HOUSTON, Sept. 13 /PRNewswire-FirstCall/ -- Oceaneering International, Inc. announced today that it has chartered an Olympic P101 Class multi-service subsea support vessel currently under construction from Olympic Shipping AS. The initial term of the charter is five years, with expected commencement in the third quarter of 2008.
This vessel, to be named the Olympic Intervention IV, will be outfitted with two high-specification work class ROVs. It will be used to augment Oceaneering's ability to perform subsea hardware installation and inspection, repair, and maintenance (IRM) projects, and conduct well intervention services in the ultra-deep waters of the Gulf of Mexico (GOM). Hardware installations are expected to include umbilicals, subsea trees, jumpers, flying leads, and manifolds. Well intervention services are anticipated to include riserless wireline, electric line, and plug and abandonment operations using Oceaneering's proprietary Subsea Intervention Lubricator System.
The Olympic Intervention IV is being built to an overall length of approximately of 312 feet (95 meters) and will have a Class 2 dynamic positioning system, accommodations for 100 personnel, a helideck, a 150-ton heave compensated crane, and a working moonpool. The vessel will also be equipped with a satellite communications system capable of transmitting streaming video for real-time work observation by shore personnel.
T. Jay Collins, President and Chief Executive Officer, stated, "We are very pleased to be able to add this vessel to our suite of assets to further enhance our capabilities to serve our customers in the deepwater GOM. This charter demonstrates our belief the GOM deepwater subsea hardware installation, IRM, and well intervention markets have a promising and sustainable future."
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering's: expectation that the charter term will commence in the third quarter of 2008; expectation regarding the variety of hardware installations to be performed; anticipated use of the proprietary Subsea Intervention Lubricator System to conduct certain well intervention services; and belief the GOM deepwater subsea hardware installation/IRM and well intervention markets have a promising and sustainable future. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: industry conditions; prices of crude oil and natural gas; Oceaneering's ability to obtain, and the timing of, new projects; and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.
Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments. Oceaneering's services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the aerospace and marine engineering and construction industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; Fax 713-329-4653; http://www.oceaneering.com/; E-Mail
