Oceaneering Secures Large Contract From A Domestic Independent Energy Company; Expected Revenue From This Contract Is Approximately $50M
Portfolio Pulse from Benzinga Newsdesk
Oceaneering International (OII) has secured a significant contract worth approximately $50 million from a domestic independent energy company. The contract involves supplying an electro-hydraulic, steel tube dynamic umbilical for a project in the Gulf of Mexico. Manufacturing will begin in 2025 at the Panama City, Florida facility, with final delivery expected in Q2 2026.
June 20, 2024 | 9:06 pm
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Oceaneering International (OII) has secured a $50 million contract to supply an electro-hydraulic, steel tube dynamic umbilical for a Gulf of Mexico project. This contract is expected to positively impact OII's revenue and market position.
The $50 million contract will likely boost Oceaneering's revenue and strengthen its market position in the energy sector. The long-term nature of the project, with manufacturing starting in 2025 and delivery in 2026, provides a stable revenue stream.
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