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    Oceaneering Acquires Ifokus Engineering AS

    July 10, 2007

    July 10, 2007 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced the acquisition of Ifokus Engineering AS (Ifokus), a Norwegian designer and manufacturer of specialty subsea products, including ROV tooling.  With expected annual revenues in 2007 of approximately $13 million, Ifokus will increase Oceaneering’s Subsea Products segment sales.

    Located in Stavanger, Norway, Ifokus has a solid reputation for high quality subsea products.  In addition to ROV tooling and interfaces, Ifokus product lines include hardware to perform fluid transfer and control, valve intervention, and hydrate remediation.  Specific Ifokus products of note include leading-edge electric valve actuators and multifunction hot stabs.

    T. Jay Collins, President and Chief Executive Officer, stated, “We are very pleased to have acquired Ifokus as it enhances our ability to supply specialty subsea products.  At a capital cost of approximately $20 million, we expect this acquisition to be marginally accretive to earnings over the remainder of this year.  Longer term, we look forward to growing the business as we anticipate worldwide demand for subsea hardware to increase.”

    Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking.   The forward-looking statements in this press release include the statements concerning Oceaneering’s expectation with respect to the acquisition increasing Oceaneering’s subsea products segment sales, Ifokus’ annual 2007 revenue, accretion to earnings, and increased market demand for subsea hardware.  These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: industry conditions; prices of crude oil and natural gas; Oceaneering’s ability to obtain and the timing of new projects; and changes in competitive factors.  Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated.  These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.

    Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications.  Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.

    For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; Fax 713-329-4653; www.oceaneering.com; E-Mail investorrelations@oceaneering.com.

    PR 982

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