Oceaneering nets over $225M in contracts

Oceaneering’s Subsea Robotics segment has won multiple contracts during the fourth quarter of 2020, with anticipated aggregate revenue in excess of $225 million.

These contracts are with international oil and gas operators and marine construction companies, and range in duration from several months to five years.

The work scopes are primarily for remotely operated vehicle (ROV) services delivered from floating drilling rigs and multi-service, subsea intervention, and construction vessels.

Also included among the contracted scopes are ROV tooling, survey, positioning, and autonomous underwater vehicle (AUV) services.

Many of these projects are in the offshore oil and gas industry. However, Oceaneering is growing its presence in the renewable energy sector with a contract for its Isurus ROVs to support offshore wind projects.

Rod Larson, president and chief executive officer, stated, “We value the confidence that our customers have in Oceaneering, as evidenced by the volume of this order intake.

“The addition of several long-term contracts reinforces our belief that operators continue to view offshore developments as key portfolio investments.

“Our offshore robotics resources, coupled with an increasing capacity to work remotely with less on-site intervention, enhance job safety, reduce environmental impacts, and bring cost efficiencies to our customers. These advances strengthen our position as a market leader in the provision of global ROV services.”