support for these platforms and carries the option to renew for an additional two years.

"Our original contract with Petrobras began over four years ago when Unicontrol was successful in winning an initial two year $1.6 million contract, with Petrobras later taking up their option for an additional two year extension," said Elcio Pasqualucci, President of Unicontrol, in a statement.

"These support contracts are particularly strategic as they offset shorter term construction cycles and establish the stable revenue streams needed to retain key personnel and be more profitable," added Glenn Willar, president of Rutter Engineering & Automation.

Continued Willar, "With over 11 billion barrels of oil discovered, Brazil is ranked 6th in the world in terms of proven reserves. Over 40 oil companies are now active in Brazil and investment in oil and gas exploration and development in the region is expected to exceed $100 billion (US) between 2007-20l1. Needless to say we are pleased that Unicontrol is so well established in this high growth market," Willar added.

Rutter Inc. has two business segments, Rutter Technologies, which provides technologies for marine, aviation and landside security applications, and Rutter Engineering & Automaton, an engineering firm specializing in automation and control systems engineering.

(Published by OR, February 14, 2007)