Oilfield services company Oceaneering International Inc. (OII - Free Report) has entered into a contract for a period of 3 years to use Normand Flower – a multi-service subsea support vessel. This vessel is owned by Norway’s Solstad Offshore ASA. The term of the contract is likely to begin in fourth quarter 2013 after the arrival of the vessel for work in the Gulf of Mexico (GoM).
Oceaneering also announced that the vessel will undergo some modifications to boost its project capabilities as well as reconfiguration to accommodate two of its high-specification work class ROVs.
The overall length of Normand Flower is approximately 305 feet. The vessel includes a Class 2 dynamic positioning system, accommodations for 85 personnel, a helideck, a 150-ton active heave compensated crane and a working moonpool.
Oceaneering will use this vessel to enhance its subsea intervention services in the ultra-deep waters of the GoM and other international markets. These services comprise inspection, maintenance and repair projects, and hardware installations.
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 defense 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 (DWSN - Free Report) and GulfMark Offshore Inc. (GLF - Free Report) . All three firms currently retain a Zacks Rank #1 (Strong Buy).