Oceaneering Announces Contract for Offshore Cape Three Points Development

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25 March 2015

Oceaneering International, Inc. (NYSE:OII) announced that, as part of a consortium with GE Oil & Gas, it has secured a contract with ENI Ghana Exploration and Production, Ltd. and its partners, Vitol and GNPC, to supply equipment for the Offshore Cape Three Points (OCTP) Block Project development located off the coast of West Africa.

Oceaneering’s scope of work under this contract is to supply electro-hydraulic, steel tube umbilicals totaling approximately 51 kilometers (32 miles) in length. This contract adds over $100 million to its Subsea Products backlog.

Product manufacturing is planned to be performed at Oceaneering’s umbilical facility in Panama City, Florida and is expected to commence in the second quarter of 2015 and be completed in the fourth quarter of 2017.