Oceaneering Announces Jangkrik Umbilicals Contract
HOUSTON, June 10, 2014 /PRNewswire/ -- Oceaneering International, Inc. (NYSE: OII) announced it has secured a contract from FMC Technologies Singapore Pte Limited, a subsidiary of FMC Technologies, Inc. (NYSE: FTI), to supply umbilicals for the Jangkrik project located in the Muara Bakau PCS (Production Sharing Contract) area off the coast of Indonesia.
The order is for super-duplex steel tube production control umbilicals, with a total combined length of approximately 31 miles (50 kilometers). These will be used to supply hydraulic and electrical power and chemical injection to the subsea wells in the field.
Product manufacturing will be performed at the Oceaneering Umbilical Solutions facility in Rosyth, Scotland commencing in the fourth quarter of 2014, with delivery scheduled for the second quarter of 2016.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release that are forward looking involve risks and uncertainties that may impact Oceaneering's actual results. Forward-looking statements in this press release concern Oceaneering's: planned product manufacturing location and commencement and completion dates. Although Oceaneering's management believes that the expectations reflected in its forward-looking statements are reasonable, Oceaneering can give no assurance that the expectations will prove to have been correct. These statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks including, without limitation, changes in project design or schedule, contract cancellation, change orders and other modifications, and difficulties executing on the project. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see Oceaneering's filings with the Securities and Exchange Commission.
Oceaneering is a global oilfield 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 advanced applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations,
Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041;
Telephone 713-329-4670; E-Mail firstname.lastname@example.org.
SOURCE Oceaneering International, Inc.