Oceaneering Announces $13 Million Steel Tube Umbilical Contract

abarrelfull wrote on 25 Jul 2012 06:23
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August 18, 2005

Oceaneering International, Inc. (NYSE:OII) announced today that Oceaneering Multiflex has secured a contract with a value of $13 million from Newfield Exploration Company (NYSE:NFX) to supply steel tube umbilical for the Gulf of Mexico Wrigley field development. Wrigley is located at Mississippi Canyon 506 in approximately 3,700 feet of water.

This 28-mile umbilical will be manufactured at the Oceaneering Multiflex facility in Panama City, Florida. Product manufacturing is planned to commence early next year with delivery scheduled for the second quarter of 2006.

John Huff, Chairman and CEO, stated, “This contract with Newfield is a great beginning to what we anticipate will be several more steel tube umbilical awards in the near future for our Panama City plant. Subsea completion activity worldwide, and notably in the Gulf of Mexico, is expected to remain at historically high levels over the next several years. “We expect the financial performance of our new Panama City umbilical manufacturing plant will increase substantially next year and be a major contributor to a growth in Oceaneering’s earnings.”

• Oceaneering Announces $13 Million Steel Tube Umbilical Contract

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