Yes and reinstatement is negotiable despite Oracle's published policy describing a 150% penalty on the lapsed period.
Oracle’s reinstatement policy is typically used to discourage late support payments. The math is simple: divide the annual support figure by 365 and uplift each lapsed day by 50%. Just pay the bill to stop the bleeding.
But, as we like to say, Oracle is a collection agency that dabbles in software and its Software Technical Support Policies form the basis of its market dominance. You must set these policies aside if determined to save money.
Our Third-Party Support Readiness for Oracle service, in part, considers cancelling support with Oracle a chess move among many to optimize. We’re often asked what happens if returning to Oracle Support is desirable. The answer is Oracle will likely welcome you back under optimized terms if the business case is compelling, hence our Return to Oracle service. Oracle can try to apply the 150% uplift, but smart customers prepare for this by maintaining viable alternatives that incent Oracle to compete for the business.