Oceaneering Wins $300 Million of Subsea Robotics Contracts During Third Quarter of 2022

Rhea-AI Summary

Oceaneering International (NYSE:OII) announced multiple contracts won during Q3 2022, expected to generate approximately $300 million in revenue. These contracts involve remotely operated vehicle (ROV) services primarily for offshore drilling and subsea interventions. The contracts are with international energy operators, lasting from several months to five years, with potential extensions. CEO Rod Larson emphasized the strengthening offshore demand and Oceaneering's market leadership in subsea services, highlighting the company's commitment to enhancing safety, environmental sustainability, and cost efficiency.

Positive

• Oceaneering won multiple contracts with anticipated revenue of $300 million.
• Contracts involve ROV services for subsea equipment support, intervention, and construction.
• Contracts span globally in regions like South America, North Sea, and West Africa.
• CEO highlighted strong offshore demand and energy security significance.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Oceaneering International, Inc. (NYSE:OII) announces that its Subsea Robotics segment won multiple contracts during the third quarter of 2022, with anticipated aggregate revenue of $300 million. These contracts are primarily for remotely operated vehicle (ROV) services delivered from floating drilling rigs and vessels for subsea equipment support, subsea intervention and construction. Also included among the contracted work scopes are ROV tooling, survey, positioning and autonomous underwater vehicle (AUV) services.

These service contracts are with international energy operators and marine construction companies, and range in duration from several months to five years. Additionally, some contracts contain option periods that, if exercised, would increase both the duration and overall value of the contracts. The contracts cover globally diverse regions and reflect significant contract wins in South America, the North Sea and West Africa.

Rod Larson, President and Chief Executive Officer, stated, “This volume of orders reinforces our outlook for strong offshore demand over the next several years. Offshore’s resurgence indicates the global significance and operators’ awareness of energy security issues and the need for dependable forms of energy during the lengthy energy-transition process. We continue to maintain our position as a market leader in the provision of global subsea services as our offshore robotics resources, coupled with an increasing capacity to work remotely with less on-site intervention, enhance job safety, reduce environmental impacts and bring cost efficiencies to our customers.”

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 aggregate revenue; duration and potential value of its contracts; outlook for offshore demand; characterization of its position as a market leader in the provision of global subsea services; and characterization of potential benefits from its offshore robotics resources, coupled with an increasing capacity to work remotely with less on-site intervention. 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. Through the use of its applied technology expertise, Oceaneering also serves the defense, aerospace, entertainment, and mobile robotics industries.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20221013005795/en/

Mark Peterson

Vice President, Corporate Development and Investor Relations

Oceaneering International, Inc.

713-329-4507

investorrelations@oceaneering.com

Source: Oceaneering International, Inc.

FAQ

What contracts did Oceaneering International secure in Q3 2022?

Oceaneering secured multiple contracts expected to generate about $300 million in revenue, primarily for ROV services.

What is the duration of the contracts won by Oceaneering?

The contracts range from several months to five years, with potential option periods for extension.

Which regions are involved in Oceaneering's new contracts?

The contracts cover regions including South America, the North Sea, and West Africa.

What was Oceaneering's expected revenue from the new contracts?

Oceaneering expects an aggregate revenue of approximately $300 million from the new contracts.

Who is the CEO of Oceaneering International?

Rod Larson is the President and CEO of Oceaneering International.