Oceaneering International secures contracts worth over $100m

Oceaneering International, Inc. (NYSE: OII), a leader in offshore technology services, announced that its Offshore Projects Group (OPG) has clinched two international contracts collectively valued at over $100 million. The major contract wins signify the company’s growing international presence and expertise in offshore project management, engineering, and installation services.

The first contract names Oceaneering as a consortium partner in the Girassol Life Extension project. This award entails an extensive scope of work, including air and saturation diving services, project management, engineering, and procurement tasks. Oceaneering will be responsible for the recovery and replacement of 12 risers, leveraging its extensive experience in Angolan offshore developments. The company will employ Angolan personnel for the project, managing consortium operations in-country. Services under this contract are set to commence in late 2023 and will extend until late 2025.

The second contract is for a jumper installation project in the Stabroek block, offshore Guyana. This project broadens Oceaneering’s growing portfolio in South America, particularly Guyana, and is in support of a key client. The scope includes jumper and subsea field development installation, among other associated tasks. Work on this project has already commenced and is expected to continue through the remainder of 2023.

Roderick A. Larson, President and CEO of Oceaneering, expressed his enthusiasm: “These contract awards reinforce our ongoing commitment to deliver top-notch offshore services to our burgeoning international client base. As indicated in our recent second-quarter earnings, these projects validate our positive outlook on the resurgence of international offshore activities and market expectations in the coming years.”

The twin contract wins showcase Oceaneering’s robust capabilities in offshore projects, from engineering and project management to specialized underwater services, strengthening its leadership in the global offshore technology sector.