September 10, 2014 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that BP p.l.c. (NYSE:BP) has exercised both one-year options to extend the Field Support Vessel Services contract with Oceaneering for work offshore Angola on Blocks 18 and 31. Under this contract term extension, Oceaneering will continue to provide project management, engineering, and vessel services through January 2017.
Two chartered vessels, the Ocean Intervention III and the Bourbon Oceanteam 101, will continue to be supplied during the contract term extension. Each vessel is outfitted with two Oceaneering work class remotely operated vehicles (ROVs) capable of working in 3,000 meters of water. The contract scope of work includes light subsea construction and inspection, maintenance, and repair services on existing and future subsea infrastructure. The contract has a provision for Oceaneering to continue to provide during the extension period, at BP’s option, a third vessel on a mutually agreed, as-needed basis. The third vessel currently being provided is the Bourbon Evolution 803, which is contracted through January 2015.
M. Kevin McEvoy, President and Chief Executive Officer, stated, “We are very pleased to have secured this contract extension from BP, one of our largest customers. In support of this contract, we are also providing ROV tooling, asset integrity, and installation and workover control system services. This extension strengthens our long-term commitment to Angola, which is a growing market for our services and products.”
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, entertainment, and aerospace industries.