Houston – (work wire) – Oceaneering International, Inc. (NYSE: OII) reported that the undersea robotics segment won several contracts during the third quarter of 2022, with expected total revenue of $300 million. These contracts are primarily for remotely operated vehicle (ROV) services delivered from floating drilling rigs and ships to support subsea equipment, subsea intervention and construction. Contracted scopes of work also include ROV, surveying, positioning and Autonomous Underwater Vehicle (AUV) services.
These service contracts are with international energy operators and offshore construction companies, and range in duration from several months to five years. In addition, some contracts contain option periods that, if exercised, increase both the duration and the total value of the contracts. The contracts cover diverse regions globally and reflect significant gains in South America, the North Sea and West Africa.
Rod Larson, President and CEO, said, “This volume of orders reinforces our expectations of strong overseas demand over the next several years. The resurgence of Offshore activity indicates the global importance and awareness of operators of energy security issues and the need for reliable forms of energy during the long energy transition process.” We continue to maintain our position as a market leader in providing global subsea services such as our marine robotics resources, while increasing the ability to work remotely with less on-site intrusion, enhancing occupational safety, reducing environmental impacts, and achieving cost efficiencies for our customers.”
Statements in this press release that express a belief, expectation or intent, as well as those that are not historical facts, are forward-looking. Forward-looking statements in this press release include statements regarding Oceaneering: total revenue projected; duration and potential value of its contracts; overseas demand forecast; characterize its position as a market leader in providing global subsea services; and characterize the potential benefits from offshore robotics resources, along with increased ability to work remotely with less on-site interference. Forward-looking statements are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and Oceaneering’s expectations that involve a number of risks, uncertainties and assumptions, including risks and uncertainties regarding counterparty performance under contract, market conditions and other economic factors that affect Oceaneering works. If one or more of these risks or uncertainties materialize or if the assumptions underlying the forward-looking statements prove incorrect, actual results may differ materially from those indicated. These and other risks are fully described in Oceaneering’s most recent annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.
Oceaneering is a global provider of engineering services and products, primarily to the marine energy industry. By utilizing its expertise in applied technology, Oceaneering also serves the defense, aerospace, entertainment, and mobile robotics industries.
For more information about Oceaneering, please visit www.oceaneering.com.
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