Oceaneering Announces BHP Billiton Umbilical And Distribution Equipment Contract
HOUSTON, Nov. 30, 2010 /PRNewswire/ -- Oceaneering International, Inc. (NYSE: OII) announced that it has secured a contract with BHP Billiton Petroleum Pty Ltd, a subsidiary of BHP Billiton, Limited (NYSE: BHP), to supply umbilicals and distribution equipment for development of the Macedon gas field off Western Australia.
Oceaneering's scope of supply is for an integrated umbilical system consisting of approximately 100 km (62 miles) of steel tube umbilicals and associated distribution equipment, including termination assemblies and flying leads. The umbilicals are scheduled to be manufactured at Oceaneering's plant in Rosyth, Scotland. The distribution hardware is planned to be made at Oceaneering's facilities in Houston, Texas and Rosyth. Product manufacturing is expected to commence in the second quarter of 2011.
BHP's Western Australia Macedon gas development consists of four wells in approximately 180 meters (590 feet) water depth.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release which are forward-looking involve risks and uncertainties that may impact Oceaneering's actual results. The forward-looking statements in this press release concern the planned locations for manufacture and the date for production commencement. Although Oceaneering's management believes that the expectations reflected in this forward-looking statement are reasonable, Oceaneering can give no assurance that these expectations will prove to have been correct. The statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation, changes in project design or schedule, contract cancellation, change orders and other modifications, and difficulties executing on the project. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see Oceaneering's annual report on Form 10-K for the year ended December 31, 2009 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries. www.oceaneering.com SOURCE Oceaneering International, Inc.
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