Plays a role in phycoerythrobilin biosynthesis, the red pigment chromophore photosynthetically active biliproteins of a cyanophage infecting oceanic cyanobacteria of the Prochlorococcus genus. It uses a four electron reduction to carry out the reactions catalyses by EC 1.3.7.2 (15,16-dihydrobiliverdin:ferredoxin oxidoreductase) and EC 1.3.7.3 (phycoerythrobilin:ferredoxin oxidoreductase). 15,16-Dihydrobiliverdin is formed as a bound intermediate. Free 15,16-dihydrobiliverdin can also act as a substrate to form phycoerythrobilin.