HOUSTON, Feb. 12, 2013 /PRNewswire/ -- Oceaneering International, Inc. (NYSE:OII) announced that it has secured contracts with a subsidiary of Transocean Ltd. (NYSE:RIG) to provide three subsea blowout preventer (BOP) control systems. These contracts add over $40 million to Oceaneering's Subsea Products backlog.
The contracts are for discrete hydraulic systems that will be used on existing semi-submersible drilling rigs that Transocean is modifying to comply with the American Petroleum Institute's recently issued standard API 53, which requires subsea BOPs with a single shear ram to be upgraded or replaced. These systems will be manufactured at the Oceaneering Intervention Engineering facility in Houston, with deliveries anticipated in the fourth quarter of 2013 and the first quarter of 2014.
M. Kevin McEvoy, President and Chief Executive Officer, stated, "These contract awards are evidence of our ability to provide subsea hardware engineered to provide superior quality, performance and reliability. Our BOP control systems are engineered to meet these criteria and to have low maintenance requirements, thereby maximizing rig uptime."
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 advanced applied technology expertise, Oceaneering also serves the defense and aerospace industries.
SOURCE Oceaneering International, Inc.
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