HOUSTON, Oct. 17, 2016 /PRNewswire/ -- Oceaneering
International, Inc. ("Oceaneering") (NYSE:OII) announced today that
it has acquired the assets of Blue Ocean Technologies, LLC ("Blue
Ocean"), a privately held provider of riserless light well
intervention ("RLWI") services, for approximately $30 million in cash. Included in the
acquisition are three RLWI systems, two of which are currently
under construction, and are expected to be fully functional by
mid-2017. Oceaneering expects to invest approximately
$10 million to complete construction
of the two RLWI systems.
Subsea well intervention services are intended to maximize
production and increase the recovery rate from offshore oil and gas
reservoirs or, alternatively, prepare wells to be plugged and
abandoned. Blue Ocean's RLWI systems have the capability to
perform a wide variety of cost effective services for well
interventions, including well diagnostics, damaged well remediation
and workovers, and well plugging and abandonment. Blue
Ocean's leading RLWI technology holds the current depth record for
deepwater riserless intervention at 8,200 feet (2,500m).
Kevin McEvoy, Chief Executive
Officer of Oceaneering, stated, "We are pleased to complete the
acquisition of Blue Ocean, which we believe will enable us to
further penetrate the subsea well intervention market and support
existing and new customers with additional safe, cost effective
subsea solutions. The services offered by Blue Ocean are
complementary to our subsea products operations, and Blue Ocean
will add talent and expertise that reflects our commitment to
provide quality results with an integrated and expanded platform to
drive growth. This acquisition fits our strategy on
increasing our services and products offerings focus related to the
production phase of the offshore field life cycle."
Oceaneering intends to report the future financial results of
Blue Ocean through Oceaneering's Subsea Products segment, under its
Services and Rentals business unit.
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:
expectations concerning the cost and timing of completion of the
construction of the two RLWI systems under construction;
expectation that the Blue Ocean acquisition will enable it to
further penetrate the subsea well intervention market and support
existing and new customers with additional safe, cost effective
subsea solutions; description of its commitment to provide quality
results with an integrated and expanded platform to drive growth;
and strategy on increasing our services and products offerings
focus related to the production phase of the offshore field life
cycle. 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 its 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 oil and gas industry, with a
focus on deepwater applications. Through the use of its
applied technology expertise, Oceaneering also serves the defense,
entertainment, and aerospace industries.
For more information on the Company, please visit
www.oceaneering.com.
Contact:
Suzanne Spera
Director, Investor Relations
Oceaneering International, Inc.
713-329-4707
investorrelations@oceaneering.com
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SOURCE Oceaneering International, Inc.