- Slice of Manufacturing
- Posts
- Oceaneering Secures $50 Million Contract for Gulf of Mexico Project
Oceaneering Secures $50 Million Contract for Gulf of Mexico Project
Slice of Manufacturing Team
June 24, 2024
Key Highlights:
Oceaneering secures $50 million contract with a domestic independent energy company.
Contract involves supplying a 27 km electro-hydraulic, steel tube dynamic umbilical.
Manufacturing to commence in 2025 at the Panama City, Florida facility.
Final delivery expected in Q2 2026.
Source (Business Wire)
Notable Quote
“This contract award reflects the confidence that our customers have in Oceaneering’s ability to deliver manufactured products in a safe and timely manner. We value the trust our customers place in our abilities and we look forward to supporting this exciting project.”
Our Take:
Oceaneering's latest contract win highlights the company's strong market position and its ability to secure significant projects in the competitive offshore energy sector. This contract not only reinforces Oceaneering's reputation for delivering high-quality, reliable products but also emphasizes the strategic importance of its Panama City facility. The anticipated revenue from this project will contribute positively to Oceaneering’s financial outlook, reflecting continued trust from major energy players in their advanced technological solutions. As the offshore energy sector evolves, Oceaneering’s ability to adapt and deliver will be critical in maintaining its industry leadership.