Oceaneering Announces Quad 204 Umbilical Order

                Oceaneering Announces Quad 204 Umbilical Order

PR Newswire

HOUSTON, Feb. 7, 2013

HOUSTON, Feb. 7, 2013 /PRNewswire/ -- Oceaneering International, Inc.
(NYSE:OII) announced that it has secured an order from BP Exploration
Operating Company Limited (BP), a subsidiary of BP plc (NYSE:BP), to supply
umbilicals for BP's Quad 204 field development west of Shetland, United
Kingdom. This order adds over $45million to Oceaneering's Subsea Products
backlog.

The order is for two riser and five infield umbilicals totaling approximately
19kilometers (11.8miles) in length. These will be used to supply electrical
and hydraulic power and chemical injection to subsea trees and production
manifolds located at the Quad 204 drill centers.

Product manufacturing is planned to be performed in three phases at the
Oceaneering Umbilical Solutions facility in Rosyth, Scotland. The first phase
is scheduled to commence in the first quarter of 2013 and the third phase is
anticipated to be completed in the second quarter of 2015.

This order is the first issued by BP under a ten-year term Global Subsea
Hardware Umbilical Agreement executed between BP and Oceaneering during the
third quarter of 2012. Under the agreement, Oceaneering has committed to
supply umbilicals and ancillary equipment and services to BP at mutually
agreeable order specifications and terms.

In accordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that
statements in this press release that are forward-looking involve risks and
uncertainties that may impact Oceaneering's actual results. The
forward-looking statements in this press release concern Oceaneering's:
statement about backlog, to the extent backlog may be an indicator of future
revenue or profitability; planned product manufacturing location; and
scheduled commencement and completion dates. Although Oceaneering's
management believes that the expectations reflected in these forward-looking
statements are reasonable, Oceaneering can give no assurance that these
expectations will prove to have been correct. These statements are made based
on various underlying assumptions and are subject to numerous uncertainties
and risks, including without limitation, changes in project design or
schedule, contract cancellation, change orders and other modifications, and
difficulties executing on the project. If one or more of these risks
materialize, or if underlying assumptions prove incorrect, actual results may
vary materially from those expected. For a more complete discussion of these
and other risk factors, please see Oceaneering's filings with the Securities
and Exchange Commission.

Oceaneering is a global oilfield provider of engineered services and products,
primarily to the offshore oil and gas industry, with a focus on deepwater
applications. Through the use of its advanced applied technology expertise,
Oceaneering also serves the defense and aerospace industries.

For further information, please contact Jack Jurkoshek, Director Investor
Relations,
Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041;
Telephone 713-329-4670; E-Mail investorrelations@oceaneering.com.

SOURCE Oceaneering International, Inc.

Website: http://www.oceaneering.com
 
Press spacebar to pause and continue. Press esc to stop.