Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) announced that it secured a three-year frame agreement with Van Oord Offshore Wind B.V. ("Van Oord"), an international dredging, marine engineering and offshore contractor. The new agreement relates to Remotely Operated Vehicle ("ROV") and trenching support services.
As part of this agreement, Oceaneering has agreed to install one work class ROV onboard Van Oord's cable-laying vessel, the Nexus, for the full three-year term. Additionally, Oceaneering has agreed to provide six ROV systems, including three observational and three work class, onboard Van Oord operated vessels upon request during the first year of the contract term. The ROV systems are to be used to support a spectrum of offshore wind farm assets.
Roderick A. Larson, President and Chief Executive Officer of Oceaneering, said, "We are pleased and honored by this award, which marks our largest offshore renewable ROV services contract so far. This contract demonstrates our commitment to the offshore renewable energy market and our ability to apply our extensive offshore marine environment experience and field-proven technologies in offshore oil and gas fields to the needs of this rapidly growing industry. We look forward to supporting Van Oord under this agreement and in connection with future projects."
Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
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