Oceaneering (OII) Scores International Contracts Worth $100M
Oceaneering International, Inc. OII announced that its Offshore Projects Group segment has been awarded two international contracts, with combined total value of more than $100 million. As part of the Girassol Life Extension project, Oceaneering has been added as a consortium partner to assist with installation and transportation tasks.
The company will provide Angolan personnel for the project and manage the consortium's in-country operations owing to its significant experience in Angolan offshore developments. In support of the prime contractor's recovery and replacement of 12 risers, the scope of work comprises of air and saturation diving services, project management, engineering and procurement activities. It is anticipated that OII will offer its services over the course of many phases beginning in late 2023 and lasting until late 2025.
In addition to the above, Oceaneering has also been awarded a contract for a jumper installation project in the Stabroek block, offshore Guyana. According to the company, the scope of the project adds to the growing body of work in the South American country in support of a key client. Along with other associated tasks, the scope entails installing jumpers and subsea field developments. The scope of supply is underway and anticipated to last through the remainder of 2023.
President and chief executive officer Roderick A. Larson remarked that these awards substantiate the company’s visibility into increased international activity. He added that OII’s success with these projects supports the company’s conviction in the resurgence of international offshore activity and market expectations over the next several years.
Zacks Rank & Key Pick
Oceaneering currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy sector are USA Compression Partners, LP USAC, currently sporting a Zacks Rank #1 (Strong Buy), and Global Partners GLP and Evolution Petroleum Corporation EPM, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields, and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
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