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Oceaneering (OII) Wins Four-Year Contract From Petrobras
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Oceaneering International, Inc. (OII - Free Report) recently announced that the company has won a drill pipe riser systems contract from Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) . The four-year contract received by Oceaneering, through its subsidiary Marine Production Systems do Brasil Ltda., has an optional extension period of one year.
Per the contract, Oceaneering will support Petrobras’ intervention and completion works in Brazil through supplying and operating three drill pipe riser systems with installation workover control systems. Oceaneering will also provide management, engineering and support services for the upcoming projects. The company intends to use its facility in Niteroi, Brazil to build the umbilicals for the drill pipe riser systems.
The international provider of engineered products and services will start construction work on the project in the third quarter of this year and expects contract-related work to begin in the July-September period of 2019. In the initial four years of the contract, its value is expected to surpass $50 million.
Notably, the deal — which increases Oceaneering’s presence in the vast Brazilian market — marks the second accord for the company this month. On Aug 13, it won a three-year contract from Equinor ASA (EQNR - Free Report) for providing a resident, electric remotely operated vehicle (E-ROV) system powered by battery, which will be used for subsea inspection, repairing activities and maintenance purposes.
Price Performance
Houston, TX-based Oceaneering has gained 14.9% in the past year against 5.8% fall of its industry.
Zacks Rank and A Stock to Consider
Currently, Oceaneering has a Zacks Rank #3 (Hold). Investors interested in the Energy sector can opt for a better-ranked stock like McDermott International, Inc. , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based McDermott is an equipment provider for energy companies. The company’s top line for 2018 is likely to improve 145% year over year. In the last four reported quarters, it delivered an average positive earnings surprise of 101.7%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Oceaneering (OII) Wins Four-Year Contract From Petrobras
Oceaneering International, Inc. (OII - Free Report) recently announced that the company has won a drill pipe riser systems contract from Petróleo Brasileiro S.A. or Petrobras (PBR - Free Report) . The four-year contract received by Oceaneering, through its subsidiary Marine Production Systems do Brasil Ltda., has an optional extension period of one year.
Per the contract, Oceaneering will support Petrobras’ intervention and completion works in Brazil through supplying and operating three drill pipe riser systems with installation workover control systems. Oceaneering will also provide management, engineering and support services for the upcoming projects. The company intends to use its facility in Niteroi, Brazil to build the umbilicals for the drill pipe riser systems.
The international provider of engineered products and services will start construction work on the project in the third quarter of this year and expects contract-related work to begin in the July-September period of 2019. In the initial four years of the contract, its value is expected to surpass $50 million.
Notably, the deal — which increases Oceaneering’s presence in the vast Brazilian market — marks the second accord for the company this month. On Aug 13, it won a three-year contract from Equinor ASA (EQNR - Free Report) for providing a resident, electric remotely operated vehicle (E-ROV) system powered by battery, which will be used for subsea inspection, repairing activities and maintenance purposes.
Price Performance
Houston, TX-based Oceaneering has gained 14.9% in the past year against 5.8% fall of its industry.
Zacks Rank and A Stock to Consider
Currently, Oceaneering has a Zacks Rank #3 (Hold). Investors interested in the Energy sector can opt for a better-ranked stock like McDermott International, Inc. , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX-based McDermott is an equipment provider for energy companies. The company’s top line for 2018 is likely to improve 145% year over year. In the last four reported quarters, it delivered an average positive earnings surprise of 101.7%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>