Oceaneering Secures Three-Year Agreement with Statoil

Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announces that one of its oilfield business segments, Asset Integrity, has been awarded a three-year operational inspection Frame Agreement extension with Statoil Petroleum AS (“Statoil”).

The Frame Agreement provides for Oceaneering to develop and implement inspection and maintenance programs related to 14 specified Norwegian onshore and offshore facilities. The programs include the assessment and reporting of integrity status and corrective measures, and cover non-destructive testing, video inspection, vibration measurement, thermography, and heat exchanger inspection. The agreement also provides Statoil the opportunity to add other fields to the work scope.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, said, “The extension of the Frame Agreement further demonstrates our good, long-term relationship with Statoil, which is based on the delivery of safe, reliable, and cost-effective services.”