Profile: Oceaneering International Inc (OII.N)

OII.N on New York Stock Exchange

68.23USD
22 Aug 2014
Price Change (% chg)

$-0.07 (-0.10%)
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Oceaneering International, Inc., June 20, 1969, is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. The Company’s segments include services and products provided to the oil and gas industry (Oil and Gas) and all other services and products (Advanced Technologies).It has four business segments within the Oil and Gas business, which are Remotely Operated Vehicles (ROVs), Subsea Products, Subsea Projects and Asset Integrity. In June 2014, Oceaneering International Inc acquired AIRSIS Inc., a provider of remote asset management software services. In June 2014, Oceaneering International Inc acquired Spectrum Sales & Services LLC, nondestructive examination (NDE) company that has developed subsea pipeline inspection technology based on use of Electro Magnetic Acoustic Transducer (EMAT) technology.

The services and products the Company provides to the oil and gas industry include remotely operated vehicles, built-to-order specialty subsea hardware, engineering and project management, subsea intervention services, including manned diving, and asset integrity and nondestructive testing services. The Company also serves the defense, entertainment and aerospace industries.

Oil and Gas

The Company’s Oil and Gas business consists of ROVs, Subsea Products, Subsea Projects and Asset Integrity. The Company designs and builds its ROVs, which are submersible vehicles, operated from the surface. The Company uses its ROVs in the offshore oil and gas industry to perform a variety of underwater tasks, including drill support, vessel-based inspection, maintenance and repair, installation and construction support, pipeline inspection and surveys, and subsea production facility operation and maintenance. Work-class ROVs are outfitted with manipulators, sonar and video cameras, and include specialized tooling packages and other equipment or features to facilitate the performance of specific underwater tasks. As of December 31, 2012, it owned 289 work-class ROVs.

Offshore well operators use subsea umbilicals and production control equipment to control subsea wellhead hydrocarbon flow rates, monitor downhole and wellhead conditions and perform chemical injection. They are also used to provide power and fluids to other subsea processing hardware, including pumps and gas separation equipment. ROV tooling and work packages provide the operational link between an ROV and permanently installed equipment located on the sea floor. Valves are used to control and meter hydrocarbon production flow rates and to inject chemicals into production streams at the wellhead to enhance well flow characteristics.

The Company’s Subsea Projects perform subsea oilfield hardware installation and inspection, maintenance and repair services. It services deepwater projects with dynamically positioned vessels that have Oceaneering ROVs onboard. It also services shallow water projects with its manned diving operation utilizing dive support vessels and saturation diving systems. It performs subsea intervention and hardware installation services, principally in the United States, Gulf of Mexico and offshore Africa, from two owned and four chartered multiservice deepwater vessels that has Oceaneering ROVs onboard. These services include: subsea well tie-backs; pipeline/flowline tie-ins and repairs; pipeline crossings; umbilical and other subsea equipment installations; subsea intervention; and inspection, maintenance and repair activities.

The Company's subsea products include various types of subsea umbilicals utilizing thermoplastic hoses and steel tubes; tooling, ROV tooling and work packages; production control equipment; installation and workover control systems; clamp connectors; pipeline connector and repair systems; subsea and topside control valves; subsea chemical injection valves, and blowout preventer control systems. The Company markets these products under the trade names Oceaneering Umbilical Solutions, Oceaneering Intervention Engineering, Oceaneering Grayloc, Oceaneering Rotator, Norse Cutting and Abandonment, Mechanica and GTO Subsea.

The Company services oil and gas industry shallow water projects in the United States Gulf of Mexico with its manned diving operation utilizing the traditional diving techniques of air, mixed gas and saturation diving, all of which use surface-supplied breathing gas. The Company owns a 50% equity interest in Medusa Spar LLC, which owns 75% of a production spar platform.

Through Asset Integrity division, the Company offers a range of asset integrity services to customers worldwide to improve the reliability and safety of their facilities onshore and offshore. It also provides third-party inspections to satisfy contractual structural specifications, internal safety standards or regulatory requirements. The Company provides these services principally to customers in the oil and gas, petrochemical and power generation industries. In the United Kingdom, it provides Independent Inspection Authority services for the oil and gas industry, which includes first-pass integrity evaluation and assessment and nondestructive testing services. The Company uses a variety of technologies to perform pipeline inspections, both onshore and offshore.

Advanced Technologies

The Company’s Advanced Technologies segment provides engineering services and related manufacturing principally to the United States Department of Defense, National Aeronautics and Space Administration (NASA) and its contractors, and the commercial theme park industry. The United States Navy is the customer in this segment, for whom the Company performs work primarily on surface ships and submarines. It provides support for the United States Navy, including underwater operations, data analysis, development of ocean-related computer software, and the design and development of new underwater tools and systems. It also installs and maintains mechanical systems for the Navy's submarines, surface ships, offshore structures and moorings. It provides products and services to NASA and aerospace contractors.

Company Address

Oceaneering International Inc

11911 FM 529
HOUSTON   TX   77041
P: +1713.3294500
F: +1302.6555049

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