Global oilfield service provider
Oceaneering International Inc.
) struck an agreement with marine transportation and offshore
services company, Otto Candies LLC, for the right to use the Cade
Candies - a multi-service subsea support vessel - for a period of
five years. However, none of the companies disclosed the financial
aspects of the transaction.
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Manufactured in 2010, the U.S. flagged vessel is approximately 309
feet long and is designed with a Class 2 dynamic positioning
system, a helideck, a 150-ton active heave compensated crane and a
working moonpool. It also provides accommodation facility for about
Houston, Texas-based Oceaneering holds a rolling, short-term
charter on Cade Candies from November 2011 onwards and will exist
till early 2013. During this phase, the vessel will be upgraded
with superior features at the shipyard. The vessel's modifications
include two, high-specification, work class onboard ROVs (Remotely
Operated Vehicles) along with a high-quality satellite
Following the changes, the revamped vessel - renamed Ocean Alliance
- is expected to work for Oceaneering from the second quarter of
2013. The company will operate the vessel in the ultra-deep waters
of the Gulf of Mexico and enhance its subsea intervention services
in the region.
Oceaneering, along with its subsidiaries, is engaged in providing
engineered services and products mostly to the offshore oil and gas
industry, with a focus on deepwater applications across the globe.
The company also serves the defense and aerospace sectors with its
applied technological skill.
Oceaneering will release its third-quarter 2012 results on October
29, Monday, after the closing bell.
The Zacks Consensus Estimate for earnings in the third quarter is
79 cents per share, on revenue of $731 million.
Oceaneering, which extends its services to oil biggie such as
), currently retains a Zacks #2 Rank, implying a Buy rating for one
to three months.