Terms of the agreement contain market competitive dayrates and a provision for future rate escalations. At the end of the initial term, Norsk Hydro has three consecutive options to extend the agreement for a period of two years each.
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 aerospace and marine engineering and construction industries.
December 14, 2005