Oceaneering will provide support for this contract using a multi-purpose vessel equipped with two of its work-class ROVs. The project will also involve management, engineering, and integration services delivered by Oceaneering’s local and international teams. Engineering and pre-mobilization activities have started, and field operations are anticipated to begin in the second quarter of 2025. The contract is initially set for three years, with two additional one-year extension options available.
“Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity, predominately in the Gulf of Mexico and West Africa. We generated adjusted EBITDA of $96.7 million, exceeding both our guidance range and consensus estimates for the quarter”, Rod Larson, President and Chief Executive Officer of Oceaneering, stated. He added that the jump in revenue was driven by strong performances from the company’s Subsea Robotics (SSR) and Offshore Projects Group (OPG).
Oceaneering International, through its Offshore Projects Group segment, has secured two contracts, worth more than $100m in total, for offshore projects.