Oceaneering's Manufactured Products Segment Wins Contracts in Excess of $135 Million

Rhea-AI Summary

Oceaneering International (OII) announced significant contract wins in its Manufactured Products segment, expecting over $135 million in revenue from international oil and gas operators and marine construction companies. Contract values range from under $10 million to over $90 million. The contracts involve manufacturing subsea production umbilicals and hardware at facilities in Panama City, Florida, Brazil, and Scotland, with production schedules spanning several months to five years. This uptick in orders reflects strong customer confidence in Oceaneering's capabilities.

Positive

• Won multiple contracts expected to generate over $135 million in revenue.
• Contracts with international oil and gas operators demonstrate customer confidence.
• Production of subsea umbilicals set to begin promptly, with a range of timelines.

Negative

• None.

HOUSTON, April 27, 2021 /PRNewswire/ -- Oceaneering International, Inc. (NYSE:OII) announced that its Manufactured Products segment has won multiple contracts during the first four months of 2021, with anticipated aggregate revenue in excess of $135 million.  The anticipated revenue from these contracts with international oil and gas operators and marine construction companies ranges in value from less than $10 million to greater than $90 million.

Each contract scope of work involves the manufacture of subsea production umbilicals and umbilical termination hardware at one of Oceaneering's facilities, located in Panama City, Florida, Niteroi, Brazil, and Rosyth, Scotland.  Manufacturing of the umbilicals is expected to commence promptly, with production schedules ranging in duration from several months to five years. 

Rod Larson, President and Chief Executive Officer, stated, "These recent contract awards strengthen our position as a market leader in the provision of global manufactured products for the offshore oil and gas industry, and demonstrate continuing customer confidence in our ability to safely and timely deliver high-quality integrated products and services.  We're encouraged by this uptick in order intake and look forward to executing these new work scopes."

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 Manufactured Products contracts; provision of contracted equipment and work scope; 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 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, 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

View original content:http://www.prnewswire.com/news-releases/oceaneerings-manufactured-products-segment-wins-contracts-in-excess-of-135-million-301278246.html

SOURCE Oceaneering International, Inc.

FAQ

What is the expected revenue from Oceaneering International's contracts in 2021?

Oceaneering International expects over $135 million in revenue from its recently won contracts.

What types of products is Oceaneering producing under the new contracts?

Oceaneering is producing subsea production umbilicals and umbilical termination hardware.

Where are Oceaneering's manufacturing facilities located?

Oceaneering's manufacturing facilities are located in Panama City, Florida; Niteroi, Brazil; and Rosyth, Scotland.

What is the range of contract values won by Oceaneering?

The contract values range from less than $10 million to greater than $90 million.

How long will the production schedules for Oceaneering's new contracts last?

Production schedules for the new contracts range from several months to five years.