Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has obtained a contract from a leading independent oil and gas exploration and development company to provide saturation diving and ROV services in the Gulf of Mexico. The expected contract revenue to be received by Oceaneering is approximately $50 million over an initial two-year term.
Under terms of the agreement Oceaneering will provide and operate a saturation diving system and two Hydra® work class ROVs. These will be used to support platform removal and plug and abandonment operations. At the end of the initial term, the Customer has an option to extend the contract for one additional year.
March 20, 2006
Oceaneering International, Inc.