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    Oceaneering Announces Hurricane Damage Services Contracts

    May 01, 2007

    May 1, 2007 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has obtained two contracts from BP Americas Production Company (BP) to provide vessel and remotely operated vehicle (ROV) services in the Gulf of Mexico (GOM) to support hurricane damage-related platform decommissioning operations.

    Under terms of each contract, Oceaneering will provide a dynamically positioned ROV support vessel equipped with three ROVs – two work class and one observation class.  The vessels will be the Ocean Intervention III, formerly named the Island Ranger, and the Maersk Attender.   Both contracts have initial terms of one year and commence May 2007 and June 2007, respectively.  At the end of the initial terms, BP has two consecutive one-year options to extend these contracts.

    T. Jay Collins, President and Chief Executive Officer, stated, “We are extremely pleased with the award of these contracts.  It is a tribute to our reputation as a leading ROV services provider in the GOM with a demonstrated Health, Safety, and Environmental performance track record.

    “Our 2007 operating income guidance for our Subsea Projects business, of achieving about the same level of profit as in 2006, was predicated on the presumption we would secure a considerable amount of speculative work.  Given the magnitude of work we will be undertaking to perform these contracts, we have gained confidence in achieving this guidance.”

    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 statement in this press release concerns Oceaneering’s expectation and confidence that 2007 Subsea Projects operating income will be about the same as in 2006.  This forward-looking statement is made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is 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 statement 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 statement 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 975

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