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Oceaneering Announces Vessel Charter

Stocks in this article: OII

HOUSTON, June 20, 2013 /PRNewswire/ -- Oceaneering International, Inc. (NYSE:OII) announced today that it has entered into a three-year charter for use of the  Normand Flower, a multi-service subsea support vessel owned by Solstad Offshore ASA.  The charter term is expected to commence during the fourth quarter of 2013 upon arrival of the vessel for work in the Gulf of Mexico (GOM). 

Prior to commencement of the charter, the Normand Flower will undergo modifications to enhance its project capabilities, including reconfiguration to accommodate two Oceaneering, high-specification, work class ROVs.  The vessel will also be equipped with a satellite communications system capable of transmitting streaming video for real-time work observation by shore personnel.

The  Normand Flower has an overall length of approximately 305 feet (93 meters), a Class 2 dynamic positioning system, accommodations for 85 personnel, a helideck, a 150-ton active heave compensated crane, and a working moonpool.

The vessel will be used to augment Oceaneering's ability to provide subsea intervention services in the ultra-deep waters of the GOM and other international markets, depending on demand.  These services include performing inspection, maintenance, and repair (IMR) projects and hardware installations.  IMR projects are expected to include chemical well stimulation and hydrate remediation.  Hardware installations are expected to include umbilicals, subsea trees, flowline jumpers, flying leads, and manifolds.

M. Kevin McEvoy, President and Chief Executive Officer, stated, "We are very pleased to have added, on a long-term basis, this high-end vessel to our suite of assets to enhance our capabilities to serve our customers operating in deepwater.  This charter demonstrates our belief that the deepwater subsea intervention market has a promising and sustainable future."

Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking.  The forward-looking statements in this press release include the statements concerning Oceaneering's:  expected commencement of the three-year charter and vessel arrival time for work; anticipated vessel modifications; expected vessel utilization and locality; expected IMR projects and hardware installations; and beliefs regarding the deepwater subsea intervention market.  These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions.  Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated.  These and other risks are more fully described in Oceaneering's latest annual report on Form 10-K and its other periodic filings 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 advanced applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.

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