Oceaneering International, Inc. (NYSE:OII) announces that its subsidiary Oceaneering International GmbH has entered into a two-year, subsea field support vessel services agreement with an oil and gas company in India for use of the Island Pride. Anticipated commencement date is in November 2015 upon completion of the vessel’s mobilization from the U.S. Gulf of Mexico (GOM). The contract provides for four option periods of six months each, exercisable by the Indian company.
Island Pride- Image: Island Offshore
The Island Pride is a state-of-the-art, multi-service vessel built in 2014. It has an overall length of approximately 340 feet (103 meters); a Class 2 dynamic positioning system; accommodations for 94 persons; a helideck; a 125-ton active heave compensated crane; and a working moonpool. The vessel is outfitted with two Oceaneering work class remotely operated vehicles and survey and satellite-based positioning equipment provided by Oceaneering’s recently acquired subsidiary, C & C Technologies, Inc. In addition, the vessel is equipped with a satellite communications system capable of transmitting streaming video for real-time work observation by shore personnel.
The vessel is expected to be used to perform subsea inspection, maintenance, and repair projects, light construction, and pre- and post-installation surveys.
Mr. Kevin McEvoy, Chief Executive Officer, stated, “We are very pleased with this agreement to support operations offshore India. This agreement builds on our established deepwater vessel project capabilities in the GOM and offshore Angola and represents further international expansion for our Subsea Projects business.”