Oceaneering Wins Subsea Robotics Deals Worth $300M

Oceaneering International (OII) recently declared that its subsea robotics segment secured multiple contracts in the third quarter of 2022, with expected cumulative revenues of about $300 million.

The contracts won by OII are predominantly for remotely operated vehicle (ROV) services delivered from floating drilling rigs and vessels for subsea equipment support, subsea intervention, and construction. The scope of work includes ROV tooling, survey, positioning, and autonomous underwater vehicle (AUV) services.

These service contracts, for which the duration ranges from numerous months to about five years, are with international energy operators and marine construction firms. Moreover, some of these contracts have embedded options that increase both the duration and overall value of the contracts if exercised.

Per Oceaneering, the deals cover internationally diverse regions and reveal significant contract wins in South America, the North Sea, and West Africa.

President and Chief Executive Officer for Oceaneering, Rod Larson, mentioned that the sheer volume of orders reiterates OII’s outlook for strong offshore demand in the upcoming years.

“We continue to maintain our position as a market leader in the provision of global subsea services as our offshore robotics resources, coupled with an increasing capacity to work remotely with less on-site intervention, enhance job safety, reduce environmental impacts, and bring cost efficiencies to our customers,” he added.

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