Market Overview

Oceaneering Announces Umbilical Contract for the ExxonMobil Julia Project

Oceaneering International (NYSE: OII) announced that it has secured a contract with Exxon Mobil Corporation (NYSE: XOM) to supply a production control umbilical for its Julia field development located in the Gulf of Mexico Walker Ridge block.

The order is for an electro-hydraulic, steel tube umbilical approximately 14 miles (22.5 kilometers) in length. Product manufacturing will be performed at Oceaneering's facility in Panama City, Florida, with delivery scheduled for early 2015.

The umbilical will be used to supply hydraulic control fluids, chemicals, and electrical power signals to operate and monitor the subsea wells and manifold used in the field. The water depth at the installation location is approximately 7,200 feet.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release which are forward-looking involve risks and uncertainties that may impact Oceaneering's actual results. The forward-looking statements in this press release concern Oceaneering's planned product manufacturing location and delivery date, and the use of the umbilical. Although Oceaneering's management believes that the expectations reflected in these forward-looking statements are reasonable, Oceaneering can give no assurance that these expectations will prove to have been correct. These statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks including, without limitation, changes in project design or schedule, contract cancellation, change orders and other modifications, and difficulties executing on the project. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see Oceaneering's 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 applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.

Posted-In: News Contracts

 

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