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Oceaneering (OII) Wins Subsea Robotics Deals Worth $300M in Q3
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Oceaneering International (OII - Free Report) recently declared that its subsea robotics segment secured multiple contracts in the third quarter of 2022, with expected cumulative revenues of about $300 million.
The contracts won by OII are predominantly for remotely operated vehicle services delivered from floating drilling rigs and vessels for subsea equipment support, subsea intervention and construction. The scope of work includes ROV tooling, survey, positioning and autonomous underwater vehicle services.
These service contracts are with international energy operators and marine construction firms whose duration ranges from numerous months to about five years. Moreover, some of these contracts have embedded options that increase both the duration and overall value of the contracts if exercised.
Per Oceaneering, the deals cover internationally diverse regions and reveal significant contract wins in South America, the North Sea and West Africa.
President and chief executive officer for Oceaneering, Rod Larson, mentioned that the sheer volume of orders reiterates OII’s outlook for strong offshore demand in the upcoming years. “We continue to maintain our position as a market leader in the provision of global subsea services as our offshore robotics resources, coupled with an increasing capacity to work remotely with less on-site intervention, enhance job safety, reduce environmental impacts and bring cost efficiencies to our customers,” he added.
Founded in 1964, Oceaneering International, Inc. is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The company provides specialized products and services for all the phases of the offshore oilfield lifecycle — from exploration to decommissioning — with a focus on deep water.
Oceaneering currently has a Zacks Rank #2 (Buy). Those interested in the energy sector might want to look at some other top-ranked stocks. Liberty Energy (LBRT - Free Report) , NexTier Oilfield Solutions and Marathon Petroleum (MPC - Free Report) each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for Liberty’s 2022 earnings is pegged at $1.76 per share, up about 272.5% from the year-ago loss of $1.02.
LBRT beat the Zacks Consensus Estimate for earnings in two of the trailing four quarters, the average being around 31.7%.
The Zacks Consensus Estimate for NexTier’s 2022 earnings stands at $1.40 per share, up about 425.6% from the year-ago loss of $2.81.
NEX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 269.5%.
Marathon Petroleum beat estimates for earnings in all the trailing four quarters, the average being around 56.7%.
The Zacks Consensus Estimate for MPC’s 2022 earnings stands at $22.47 per share, up approximately 817.1% from the year-ago earnings of $2.45.
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Oceaneering (OII) Wins Subsea Robotics Deals Worth $300M in Q3
Oceaneering International (OII - Free Report) recently declared that its subsea robotics segment secured multiple contracts in the third quarter of 2022, with expected cumulative revenues of about $300 million.
The contracts won by OII are predominantly for remotely operated vehicle services delivered from floating drilling rigs and vessels for subsea equipment support, subsea intervention and construction. The scope of work includes ROV tooling, survey, positioning and autonomous underwater vehicle services.
These service contracts are with international energy operators and marine construction firms whose duration ranges from numerous months to about five years. Moreover, some of these contracts have embedded options that increase both the duration and overall value of the contracts if exercised.
Per Oceaneering, the deals cover internationally diverse regions and reveal significant contract wins in South America, the North Sea and West Africa.
President and chief executive officer for Oceaneering, Rod Larson, mentioned that the sheer volume of orders reiterates OII’s outlook for strong offshore demand in the upcoming years. “We continue to maintain our position as a market leader in the provision of global subsea services as our offshore robotics resources, coupled with an increasing capacity to work remotely with less on-site intervention, enhance job safety, reduce environmental impacts and bring cost efficiencies to our customers,” he added.
Founded in 1964, Oceaneering International, Inc. is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The company provides specialized products and services for all the phases of the offshore oilfield lifecycle — from exploration to decommissioning — with a focus on deep water.
Oceaneering currently has a Zacks Rank #2 (Buy). Those interested in the energy sector might want to look at some other top-ranked stocks. Liberty Energy (LBRT - Free Report) , NexTier Oilfield Solutions and Marathon Petroleum (MPC - Free Report) each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for Liberty’s 2022 earnings is pegged at $1.76 per share, up about 272.5% from the year-ago loss of $1.02.
LBRT beat the Zacks Consensus Estimate for earnings in two of the trailing four quarters, the average being around 31.7%.
The Zacks Consensus Estimate for NexTier’s 2022 earnings stands at $1.40 per share, up about 425.6% from the year-ago loss of $2.81.
NEX beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 269.5%.
Marathon Petroleum beat estimates for earnings in all the trailing four quarters, the average being around 56.7%.
The Zacks Consensus Estimate for MPC’s 2022 earnings stands at $22.47 per share, up approximately 817.1% from the year-ago earnings of $2.45.