The orders include two discrete hydraulic systems for moored, semisubmersible drilling rigs undergoing major upgrades. The third is a multiplex system for an ultra-deepwater, sixth generation, dynamically positioned drillship currently under construction.
These systems are being engineered and manufactured at Oceaneering Intervention Engineering's facility in Houston, with deliveries anticipated to commence in the fourth quarter of 2007 and end in the fourth quarter of 2008.
T. Jay Collins, President and Chief Executive Officer, stated, "These contract awards are evidence of our success in expanding our suite of specialty subsea products to support the oil and gas industry's growing deepwater effort. Utilizing the latest technology, we are offering subsea BOP control systems engineered to provide superior performance and reliability to reduce maintenance of the control system and minimize the potential for rig down time. Reliability has become critical given the escalation in contract dayrates for floating offshore drilling rigs.
"Future demand for subsea BOP control systems is tied to the announced expansion of the global floating drilling rig fleet through 2010, currently more than 60 units, and additional upgrades to existing rigs, which we believe are highly likely."
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