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Subsea Telecom News: Oceaneering Announces New Multiflex Manufacturing Facility

Posted on 29.12.2003 - 16:17 UTC in SUBSEA TELECOMS NEWS by Rons_ROV_Links

December 29, 2003 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced today it has selected a facility in Panama City, Florida as its new U.S. location for the manufacture of steel tube and thermoplastic umbilicals. The existing facility, to be procured under a long-term lease, has direct load out capability to 32 ft. of water, a 300-ton dockside boom crane, and will have nearly 200,000 sq. ft. of plant space after modifications.

Oceaneering will install $25 million of state-of-the-art equipment in this facility, including the most technologically advanced steel tube-cabling machine in the world. The machine’s features make it one of the most productive machines in the industry for the manufacture of long, continuous length production control umbilicals. Manufacturing will commence in the Panama City facility during the third quarter of 2004.

T. Jay Collins, President and Chief Operating Officer, stated, “This announcement marks the culmination of our investment strategy to secure Multiflex’s position as the preeminent worldwide umbilical supplier. With the relocation and expansion of our U.S. facility and the addition of a large planetary cabler in Brazil, Multiflex is positioned to be the industry leader in capability and capacity to supply specialty, built-to-order umbilicals for deepwater oil and gas installations around the world, particularly in the Gulf of Mexico, West Africa, and Brazil.”

Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments. The Company’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.

PR 864


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Source: Oceaneering International, Inc.
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