Oceaneering International, Inc. (NYSE:OII) announced today that it has chartered an Olympic P101 Class multi-service subsea support vessel currently under construction from Olympic Shipping AS. The initial term of the charter is five years, with expected commencement in the third quarter of 2008.
This vessel, to be named the Olympic Intervention IV, will be outfitted with two high-specification work class ROVs. It will be used to augment Oceaneering's ability to perform subsea hardware installation and inspection, repair, and maintenance (IRM) projects, and conduct well intervention services in the ultra-deep waters of the Gulf of Mexico (GOM). Hardware installations are expected to include umbilicals, subsea trees, jumpers, flying leads, and manifolds. Well intervention services are anticipated to include riserless wireline, electric line, and plug and abandonment operations using Oceaneering's proprietary Subsea Intervention Lubricator System.
The Olympic Intervention IV is being built to an overall length of approximately of 312 feet (95 meters) and will have a Class 2 dynamic positioning system, accommodations for 100 personnel, a helideck, a 150-ton heave compensated crane, and a working moonpool. The vessel will also be equipped with a satellite communications system capable of transmitting streaming video for real-time work observation by shore personnel.
T. Jay Collins, President and Chief Executive Officer, stated, "We are very pleased to be able to add this vessel to our suite of assets to further enhance our capabilities to serve our customers in the deepwater GOM. This charter demonstrates our belief the GOM deepwater subsea hardware installation, IRM, and well intervention markets have a promising and sustainable future."