Oceaneering International (OII) wins $34.8 million Navy contract option

Investing.com -- Oceaneering International Inc. (NYSE: OII) has been awarded a $34.8 million contract modification by the U.S. Department of Defense for submarine rescue operations.

The cost-plus-fixed-fee modification to a previously awarded contract will provide continued support for the Navy's domestic and international submarine rescue program, known as the Submarine Rescue Operations Maintenance Contractor.

Work on the contract will be performed in San Diego, California, and is expected to be completed by June 2026.

The Naval Sea Systems Command in Washington, D.C., is serving as the contracting activity for this award. The Pentagon will obligate $8,534,094 in fiscal 2025 operations and maintenance funds at the time of the award, which will expire at the end of the current fiscal year.

The contract modification is an option exercise on the previously awarded contract N00024-20-C-4315.

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