BP Plc
(
BP
) has awarded a three-year Field Support Vessel Services contract
to
Oceaneering International Inc
(
OII
).
Per the contract, Oceaneering will provide project management,
engineering, and vessel services offshore Angola on Blocks 18
and 31, beginning February 1, 2012.
Two chartered vessels - the Ocean Intervention III and the
Bourbon Ocean team 101 - equipped with Oceaneering work class
remotely operated vehicles and capable of operating in 3,000 meters
of water have been contracted under the deal.
Beginning in early January 2012, Oceaneering will mobilize its
chartered vessel, Ocean Intervention III, from the U.S. Gulf of
Mexico (GoM) to Angola. The contract scope of work extends to
light subsea construction, inspection, maintenance, and repair
services on existing and future subsea infrastructure.
After the commencement date, a third vessel may be provided by
Oceaneering as per the provision of the contract, at BP's
option.
In a separate announcement, BP has also entered into a contract
with
FMC Technologies
(
FTI
) for manufacture and supply of additional subsea equipment for its
deepwater projects off Angola.
BP has placed an order for four subsea trees, control systems,
wellheads, tubing hangers, well jumpers and subsea distribution
systems with FMC Technologies with expected delivery in 2013.
All equipment will be manufactured at FMC's Kongsberg, Norwayand
Dunfermline, Scotland facilities. The final assembly and testing
will be carried out at FMC's facility in Angola.
The planned growth of high margin production in the GoM, Angola,
North Sea, Brazil, Australia and India will likely boost unit
profit, cash flow and investment returns. Angola remains one of the
world's major centre for oil and gas exploration, development and
production. BP has a long-term commitment in Angola and being among
the largest foreign investors in the country is going to be
positively influenced going forward.
BP holds a Zacks #3 Rank, which is equivalent to a Hold rating
for a period for one to three months. For the long term, we
maintain a Neutral rating on the stock.
BP PLC (
BP
): Free Stock Analysis Report
FMC TECH INC (
FTI
): Free Stock Analysis Report
OCEANEERING INT (
OII
): Free Stock Analysis Report
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