Oceaneering Wins ROV Work From Maersk

Oceaneering International Inc. (NYSE: OII) continues to push further into non-drilling rig markets with a ROV award from Denmark’s Maersk.

The Houston-based company said Feb. 13 it entered a long-term agreement with Maersk Supply Service A/S to provide eight work-class ROVs, survey and associated services. The contract includes subsea tooling, engineering, communication and data solutions to support Maersk’s global operations.

Tudor, Pickering, Holt & Co. (TPH) energy research said it views the award as positive for Oceaneering as activity in the offshore rig market continues to trend meaningfully lower.

“Important to keep in mind, though, vessel-based work, subsea construction and intervention all tend to be shorter-term in nature; thus, high utilization tends to be a more challenging endeavor vs. traditional drilling-based ROV work,” TPH said in a Feb. 13 report.

The ROVs will be installed onboard six Maersk newbuild vessels, comprised of two Stingray-class subsea intervention vessels and four Starfish-class anchor handling tug supply vessels, which are scheduled for delivery through 2017.

Oceaneering provides ROVs, survey and associated services on a number of existing Maersk vessels and drilling rigs, the company said.