Oceaneering's Integrity Management and Digital Solutions Segment Announces Recent Contract Wins Exceeding $250 Million

Rhea-AI Summary

Oceaneering International (NYSE: OII) announced multiple contract wins exceeding $250 million for its Integrity Management and Digital Solutions (IMDS) segment since early Q4 2020. These contracts span three to five years and include services in monitoring, diagnostics, and integrity management across various international projects. Notably, 55% of these contracts are renewals while 45% represent new business. Work sites include locations in Qatar, Angola, Azerbaijan, the United States, and Australia.

Positive

• Secured contracts worth over $250 million, indicating strong market demand.
• 55% of the contracts are renewals, showcasing customer trust and loyalty.
• 45% represents new business, contributing to growth opportunities.
• Services cover a diverse range of projects onshore and offshore.
• Enhanced operational efficiency due to recent organizational realignment.

Negative

• None.

HOUSTON, Jan. 6, 2021 /PRNewswire/ -- Oceaneering International, Inc. (NYSE:OII) announces that, since the beginning of the fourth quarter 2020, it has won multiple significant contracts for its Integrity Management and Digital Solutions (IMDS) segment.  The contracts range in duration from three to five years, with a cumulative value exceeding $250 million.  These awards, from major operators for several international projects, exploit synergies, enabled by design of the recent organizational realignment, within the IMDS businesses to deliver a cohesive, value-based solution for our customers.  Approximately 55% of these contracts represent renewals of existing agreements, and 45% represent incremental business. 

The scopes of work for these contracts include software, data services, monitoring and diagnostic services, integrity management, remote integrity engineering, and remote and onsite inspection services for both brownfield and greenfield projects onshore and offshore.  The sites covered by these contracts include vessels, LNG plants, LNG storage facilities, terminals, and production facilities in Qatar, Angola, Azerbaijan, the United States, and Australia.  

Rod Larson, President and Chief Executive Officer, stated, "The trust of these contracted operators recognizes the value of the efficient and cost-effective way of operating that Oceaneering offers our customers.  We are encouraged by this early, enthusiastic response to our realigned IMDS segment, proactively managed by Senior Vice President Kishore Sundararajan, which has combined our asset integrity and data analytics businesses into one streamlined segment."  

Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry.  Through the use of its applied technology expertise, Oceaneering also serves the defense, aerospace, and entertainment industries.   

For more information on Oceaneering, please visit www.oceaneering.com. 

Contact: 
Mark Peterson 
Vice President, Corporate Development and Investor Relations 
Oceaneering International, Inc. 
713-329-4507 
investorrelations@oceaneering.com 

 

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SOURCE Oceaneering International, Inc.

FAQ

What are the recent contract wins announced by Oceaneering International (OII)?

Oceaneering International announced contract wins exceeding $250 million for its Integrity Management and Digital Solutions segment, covering various international projects.

How much is the value of Oceaneering's recent contracts?

The cumulative value of the recent contracts announced by Oceaneering exceeds $250 million.

What percentage of the new contracts are renewals for Oceaneering (OII)?

Approximately 55% of the new contracts are renewals of existing agreements.

In which countries will Oceaneering (OII) provide services under the new contracts?

Oceaneering will provide services in Qatar, Angola, Azerbaijan, the United States, and Australia.

What types of services are included in Oceaneering's recent contracts?

The contracts include software, data services, monitoring, diagnostic services, integrity management, and inspection services.