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Oilfield services company, Oceaneering International, Inc. (OII - Snapshot Report) has purchased AIRSIS Inc., a provider of remote asset management software services. The financial terms of the transaction have not been disclosed by either party.

The latest buy is likely to boost Oceaneering’s current asset tracking service offered on offshore drilling rigs and vessels employed in subsea activities. Asset tracking information is used by customers to get a common operating picture. The latter enhances operational efficiency, along with facilitating incident and emergency response collaboration and reporting.

The data gathered through asset tracking also aids in assembling and exhibiting real-time data related to an offshore operation, comprising rig or vessel position, metocean conditions, remotely operated vehicle video and subsea survey information.

The operating environment appears to be favorable for Oceaneering and boost its growth prospects, as reflected in the strong first-quarter 2014 results. In fact, the company has delivered positive earnings surprises in all of the last four quarters with an average beat of 4.46%. Moreover, the 2014 expected earnings growth rate for this stock is an impressive 18.4%.   
A global oilfield provider of engineered services and products, mainly to the offshore oil and gas industry, Oceaneering’s main focus remains on deepwater applications. The company also provides supplies to the defense, entertainment and aerospace industries, and uses its advanced applied technology expertise for the same.

Currently, Oceaneering carries a Zacks Rank #3 (Hold). Investors interested in the oil and gas industry could consider stocks like Encana Corp (ECA - Analyst Report), CVR Refining LP (CVRR - Snapshot Report) and Matrix Service Co. (MTRX - Snapshot Report). All of these stocks sport a Zacks Rank #1 (Strong Buy).

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