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Oceaneering (OII) Wins 3-Year E-ROV Contract From Equinor

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Oceaneering International, Inc. (OII - Free Report) recently won an award 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.

The contract, which is expected to start from December, will last for three years and has two optional extension periods of one year. In the Norwegian Continental Shelf, the E-ROV system will be deployed at water depth till 1000 meters. The E-ROV system, provided by Oceaneering, is capable enough to work for long periods and requires minimum surface recovery. This trait reduces the need for surface vessel in the project.

Notably, one of the company’s onshore mission support centers controls the E-ROV system, with the help of its proprietary Remote Piloting and Automated Control Technology, or RPACT. The system helps in gathering data and live HD quality video with the help of a 4G mobile broadband signal, which is transmitted from a buoy.

The deal marks another success story for Oceaneering — an international provider of engineered products and services — and its innovative technologies that help to increase its clients’ operational efficiency, as well as minimize risks and costs.

Price Performance

Houston, TX-based Oceaneering has gained 11.4% in the past year against 5% fall of its industry.

Zacks Rank and Stocks to Consider

Currently, Oceaneering has a Zacks Rank #3 (Hold). Investors interested in the Energy sector can opt for some better-ranked stocks like Canadian Natural Resources Limited (CNQ - Free Report) and ConocoPhillips (COP - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Calgary, Canada-based Canadian Natural Resources is an upstream energy company. The company’s top line for 2018 is anticipated to improve 41.3% year over year, while its bottom line is expected to increase more than 200%.

Houston, TX-based ConocoPhillips is an integrated energy company. The company’s top line for 2018 is likely to improve 14.1% year over year. In the last four reported quarters, the company delivered an average positive earnings surprise of 27.6%.

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