Oceaneering vessels booked for Gulf of Mexico under four new contracts

A week after it was hired to deliver an electro-hydraulic, steel tube dynamic umbilical for an energy project in the Gulf of Mexico, U.S. subsea engineering and applied technology player Oceaneering has secured multiple contracts for vessel services in the region.

Oceaneering’s Offshore Projects Group (OPG) segment has signed multiple contractual agreements with what are said to be “global energy companies” to provide vessel services covering operations in the Gulf of Mexico.

The first contract includes a mix of basic and heavy inspection, maintenance, and repair (IMR) services, including vessel-based inspections, maintenance of smaller equipment, and replacement of jumpers, and encompasses intervention services and installation work. Currently scheduled for the second half of 2024, it covers an initial 60-day work commitment.

The scope of the second contract primarily involves basic and heavy IMR services and installation tasks and covers an initial 120-day commitment. Both contracts provide for additional work beyond the original commitments.

Additionally, the Texas-headquartered firm has secured two separate pricing agreements covering installation, IMR, and intervention work. Both include new technologies from OPG’s integrated IMR (IMRGE) service, such as photogrammetry and advanced subsea visual metrology.

“Our vessel bookings have increased year over year, affirming the growing demand for our services. These four contracts are foundational to improving our fleet utilization, particularly for our mid-size and larger vessels with 165-ton and 250-ton cranes, respectively,” said Roderick A. Larson, President and CEO of Oceaneering. “We take pride in our position within the industry and look forward to continuing our partnership with these customers.”

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The U.S. firm has secured several new jobs over the past few months, as illustrated by two deals with Petrobras with an expected aggregate net revenue of $120 to $183 million.

This latest announcement comes a week after Oceaneering reported it was hired to furnish an undisclosed project in the Gulf of Mexico with an electro-hydraulic, steel tube dynamic umbilical, totaling approximately 27 kilometers or 17 miles in length. The contract has an anticipated revenue of around $50 million for the company’s Manufactured Products segment.