Oceaneering Announces Subsea BOP Control Systems Contracts
HOUSTON, Feb. 12, 2013
HOUSTON, Feb. 12, 2013 /PRNewswire/ --Oceaneering International, Inc.
(NYSE:OII) announced that it has secured contracts with a subsidiary of
Transocean Ltd. (NYSE:RIG) to provide three subsea blowout preventer (BOP)
control systems. These contracts add over $40 million to Oceaneering's Subsea
The contracts are for discrete hydraulic systems that will be used on existing
semi-submersible drilling rigs that Transocean is modifying to comply with the
American Petroleum Institute's recently issued standard API 53, which requires
subsea BOPs with a single shear ram to be upgraded or replaced. These systems
will be manufactured at the Oceaneering Intervention Engineering facility in
Houston, with deliveries anticipated in the fourth quarter of 2013 and the
first quarter of 2014.
M. Kevin McEvoy, President and Chief Executive Officer, stated, "These
contract awards are evidence of our ability to provide subsea hardware
engineered to provide superior quality, performance and reliability. Our BOP
control systems are engineered to meet these criteria and to have low
maintenance requirements, thereby maximizing rig uptime."
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; and planned manufacturing location and delivery
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 email@example.com.
SOURCE Oceaneering International, Inc.
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