Oceaneering Announces Vessel Charter
HOUSTON, June 20, 2013
HOUSTON, June 20, 2013 /PRNewswire/ -- Oceaneering International, Inc.
(NYSE:OII) announced today that it has entered into a three-year charter for
use of theNormand Flower, a multi-service subsea support vessel owned by
Solstad Offshore ASA. The charter term is expected to commence during the
fourth quarter of 2013 upon arrival of the vessel for work in the Gulf of
Prior to commencement of the charter, the Normand Flower will undergo
modifications to enhance its project capabilities, including reconfiguration
to accommodate two Oceaneering, high-specification, work class ROVs. The
vessel will also be equipped with a satellite communications system capable of
transmitting streaming video for real-time work observation by shore
TheNormand Flowerhas an overall length of approximately 305 feet (93
meters), a Class 2 dynamic positioning system, accommodations for85
personnel, a helideck, a150-ton active heave compensated crane, and a working
The vessel will be used to augment Oceaneering's ability to provide subsea
intervention services in the ultra-deep waters of the GOM and other
international markets, depending on demand. These services include performing
inspection, maintenance, and repair (IMR) projects and hardware
installations. IMR projects are expected to include chemical well stimulation
and hydrate remediation. Hardware installations are expected to include
umbilicals, subsea trees, flowline jumpers, flying leads, and manifolds.
M. Kevin McEvoy, President and Chief Executive Officer, stated, "We are very
pleased to have added, on a long-term basis, this high-end vessel to our suite
of assets to enhance our capabilities to serve our customers operating in
deepwater. This charter demonstrates our belief that the deepwater subsea
intervention market has a promising and sustainable future."
Statements in this press release that express a belief, expectation or
intention, as well as those that are not historical fact, are forward
looking. The forward-looking statements in this press release include the
statements concerning Oceaneering's: expected commencement of the three-year
charter and vessel arrival time for work; anticipated vessel modifications;
expected vessel utilization and locality; expected IMR projects and hardware
installations; and beliefs regarding the deepwater subsea intervention
market. These forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 and are
based on current information and expectations of Oceaneering that involve a
number of risks, uncertainties, and assumptions. Should one or more of these
risks or uncertainties materialize, or should the assumptions underlying the
forward-looking statements prove incorrect, actual outcomes could vary
materially from those indicated. These and other risks are more fully
described in Oceaneering's latest annual report on Form 10-K and its other
periodic 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, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor
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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