The vehicles are of the Hydra& MAGNUM, MILLENNIUM, and MAXXIMUM designs, have 10,000 feet water depth ratings and are being equipped with 100 to 300 horsepower packages. They are being built at Oceaneering's ROV manufacturing facility in Morgan City, Louisiana at a total estimated capital cost of approximately $20 million.
Long-term work commitments on ten vehicles, six to provide drill support and four to deliver construction services, and a short-term drill support contract on another vehicle have been secured. These are for assignments in the Gulf of Mexico and offshore West Africa, Norway, and Canada. Three contracted vehicles are expected to be working by the end of the second quarter and the remaining eight have staggered contract commencement dates during the last half of 2005. Several long-term job prospects exist for the one uncommitted vehicle.
John Huff, Chairman and Chief Executive Officer, stated, "This expansion of our ROV fleet underscores our commitment to maintain our worldwide leadership position in providing deepwater work class ROVs to the oil and gas industry.
"The fact that we have already obtained long-term work commitments for ten of the systems reflects the growing market demand for ROV services and our status as being the premier supplier. We intend to continue adding more systems to our fleet, either by new construction or acquisition, as opportunities present themselves."
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