HOUSTON, Feb. 2, 2016 /PRNewswire/ -- Oceaneering
International, Inc. ("Oceaneering" or the "Company") (NYSE:OII)
announced today that a unit of BP p.l.c. ("BP") (NYSE:BP) has
exercised its right, under the Field Support Vessel Services
contract that was entered into with the Company for work offshore
Angola, to terminate its use of
the chartered vessel Bourbon Oceanteam 101 at the end
of May 2016. Prior to this notice, the work was scheduled
to extend through the end of January
2017.
Under the terms of the contract, the costs incurred by
Oceaneering associated with the early release and demobilization of
the vessel are expected to be reimbursed by BP. Following the
release of the vessel, Oceaneering intends to redeliver it to the
vessel owner.
Project management, engineering, and vessel services work
associated with the provision for a second chartered vessel,
Ocean Intervention III, is expected to continue as
previously contracted with BP offshore Angola through January
2017.
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 the
expectation that the costs incurred by Oceaneering associated with
the early release and demobilization of the vessel will be
reimbursed by BP, Oceaneering's intention to redeliver the vessel
to the vessel owner, and the expectation that the work associated
with the Ocean Intervention III will continue through
January 2017. 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 counter party performance under contracts. 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 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,
entertainment, and aerospace industries. Oceaneering is publicly
traded on the New York Stock Exchange under the symbol "OII."
For more information on the Company, please visit Oceaneering's
website at www.oceaneering.com.
Contact:
Suzanne Spera
Director, Investor Relations
Oceaneering International, Inc.
713-329-4707
investorrelations@oceaneering.com
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SOURCE Oceaneering International, Inc.