BP pulls plug on Support Vessel contract with Oceaneering

FEBRUARY 2, 2016 — Oceaneering International, Inc. (NYSE: OII) reports that a unit of BP p.l.c.  (NYSE: BP) has exercised its right, under a Field Support Vessel Services contract that was entered into with the company for work offshore Angola, to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016.

Prior to this notice, the work was scheduled to extend through the end of January 2017.

Under the terms of the contract, the costs incurred by Oceaneering associated with the early release and demobilization of the vessel are expected to be reimbursed by BP. Following the release of the vessel, Oceaneering intends to redeliver it to the vessel owner.

Bourbon Oceanteam 101 is owned 50/50 through a joint venture between Bourbon Offshore Norway AS and Oceanteam AS. Oceanteam says that under the terms of the charter contract, the costs incurred and associated with an earlier release and demobilization of the vessel are to be reimbursed to the owner.

Oceaneering says that project management, engineering, and vessel services work associated with the provision for a second chartered vessel, Ocean Intervention III, is expected to continue as previously contracted with BP offshore Angola through January 2017.

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