Oceaneering International, Inc. (NYSE: OII) announced it has recently secured three subsea umbilical contracts valued in excess of $80 million in total.
The contracts with major international operators are to supply developments in the Mediterranean Sea, the North Sea and the South China Sea.
Two contracts are for electro-hydraulic, steel tube production control umbilicals, measuring approximately 66 miles (106 kilometers) in total, and related umbilical distribution hardware. The third contract is for three thermoplastic production control umbilicals with a total measure of approximately 26 miles (42 kilometers) and related umbilical distribution hardware.
Manufacture of the umbilicals is expected to commence in the first quarter of 2019 with deliveries scheduled during the first half of 2020. Approximately 70 percent of the combined award value will be reflected in our December 31, 2018backlog.
Rod Larson, President and Chief Executive Officer, stated, “We are encouraged by these awards, which reinforce Oceaneering as a market-leading supplier of subsea umbilicals and hardware. We appreciate the trust placed in us by these international operators to provide them with the premium products needed to meet their unique challenges.”
Source: Company Press Release