|HOUSTON, Sept. 3 /PRNewswire-FirstCall/ -- Oceaneering International, Inc.
(NYSE: OII) announced today that in June it obtained a corrosion and
inspection management services contract from BP Exploration (Caspian Sea) Ltd.
(BP) with estimated revenue of approximately $45 million over an initial
three-year term. At the end of the initial term, BP has two consecutive
options to extend the contract for a period of one year each.
The assets covered by the contract include BP's onshore Sangachal Terminal and
offshore production facilities in Azerbaijan, and export pipelines in both
Azerbaijan and Georgia. This contract builds on an existing relationship with
BP Exploration Operating Company Ltd. to provide inspection and integrity
management services on its facilities in the United Kingdom.
Under the terms of the contract, Oceaneering will provide risk-based
inspection plans derived from detailed corrosion assessments. These
assessments will be based on both conventional non-destructive testing (NDT)
and specialized inspection techniques. Conventional NDT includes magnetic
particle, dye penetrant, and visual inspections. Specialized inspections
utilize more advanced technologies, such as non-invasive ultrasonic corrosion
mapping, which provides a reproducible fingerprint, and long-range
ultrasonics, which provide a rapid and reliable technique for assessing the
condition of small and large-diameter pipes. Furthermore, Oceaneering will
provide corrosion trend and defect analyses to support facility maintenance
and repair plans and to meet compliance requirements.
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 which are forward looking involve risks and
uncertainties that may impact Oceaneering's actual results. The
forward-looking statements in this press release include the statement
concerning the estimated revenue of $45 million from the contract referred to
herein. Although Oceaneering's management believes that the expectations
reflected in those forward-looking statements are reasonable, Oceaneering can
give no assurance that those expectations will prove to have been correct.
Those statements are made based on various underlying assumptions and are
subject to numerous uncertainties and risks, including, without limitation:
changes in the customer's operational plans or schedule; contract cancellation
or modifications; and difficulties executing under the contract. 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 annual
report on Form 10-K for the year ended December 31, 2008 and subsequent
quarterly reports on Form 10-Q filed with the Securities and Exchange
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 applied technology expertise,
Oceaneering also serves the defense and aerospace industries.