Oceaneering's Manufactured Products Segment Wins Contracts in Excess of $135 Million

Oceaneering International, Inc. (NYSE:OII) announced that its Manufactured Products segment has won multiple contracts during the first four months of 2021, with anticipated aggregate revenue in excess of $135 million. The anticipated revenue from these contracts with international oil and gas operators and marine construction companies ranges in value from less than $10 million to greater than $90 million.

Each contract scope of work involves the manufacture of subsea production umbilicals and umbilical termination hardware at one of Oceaneering's facilities, located in Panama City, Florida, Niteroi, Brazil, and Rosyth, Scotland. Manufacturing of the umbilicals is expected to commence promptly, with production schedules ranging in duration from several months to five years.

Rod Larson, President and Chief Executive Officer, stated, "These recent contract awards strengthen our position as a market leader in the provision of global manufactured products for the offshore oil and gas industry, and demonstrate continuing customer confidence in our ability to safely and timely deliver high-quality integrated products and services. We're encouraged by this uptick in order intake and look forward to executing these new work scopes."

Location: Panama City, Florida, Niteroi, Brazil, and Rosyth, Scotland

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