Oceaneering Wins Offshore Canada Decommissioning Contract
Zacks Investment Research | Oct 02, 2019 11:20PM ET
Oceaneering International, Inc. (NYSE:OII) recently announced that it has clinched a decommissioning contract from an undisclosed client. This is the company’s first located in offshore Canada.
Located 135 nautical miles to the east of Halifax, Nova Scotia in Canada on the edge of the Scotian Shelf, the decommissioning venture comprises seven offshore gas platforms wherein Oceaneering will be responsible for internal cutting. The Internal Cutting Tool (ICT) is based on Oceaneering’s powerful abrasive water jet cutting (AWJC) technology and is ideal for efficient internal cutting of piles, external cutting and displacement of local soil.
The financial value of the contract is not yet revealed and the company is scheduled to begin operations in the second quarter of 2020.
These seven gas platforms consisting of integrated topsides modules on jacket structures were all stationed between 1999 and 2006. These modules are located 25-75 meters under water.
Oceaneering, which secured a deal from Baker Hughes for supplying subsea umbilical control systems for the KG-DWN 98/2 project earlier this month, is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
Headquartered in Houston, TX, the company provides specialized products and services for all phases of the offshore oilfield lifecycle — from exploration to decommissioning — with a focus on deep water.
Oceaneering International, Inc. Price
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.