Oceaneering (OII) Receives Two-Year FSVS Contract Extension from BP (BP) Unit for Offshore Angola Work

October 28, 2016 7:23 AM EDT

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Oceaneering International, Inc. (NYSE: OII) announced that a unit of BP p.l.c. (NYSE: BP) has agreed to a two-year extension through January 2019 under the Field Support Vessel Services contract that was entered into with the Company for work offshore Angola on Blocks 18 and 31. Under this contract term extension, the Ocean Intervention III will remain chartered through April 2017, with five option periods for further extension of one-month each. Additional vessels and services, if any, would be provided during the remaining period of the contract, on as-needed basis.

M. Kevin McEvoy, Chief Executive Officer of Oceaneering, said, "We are pleased to have secured this contract extension with BP. In support of this contract, we are also providing a wide range of vessel-related subsea services, including remotely operated vehicles, tooling, asset integrity, and diving services. This extension strengthens our long-term commitment in Angola, which we see as a vital deepwater market for Oceaneering's services and products."



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