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    Oceaneering Announces Petrobras Umbilical Global Supply Contract

    July 30, 2009

    July 29, 2009 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that it secured a contract in late June with estimated revenue in the range of $44 million to $64 million from Petrobras Netherlands B.V. – PNBV, a subsidiary of Petróleo Brasileiro S/A (NYSE:PBR).

    The contract is an umbilical global supply order for four exploration and production business units offshore Brazil; more specifically, the order is for up to 52 electro-hydraulic thermoplastic control umbilicals totaling approximately 165 kilometers (100 miles) in length.  The umbilicals will be used to supply power to and perform chemical injection for various subsea wells.

    Product manufacturing has commenced at the Oceaneering Multiflex facility in Niteroi, Brazil and is scheduled to be completed by late 2010.   The maximum water depth at the locations where these umbilicals are to be installed is 6,500 feet.

    In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release which are forward looking involve risks and uncertainties that may impact Oceaneering’s actual results.  The forward-looking statements in this press release include the statements concerning the estimated revenuerangeof $44 million to $64 million from the contract referred to herein,and the schedule for manufacturing completion in late 2010.  Although Oceaneering’s management believes that the expectations reflected in those forward-looking statements are reasonable, Oceaneering can give no assurance that those expectations will prove to have been correct.  Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation:  changes in project design or schedule; contract cancellation; change orders and other modifications; and difficulties executing on the project.  If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected.  For a more complete discussion of these and other risk factors, please see Oceaneering’s annual report on Form 10-K for the year ended December 31, 2008 and subsequent quarterly reports on Form 10-Q  filed 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 1036

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