Oceaneering's Manufactured Products Segment Books Contracts With Aggregate Revenue Of ~$200M
Portfolio Pulse from Benzinga Newsdesk
Oceaneering International, Inc. (NYSE:OII) has secured multiple contracts in Q4 2023 for its Manufactured Products segment, totaling an anticipated revenue of approximately $200 million. These contracts, primarily with international oil and gas operators and marine construction companies, include significant projects in the Gulf of Mexico and the Black Sea, involving the supply of electro-hydraulic, steel tube umbilicals and supporting hardware. Production for these projects is scheduled across facilities in Panama City, Houston, and Rosyth, with final deliveries expected between Q3 2025 and Q3 2026. CEO Rod Larson highlighted these awards as a testament to Oceaneering's role in supporting global offshore energy production and customer operations.
February 05, 2024 | 1:05 pm
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Oceaneering International, Inc. (NYSE:OII) announced securing contracts worth approximately $200 million for its Manufactured Products segment, indicating a strong revenue outlook and reinforcing its market position in offshore energy production.
The announcement of securing contracts worth approximately $200 million significantly boosts Oceaneering International's revenue outlook and market position. Such a substantial contract win, especially in strategic areas like the Gulf of Mexico and the Black Sea, not only highlights the company's expertise and reliability in the offshore energy sector but also potentially increases investor confidence in its growth prospects. This positive news is likely to have a favorable impact on the company's stock price in the short term, as it reflects strong business performance and future revenue streams.
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