OII - Oceaneering's Manufactured Products Segment Secures Large Umbilical Contract
Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced that its Manufactured Products segment has secured a large contract with a domestic independent energy company. The anticipated revenue from this contract is approximately $50 million.
Oceaneering is contracted to supply an electro-hydraulic, steel tube dynamic umbilical totaling approximately 27 kilometers (17 miles) in length for a project in the Gulf of Mexico. Manufacturing is scheduled for the Panama City, Florida facility, to commence in 2025 with final delivery expected in the second quarter of 2026.
Shaun R. Roedel, Senior Vice President of Manufactured Products, stated, “This contract award reflects the confidence that our customers have in Oceaneering’s ability to deliver manufactured products in a safe and timely manner. We value the trust our customers place in our abilities and we look forward to supporting this exciting project.”
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: anticipated revenue from the contract; work scope, production location, and delivery of contracted products; and expected start and completion dates. 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, including risks and uncertainties related to counterparty performance under contracts and market conditions and other economic factors affecting Oceaneering's business. 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 technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.
For more information on Oceaneering, please visit www.oceaneering.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240620726667/en/
Hilary Frisbie
Senior Director, Investor Relations
Oceaneering International, Inc.
713-329-4755
investorrelations@oceaneering.com