Oceaneering secures $50m contract for offshore project in Gulf of Mexico

Oceaneering International, Inc. (NYSE: OII), a global leader in engineered services and products, has secured a significant contract valued at approximately $50 million. The contract, awarded by a domestic independent energy company, entails the supply of a 27-kilometer (17 miles) electro-hydraulic, steel tube dynamic umbilical for a key project in the Gulf of Mexico.

The dynamic umbilical, crucial for the project’s success, will be manufactured at Oceaneering’s facility in Panama City, Florida. The manufacturing process is scheduled to begin in 2025, with the final delivery of the umbilical expected in the second quarter of 2026. This timeline underscores Oceaneering’s commitment to delivering high-quality, specialized products within stringent timelines.

Shaun R. Roedel, Senior Vice President of Manufactured Products at Oceaneering, commented on the contract award, stating, “This contract award reflects the confidence that our customers have in Oceaneering’s ability to deliver manufactured products in a safe and timely manner. We value the trust our customers place in our abilities and we look forward to supporting this exciting project.” His statement highlights the trust and reliability that Oceaneering commands in the offshore energy sector.

Oceaneering is not only a significant player in the offshore energy industry but also serves multiple sectors including defense, aerospace, manufacturing, and entertainment with its engineered services, products, and robotic solutions. This contract represents an important component of their extensive portfolio, demonstrating their capability and leading role in the offshore energy industry.

The securing of this contract by Oceaneering is indicative of their technological prowess and strategic positioning within the offshore energy sector. The production of the dynamic umbilical is a testament to their advanced manufacturing capabilities and their commitment to enhancing operational efficiency and safety in offshore projects.