Oceaneering - Press Release -
June 2, 2005
Oceaneering Announces
ROV Fleet Expansion
June 2, 2005 – Houston, Texas
– Oceaneering International, Inc. (NYSE:OII)
announced today that it is adding 12 work class
vehicles to expand its worldwide market leadership
position in providing remotely operated vehicle
(ROV) services to the oil and gas industry. At
the end of the first quarter of this year Oceaneering’s
work class ROV fleet size was 167 vehicles.
The vehicles are of the Hydraâ
MAGNUM, MILLENNIUM, and MAXXIMUM designs, have
10,000 feet water depth ratings and are being
equipped with 100 to 300 horsepower packages.
They are being built at Oceaneering’s ROV
manufacturing facility in Morgan City, Louisiana
at a total estimated capital cost of approximately
$20 million.
Long-term work commitments on ten
vehicles, six to provide drill support and four
to deliver
construction services, and a short-term drill
support contract on another vehicle have been
secured. These are for assignments in the Gulf
of Mexico and offshore West Africa, Norway, and
Canada. Three contracted vehicles are expected
to be working by the end of the second quarter
and the remaining eight have staggered contract
commencement dates during the last half of 2005.
Several long-term job prospects exist for the
one uncommitted vehicle.
John Huff, Chairman and Chief Executive
Officer, stated, “This expansion of our
ROV fleet underscores our commitment to maintain
our worldwide leadership position in providing
deepwater work class ROVs to the oil and gas industry.
“The fact that we have already
obtained long-term work commitments for ten of
the systems reflects the growing market demand
for ROV services and our status as being the premier
supplier. We intend to continue adding more systems
to our fleet, either by new construction or acquisition,
as opportunities present themselves.” Oceaneering
is an advanced applied technology company that
provides engineered services and hardware to Customers
who operate in marine, space, and other harsh
environments.
Oceaneering’s services and
products are marketed worldwide to oil and gas
companies, government agencies, and firms in the
telecommunications, aerospace, and marine engineering
and construction industries.
For further information, please
contact Jack Jurkoshek, Manager Investor Relations,
Oceaneering International, Inc., 11911 FM 529,
Houston, Texas 77041; Telephone 713-329-4670;
Fax 713-329-4653; www.oceaneering.com;
E-Mail
investorrelations@oceaneering.com.
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