Under terms of each contract, Oceaneering will provide a dynamically positioned ROV support vessel equipped with three ROVs -- two work class and one observation class. The vessels will be the Ocean Intervention III, formerly named the Island Ranger, and the Maersk Attender. Both contracts have initial terms of one year and commence May 2007 and June 2007, respectively. At the end of the initial terms, BP has two consecutive one- year options to extend these contracts.
T. Jay Collins, President and Chief Executive Officer, stated, "We are extremely pleased with the award of these contracts. It is a tribute to our reputation as a leading ROV services provider in the GOM with a demonstrated Health, Safety, and Environmental performance track record.
"Our 2007 operating income guidance for our Subsea Projects business, of achieving about the same level of profit as in 2006, was predicated on the presumption we would secure a considerable amount of speculative work. Given the magnitude of work we will be undertaking to perform these contracts, we have gained confidence in achieving this guidance."
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.
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