Oilfield services company
Oceaneering International Inc.
) has inked a deal with Italian oil and gas contractor Saipem.
GEOPHYSIQUE-ADR (CGG): Free Stock Analysis
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OCEANEERING INT (OII): Free Stock Analysis
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Per the contract, Oceaneering will provide ten subsea production
control umbilicals and two electrical power cables for the
development of the Burullus West Delta Deep Marine Phase IXa
project, which is based offshore Egypt. The umbilicals have a
total length of roughly 84 kilometers (Km) whereas the cables
recorded a length of 55 Km in total.
Oceaneering is planning to carry out the manufacturing work of
the products at its facility, which is based in Rosyth, Scotland.
The company will commence product manufacturing in the second
quarter of 2013 with likely completion by the third quarter of
Recently, Oceaneering reported 1Q13 earnings per share of 69
cents, which came ahead of the Zacks Consensus Estimate of 59
cents. The beat was owing to robust performances from the
Remotely Operated Vehicles and Subsea Products business units.
Houston, Texas-based Oceaneering primarily serves the global
offshore oilfield industry by providing engineered products and
services. The company also offers inspection works, subsea
products and services. Moreover, Oceaneering provides
technological skills to the aerospace and defence sectors.
Oceaneering currently carries a Zacks Rank #3 (Hold), implying
that it is expected to perform in line with the broader U.S.
equity market over the next one to three months.
However, in the oilfield services sector, three firms that are
expected to significantly outperform the broader U.S. equity
market over the next one to three months are
Exterran Holdings Inc.
Dawson Geophysical Company
). All three firms currently retain a Zacks Rank #1 (Strong