We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
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 Secures Vessel Services Agreement With Major Operator
Read MoreHide Full Article
Key Takeaways
OII signed a vessel services deal to deploy the Harvey Deep Sea for subsea ops in the Gulf of Mexico.
MPSV Harvey Deep Sea is chartered by Oceaneering through February 2027.
The Harvey Deep Sea uses advanced remote operations tech to support IMR solutions in the region.
Oceaneering International, Inc.’s (OII - Free Report) Offshore Projects Group (“OPG”) segment has signed a vessel services agreement with a major operator to deploy the MPSV Harvey Deep Sea for performing subsea operations in the Gulf of Mexico.
The vessel services agreement marks a strategic step for Oceaneering in securing long-term revenues and boosting operational efficiency. Deploying the MPSV Harvey Deep Sea in the Gulf of Mexico supports the company's goal of expanding its subsea service offerings. This deal strengthens Oceaneering’s position as a key player in the region’s subsea market. The use of advanced technology, including Millennium work-class remotely operated vehicles, reflects its commitment to innovation and high-quality service. While this move could sharpen Oceaneering’s competitive edge, market volatility and broader economic conditions remain potential hurdles.
OII’s Harvey Deep Sea Vessel
Multi-Purpose Support Vessel (“MPSV”), Harvey Deep Sea is an Offshore Tug/Supply Ship, built in 2013, and currently chartered by Oceaneering through February 2027. The MPSV is equipped with two Oceaneering Millennium work-class remotely operated vehicles, primed for complex subsea inspection, maintenance, repair (“IMR”) and installation tasks. With the Harvey Deep Sea in play, Oceaneering is well-positioned to meet growing demand for subsea IMR and installation solutions across the Gulf.
Importance of OII’s Offshore Projects Group Segment
OII’s Offshore Projects Group segment involves its Subsea Projects segment, excluding survey services and global data solutions and service and rental business. In the second quarter of 2025, the unit accounted for about 24% of the company's revenues, increasing about 43.4% year over year. The segment’s operating income also rose to $35.7 million from just $844,000 a year earlier. There is also an ongoing rebound in the OPG segment, which works as growth catalyst and highlights the strategic importance of this segment to bolster the earnings of the company.
Enhancing Reliability and Efficiency
With this award, Oceaneering locks in regional vessel availability while optimizing equipment usage and reducing project scheduling uncertainty. The company, in its announcement, emphasized the strategic value of this deal, highlighting how it reinforces Oceaneering’s ability to deliver safe, high-quality and efficient project execution.
OII’s Zacks Rank & Other Key Picks
Houston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. Currently, OII has a Zacks Rank #2 (Buy).
Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2025 earnings indicates 55.88% year-over-year growth.
Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for Subsea 7’s 2025 earnings indicates 95.52% year-over-year growth.
Houston, TX-based, W&T Offshore is a leading oil and natural gas explorer with operations primarily focused on resources located off the coast of the Gulf of America. The Zacks Consensus Estimate for WTI’s 2025 earnings indicates 19.57% year-over-year growth.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Oceaneering Secures Vessel Services Agreement With Major Operator
Key Takeaways
Oceaneering International, Inc.’s (OII - Free Report) Offshore Projects Group (“OPG”) segment has signed a vessel services agreement with a major operator to deploy the MPSV Harvey Deep Sea for performing subsea operations in the Gulf of Mexico.
The vessel services agreement marks a strategic step for Oceaneering in securing long-term revenues and boosting operational efficiency. Deploying the MPSV Harvey Deep Sea in the Gulf of Mexico supports the company's goal of expanding its subsea service offerings. This deal strengthens Oceaneering’s position as a key player in the region’s subsea market. The use of advanced technology, including Millennium work-class remotely operated vehicles, reflects its commitment to innovation and high-quality service. While this move could sharpen Oceaneering’s competitive edge, market volatility and broader economic conditions remain potential hurdles.
OII’s Harvey Deep Sea Vessel
Multi-Purpose Support Vessel (“MPSV”), Harvey Deep Sea is an Offshore Tug/Supply Ship, built in 2013, and currently chartered by Oceaneering through February 2027. The MPSV is equipped with two Oceaneering Millennium work-class remotely operated vehicles, primed for complex subsea inspection, maintenance, repair (“IMR”) and installation tasks. With the Harvey Deep Sea in play, Oceaneering is well-positioned to meet growing demand for subsea IMR and installation solutions across the Gulf.
Importance of OII’s Offshore Projects Group Segment
OII’s Offshore Projects Group segment involves its Subsea Projects segment, excluding survey services and global data solutions and service and rental business. In the second quarter of 2025, the unit accounted for about 24% of the company's revenues, increasing about 43.4% year over year. The segment’s operating income also rose to $35.7 million from just $844,000 a year earlier. There is also an ongoing rebound in the OPG segment, which works as growth catalyst and highlights the strategic importance of this segment to bolster the earnings of the company.
Enhancing Reliability and Efficiency
With this award, Oceaneering locks in regional vessel availability while optimizing equipment usage and reducing project scheduling uncertainty. The company, in its announcement, emphasized the strategic value of this deal, highlighting how it reinforces Oceaneering’s ability to deliver safe, high-quality and efficient project execution.
OII’s Zacks Rank & Other Key Picks
Houston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. Currently, OII has a Zacks Rank #2 (Buy).
Investors interested in the energy sector might look at some other top-ranked stocks like Flotek Industries, Inc. (FTK - Free Report) , Subsea 7 S.A. (SUBCY - Free Report) and W&T Offshore, Inc. (WTI - Free Report) . While Flotek Industries and Subsea 7 currently sport a Zacks Rank #1 (Strong Buy) each, W&T Offshore carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2025 earnings indicates 55.88% year-over-year growth.
Subsea 7 operates as an engineering, construction and services contractor to the offshore energy industry worldwide. The Zacks Consensus Estimate for Subsea 7’s 2025 earnings indicates 95.52% year-over-year growth.
Houston, TX-based, W&T Offshore is a leading oil and natural gas explorer with operations primarily focused on resources located off the coast of the Gulf of America. The Zacks Consensus Estimate for WTI’s 2025 earnings indicates 19.57% year-over-year growth.