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January 5, 2010

Oceaneering orders DSV

Oceaneering International, Inc. (NYSE:OII) says it has commissioned the construction of a dive support vessel (DSV) with an estimated capital cost of $17 million. Oceaneering expects delivery of the 200 foot by 46 foot vessel from a U.S. Gulf Coast shipyard late in the fourth quarter of 2010. The new vessel will replace the Ocean Project, which was built in 1972.

The U.S. flagged vessel will be outfitted to perform subsea inspection, repair, and maintenance (IRM) services and support construction operations in the Gulf of Mexico. Built-in diving equipment will include a dive control system and decompression chambers, to maximize the availability of deck space for job specific equipment and to ensure safe working conditions. It will have accommodations for 50 personnel and be equipped with a 40-ton crane, a working moon pool, and a four-point mooring system enabling operations in 700 feet of seawater.

T. Jay Collins, President and CEO, stated, "This purpose-built DSV will allow us to continue to support demand for our shallow water IRM and construction support services. There are over 3,500 platforms and approximately 20,000 miles of pipelines in use in the Gulf of Mexico that we believe will need servicing for the indefinite future."


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