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Oceaneering International, Inc.
OII announced that it secured a contract in December 2014 from Hess
Corporation
HES to supply the umbilicals and umbilical distribution
hardware for the Stampede Project located in the Green Canyon area of the U.S.
Gulf of Mexico. This hardware will be used to transmit hydraulic control
fluids, chemicals, and electrical power signals to operate and monitor subsea
wells and manifolds.
The order is for electro-hydraulic, steel tube umbilicals totaling
approximately 14.3 kilometers (8.9 miles) in length, umbilical termination
assemblies, hydraulic and chemical distribution units, electrical distribution
units, flying leads, and junction plates. Oceaneering plans to manufacture
the umbilicals at its plant in Panama City, Florida and to manufacture the
distribution hardware at its facilities in Houston, Texas. Umbilical
production is expected to commence in the second quarter of this year, with
delivery scheduled for mid-2016.
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 include the statements
concerning: the planned manufacturing facilities, and the hardware production
commencement and delivery periods. Although Oceaneering's management believes
that the expectations reflected in those forward-looking statements are
reasonable, Oceaneering can give no assurance that those expectations will
prove to have been correct. Those 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 undertakes no obligation to update or revise any
forward-looking statements to reflect new information or the occurrence of
unanticipated events or otherwise, except as required by applicable law.
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.
For further information, please contact Jack Jurkoshek, Director Investor
Relations, Oceaneering International, Inc., 713-329-4670,
investorrelations@oceaneering.com.
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