HOUSTON, Sept. 29, 2020 /PRNewswire/ -- Oceaneering
International, Inc. (NYSE:OII) announced that its Aerospace and
Defense Technologies (ADTech) segment has secured a contract with
Naval Sea Systems Command (NAVSEA) to operate and maintain the U.S.
Navy's submarine rescue systems. The contract duration is one
year, with four one-year extension options, with a potential value
of $119 million.
Oceaneering's scope of work is to engage with the U.S. Navy's
Undersea Rescue Command, based at Naval Air Station North Island in
San Diego, California, to
maintain, certify and operate submarine rescue systems and
supporting equipment. For over 20 years, Oceaneering has
supported the U.S. Navy Submarine Rescue program with significant
engineering efforts and capability enhancements. This new
contract represents significant growth in Oceaneering's role in
supporting operations and maintenance.
Philip Beierl, Senior Vice
President of Oceaneering's ADTech segment, stated, "We are excited
about this opportunity to leverage our many years of experience in
submarine rescue, submarine maintenance, and offshore subsea
operations to help ensure the U.S. Navy has a safe, robust, and
ready submarine rescue capability. Oceaneering's highest
commitments are to safety and quality, and we look forward to
working closely with other U.S. Navy stakeholders and contributing
to the international submarine rescue community."
Rod Larson, President and Chief
Executive Officer of Oceaneering, stated, "It is a privilege to
continue providing the U.S. Navy with exemplary solutions.
This award is the latest example of how we continue to
provide our non-energy customers with superior service and
technologies while growing this promising segment of our
business."
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 statement concerning Oceaneering's
potential value from the contract. 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. Through
the use of its applied technology expertise, Oceaneering also
serves the defense, aerospace, and entertainment
industries.
For more information about Submarine Rescue Solutions, please
visit:
oceaneering.com/otech/submarine-rescue-solutions.
For more information on Oceaneering, please visit
www.oceaneering.com.
Contact:
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
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SOURCE Oceaneering International, Inc.