Oceaneering International announced 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.
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