We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Oceaneering (OII) & Stork Win Deals Worth $6.5M From Neptune
Read MoreHide Full Article
Oceaneering International, Inc. (OII - Free Report) along with engineering and construction firm Fluor Corporation's (FLR - Free Report) subsidiary Stork has clinched integrity management and fabric maintenance contracts on Neptune Energy's Cygnus gas production facility, offshore the UK.
Cygnus is integral to the UK North Sea energy infrastructure with a capacity to produce nearly 6% of UK domestic gas demand. It is jointly held by Neptune Energy, the operator with 38.75% interest and Spirit Energy with 61.25% stake.
Valued at $6.5 million, the deals are awarded to Oceaneering and Stork under a three-year agreement with an option of two one-year extensions. Per the terms of the pact, oilfield services provider Oceaneering will supply integrity management services to the gas platform. These include pressure systems, structural, pipeline, erosion management as well as offshore inspection services. Meanwhile, Stork will provide fabric maintenance along with scaffolding services for Cygnus.
Crawford Tennant, Oceaneering’s director of Integrity Management and Digital Solutions (IMDS), Europe, said: “Oceaneering is delighted to win this integrity management services contract from Neptune, expanding our existing scope of work. We look forward to working with the Cygnus team to deliver the high-quality integrity services and technologies necessary for Neptune to achieve their asset reliability and efficiency goals”.
Earlier this month, Oceaneering registered quite a few multi-million dollar deal wins in the fourth quarter of 2020 for its Integrity Management and Digital Solutions unit (IMDS). These contracts, exceeding an amount of $250 million, are obtained from major clients and operators and are mostly for a period of three to five years. Nearly 55% of the total contracts represents the expansion of the existing deals while the remaining 45% reflects the brand new businesses.
Per the agreements, the terms of activity involve software, data services, monitoring and diagnostic services, integrity management and remote integrity engineering. It also engages in remote and onsite assessment services for both onshore and offshore brownfield and greenfield projects. These contracts will cover places like Qatar, Angola, Azerbaijan, the United States and Australia with the sites housing vessels, LNG plants, LNG storage facilities, terminals and production facilities.
Company Summary
Founded in 1964, Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. Headquartered in Houston, TX, the company provides specialized products and services for all phases of the offshore oilfield lifecycle, right from exploration to decommissioning with focus on deep water.
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Image: Bigstock
Oceaneering (OII) & Stork Win Deals Worth $6.5M From Neptune
Oceaneering International, Inc. (OII - Free Report) along with engineering and construction firm Fluor Corporation's (FLR - Free Report) subsidiary Stork has clinched integrity management and fabric maintenance contracts on Neptune Energy's Cygnus gas production facility, offshore the UK.
Cygnus is integral to the UK North Sea energy infrastructure with a capacity to produce nearly 6% of UK domestic gas demand. It is jointly held by Neptune Energy, the operator with 38.75% interest and Spirit Energy with 61.25% stake.
Valued at $6.5 million, the deals are awarded to Oceaneering and Stork under a three-year agreement with an option of two one-year extensions. Per the terms of the pact, oilfield services provider Oceaneering will supply integrity management services to the gas platform. These include pressure systems, structural, pipeline, erosion management as well as offshore inspection services. Meanwhile, Stork will provide fabric maintenance along with scaffolding services for Cygnus.
Crawford Tennant, Oceaneering’s director of Integrity Management and Digital Solutions (IMDS), Europe, said: “Oceaneering is delighted to win this integrity management services contract from Neptune, expanding our existing scope of work. We look forward to working with the Cygnus team to deliver the high-quality integrity services and technologies necessary for Neptune to achieve their asset reliability and efficiency goals”.
Earlier this month, Oceaneering registered quite a few multi-million dollar deal wins in the fourth quarter of 2020 for its Integrity Management and Digital Solutions unit (IMDS). These contracts, exceeding an amount of $250 million, are obtained from major clients and operators and are mostly for a period of three to five years. Nearly 55% of the total contracts represents the expansion of the existing deals while the remaining 45% reflects the brand new businesses.
Per the agreements, the terms of activity involve software, data services, monitoring and diagnostic services, integrity management and remote integrity engineering. It also engages in remote and onsite assessment services for both onshore and offshore brownfield and greenfield projects. These contracts will cover places like Qatar, Angola, Azerbaijan, the United States and Australia with the sites housing vessels, LNG plants, LNG storage facilities, terminals and production facilities.
Company Summary
Founded in 1964, Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. Headquartered in Houston, TX, the company provides specialized products and services for all phases of the offshore oilfield lifecycle, right from exploration to decommissioning with focus on deep water.
Zacks Rank & Key Picks
Oceaneering currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are DCP Midstream Partners, LP and Altus Midstream Company (ALTM - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>