Oceaneering Announces Subsea 7 Umbilical Contract for Shell’s Vito Development in the Gulf of Mexico

HOUSTON, September 10, 2018 – Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced that it entered into a contract with Subsea 7 to supply an umbilical and flying leads for Shell’s deepwater Vito development in the Mississippi Canyon area of the U.S. Gulf of Mexico.

The contract is for an electro-hydraulic steel tube control umbilical, and flying leads, totaling approximately nine kilometers (5.6 miles) in length. Product design and engineering will start in the third quarter of 2018, with manufacturing expected to commence in 2019, at Oceaneering’s facility in Panama City, Florida. The contract work scope is expected to be completed by the second quarter of 2020.

Alan R. Curtis, Oceaneering’s Senior Vice President and Chief Financial Officer, said, “We are very pleased to have won this contract with Subsea 7 and the opportunity to provide subsea products for another of Shell's deepwater projects. This, and other recent contract awards, give us increased confidence in the improving levels of offshore activity, as we have been anticipating.”

Location: Houston, TX, USA