Oceaneering secures vessel services agreement for Gulf of Mexico

HOUSTON - Oceaneering International, Inc. (NYSE:OII), a $2.1 billion market cap company with strong financial health according to InvestingPro analysis, has entered into a vessel services agreement with a major operator for the use of its chartered MPSV Harvey Deep Sea, according to a company press release.

The vessel, which Oceaneering has under charter through February 2027, will be utilized for subsea inspection, maintenance, and repair (IMR) and installation services in the Gulf of Mexico. The Harvey Deep Sea is equipped with two of Oceaneering’s Millennium work class remotely operated vehicles.

Chris Dyer, Senior Vice President of Oceaneering’s Offshore Projects Group, stated that the agreement secures vessel backlog in the region and allows the company to optimize equipment spreads while reducing scheduling uncertainty.

The financial terms and specific duration of the agreement were not disclosed in the announcement.

Oceaneering International describes itself as a global technology company that delivers engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

The company’s stock is traded on the New York Stock Exchange under the ticker OII.

In other recent news, Oceaneering International Inc. reported impressive first-quarter results for 2025, with earnings per share (EPS) of $0.49, significantly surpassing analysts’ expectations of $0.30. The company’s revenue reached $675 million, exceeding the anticipated $652.05 million, marking a 13% increase year-over-year. In addition to its financial performance, Oceaneering secured a $33 million U.S. contract for submarine equipment, which includes the provision of various support equipment for Virginia-class submarines. This contract was awarded through a competitive procurement process overseen by the Naval Surface Warfare Center. On the corporate front, the company announced a planned transition in financial leadership, with current CFO Alan R. Curtis set to retire in 2026 and Michael W. Sumruld expected to succeed him. Shareholders recently voted on several key proposals, including the election of directors and the approval of executive compensation, as reported in an SEC filing. These developments reflect Oceaneering’s ongoing efforts to maintain its strategic growth and shareholder value.

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