Oxidation does occur during the curing process but not to extent of depletion of ambient oxygen supply. Assuming this is an active manhole, I would look to the influent/effluent as being a probable cause.
Considering the levels you have noted, I would also check the instrument to see if it is reading properly. Two percent oxygen is extremely low. Have you checked for volatiles (methane, etc.)?
Also....try not to "double post" in the forums. This is the appropriate forum for your question, but it is also posted in the ACI Code Issues forum (which it is not).