Oceaneering Announces $13 Million Steel Tube Umbilical Contract
August 18 2005 - 6:21PM
PR Newswire (US)
HOUSTON, Aug. 18 /PRNewswire-FirstCall/ -- 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."
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 planned
manufacturing commencement and delivery dates of the Newfield
umbilical, anticipated receipt of more steel tube umbilical awards
in the near future for the Panama City plant, expectation that
historically high levels of subsea completion activity will
continue over the next several years, anticipation of a 2006
increase in the Panama City umbilical plant financial performance,
and a growth in Oceaneering's 2006 earnings. 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 annual report on Form 10-K for the year ended
December 31, 2004 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,
Manager 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 . DATASOURCE:
Oceaneering International, Inc. CONTACT: Jack Jurkoshek, Manager
Investor Relations of Oceaneering International, Inc.,
+1-713-329-4670, or fax, +1-713-329-4653, or Web site:
http://www.oceaneering.com/
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