Oceaneering will install $25 million of state-of-the-art equipment in this facility, including the most technologically advanced steel tube-cabling machine in the world. The machine's features make it one of the most productive machines in the industry for the manufacture of long, continuous length production control umbilicals. Manufacturing will commence in the Panama City facility during the third quarter of 2004.
T. Jay Collins, President and Chief Operating Officer, stated, "This announcement marks the culmination of our investment strategy to secure Multiflex's position as the preeminent worldwide umbilical supplier. With the relocation and expansion of our U.S. facility and the addition of a large planetary cabler in Brazil, Multiflex is positioned to be the industry leader in capability and capacity to supply specialty, built-to-order umbilicals for deepwater oil and gas installations around the world, particularly in the Gulf of Mexico, West Africa, and Brazil."
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