HOUSTON, Sept. 10, 2018 /PRNewswire/ -- Oceaneering
International, Inc. ("Oceaneering") (NYSE:OII) announced that it
entered into a contract with Subsea 7 to supply an umbilical and
flying leads for Shell's deepwater Vito development in the
Mississippi Canyon area of the U.S. Gulf
of Mexico.
The contract is for an electro-hydraulic steel tube control
umbilical, and flying leads, totaling approximately nine kilometers
(5.6 miles) in length. Product design and engineering will
start in the third quarter of 2018, with manufacturing expected to
commence in 2019, at Oceaneering's facility in Panama City, Florida. The contract work
scope is expected to be completed by the second quarter of
2020.
Alan R. Curtis, Oceaneering's
Senior Vice President and Chief Financial Officer, said, "We are
very pleased to have won this contract with Subsea 7 and the
opportunity to provide subsea products for another of Shell's
deepwater projects. This, and other recent contract awards,
give us increased confidence in the improving levels of offshore
activity, as we have been anticipating."
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:
planned design, engineering and manufacturing location, and the
expected start and completion dates; and the company's confidence
in the improving levels of offshore activity. 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 provider of engineered services and
products, primarily to the offshore energy industry, with a focus
on deepwater applications. Through the use of its applied
technology expertise, Oceaneering also serves the defense,
entertainment, and aerospace industries.
For more information on Oceaneering, please visit
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.