Oceaneering International has signed a framework agreement with Statoil for the maintenance, modification and storage of the Norwegian company’s remote-operator vehicle (ROV) and related subsea equipment.

Under this agreement, Oceaneering will also manufacture and sell ROV tools and related subsea equipment to the Norwegian state-owned operator.

“While our results for the first quarter reflect the challenging times we face in this low oil price market environment, we are pleased that each of our operating segments remained profitable”, said Oceaneering’s Chief Executive Officer, Kevin McEvoy, in its latest first quarter report.

Oceaneering Win ROV Work From Statoil

The agreement has a duration of two years with the option for a two or three-year extension. As well as this, the deal includes options for maintenance, modifications, mobilisation and offshore operations with subsea tools and equipment.

In the end of last month, Oceaneering announced lower revenues than in the previous year in its first quarter results, which it said reflected the impact of the decline in crude oil prices over oilfield spending levels.

“Compared to the first quarter of last year, quarterly ROV operating income was down substantially on 33% lower revenue, resulting from 28% fewer days on hire and a 7% reduction in revenue per day on hire”, McEvoy explained.

A Fleet Of 138 ROV Vehicles

“In spite of the challenging market environment, we continue to believe that our liquidity and cash generating capability enable Oceaneering to maintain market position and be ready for the inevitable market recovery”, he added.

Oceaneering is a global provider of engineered services and products, primarily to the offshore and gas industry, with a focus on deep water applications. It also serves the defence, entertainment and aerospace industries.

At the end of the first quarter of the year, the company counted on 138 vehicles in its ROV fleet.