Stock Monitor: CSI Compressco Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 7, 2018 / Active-Investors.com has just released a free research report on Oceaneering International, Inc. (NYSE: OII) ("Oceaneering"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=OII as the Company's latest news hit the wire. On March 05, 2018, the Company, which is a leading global provider of engineered services and products primarily to the offshore industry, announced that one of its wholly-owned subsidiaries acquired Ecosse Subsea Ltd ("Ecosse"), a leading provider of offshore engineering, seabed preparation, route clearance, and trenching services to the O&G industries, for about 50 million British Pound. The acquisition, according to Oceaneering, would enable it to expand its service line capabilities and grow its market position within the offshore renewable energy market. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for CSI Compressco LP (NASDAQ: CCLP), which also belongs to the Basic Materials sector as the Company Oceaneering Intl. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Oceaneering International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=OII
The Announcement
Ecosse, which is headquartered out of Aberdeen, Scotland, specializes in the construction and the operation of seabed preparation, route clearance, and trenching tools for submarine cables and pipelines on an integrated basis that, according to Oceaneering, includes vessels, ROVs, and survey services. Under the terms of the acquisition, Oceaneering would acquire Ecosse's modular SCAR Seabed System, capable of executing the entire trenching work scope, and also the Company's newly developed SCARJet trenching system. The SCARJet, according to Oceaneering, is an evolutionary trenching system, designed for use with standard work class ROVs and elevates jetting and post-lay trenching capabilities to the existing pre-cut methods offered by SCAR plowing tools.
The agreement, according to Oceaneering, would enable it to elevate its market position in the offshore renewable energy market and deliver its customers with proven tools to optimize installation projects. The addition of Ecosse under its portfolio represents the Company's commitment to expand into the adjacent renewable energy market to help better serve the offshore energy industry. The Company stated that it expects the acquisition to be accretive to its 2018 cash flow and earnings. Ecosse viewed the announcement as a step to leverage Oceaneering's global strength and better position itself to penetrate the growing and emerging renewable and cable markets across Europe and the United States.
Company Growth Prospects
Recently, on March 01, 2018, Oceaneering announced that it secured a three-year frame agreement with Van Oord Offshore Wind B.V. ("Van Oord"), which is an international dredging, marine engineering, and offshore contractor. The new agreement concerns the ROV and trenching support services sector. Under the terms of the agreement, Oceaneering agreed to install one work class ROV onboard Van Oord's cable-laying vessel, the Nexus, for the full three-year term. Also, the Company agreed to deliver six ROV systems, including three observational and three work class, onboard Van Oord's operated vessels, upon request, during the first year of the contract term. The ROV systems would be used to support a spectrum of offshore wind farm assets.
Prior to the announcement, on February 22, 2018, Oceaneering reported its fourth quarter 2017 and the full fiscal year 2017 financial results. The Company reported a net income of $173.6 million, or $1.76 per share, for the three-month period ended December 31, 2017. The Company observed an adjusted net loss of $8.0 million, or $0.08 loss per share, reflecting the impact of $181.6 million of adjustments, owing to the recent United States tax reform.
Stock Performance Snapshot
March 06, 2018 - At Tuesday's closing bell, Oceaneering International's stock marginally dropped 0.21%, ending the trading session at $18.78.
Volume traded for the day: 1.49 million shares, which was above the 3-month average volume of 1.31 million shares.
After yesterday's close, Oceaneering International's market cap was at $1.85 billion.
The stock has a dividend yield of 3.19%.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Equipment & Services industry. This sector was up 0.6% at the end of the session.
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