Oceaneering Awarded Riserless Light Well Intervention Contract by BP
Oceaneering
International, Inc. ("Oceaneering") (NYSE:OII) announced the award by
units of BP p.l.c. ("BP"), of a contract to provide comprehensive
riserless light well intervention (RLWI) services offshore Angola in Blocks 18
and 31. The value of this meaningful
award is reflected in our December 31, 2019 Subsea Products backlog.
In
connection with this contract, Oceaneering has agreed to provide personnel and
equipment related to its RLWI services, remotely operated vehicles (ROV's),
survey services, and communication services integrated onto a chartered
multi-purpose vessel. These services are
contracted to support a multi-well campaign designed to include mechanical well
interventions, well stimulations, and tree change-outs. Oceaneering's work scope also includes
project management, engineering, systems integration, offshore management, and
project crews. Offshore operations are
scheduled to begin in the second quarter, with completion anticipated in the
late fall of 2020.
This
contract follows a successful intervention campaign by Oceaneering in the same
region in late 2018 and early 2019 for this supermajor and its
co-developers. Jim O'Leary, VP Wells,
Africa and Middle East, BP, stated, "Oceaneering has a proven track record
of providing us with a much-needed RLWI rapid response solution to help restore
and improve production in Angola. We
look forward to working with Oceaneering on this campaign."
Rod
Larson, President and Chief Executive Officer of Oceaneering, stated, "We
appreciate BP's continued trust in our ability to provide them with reliable,
cost effective, ultra-deepwater intervention solutions in Angola. The award of this project reinforces
Oceaneering's position as a leading RLWI service provider in deepwater
environments. This is the latest example
that performing RLWI from a multi-purpose vessel is a viable, more efficient
alternative for production enhancement compared to performing similar services
from a rig or purpose-built intervention vessel."
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: backlog; provision of
contracted equipment and services and work scope; expected start and completion
dates; and the company's characterization of RLWI service delivery
alternatives. 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, including risks and
uncertainties related to counterparty performance under contracts and market
conditions and other economic factors affecting Oceaneering's business. 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 a global provider of engineered services and products, primarily to the offshore energy industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.