Norwegian firm Aker Solutions is to invest heavily in its Brazilian operation following subsea developments in Brazil's pre-salt fairway.
The funds will go into the Curitiba manufacturing plant for subsea trees in Brazil.
Aker Solutions claim the money will help double the production capacity for subsea trees by 2010.
President of Aker Solutions' subsea business area in Brazil Marcelo Taulois stated: "We are doubling our manufacturing capacity to capitalise on the huge growth in the Brazilian market and to provide an even better service to key customers such as Petrobras."
Mr Talois added that the company has always focused on local manufacturing and suppliers and that the latest investment emphasises the firm's willingness to help develop the oil and gas industry in the Latin American country.
Aker Solutions has invested around $30 million (£16.7 million) in Brazil over the past three years and has helped generate around $500 million in orders.
The oil firm also recently won a drilling equipment contract by Daewoo Shipbuilding and Marine Engineering (DSME) in Korea.
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