Oceaneering International’s manufactured products segment won $200 million in contracts during the fourth quarter of 2023, the company announced Feb. 5.
Two of the contracts constitute the majority of the forecasted value. One is to provide 21 miles of electro-hydraulic, steel tube umbilicals for a large, high-quality, greenfield development in the Gulf of Mexico. Final delivery on that project is expected in third quarter 2026.
The second contract is related to the next phase of a staged development in the Black Sea. Oceaneering is to supply 28 miles of electro-hydraulic, steel tube dynamic and static umbilicals and supporting subsea distribution hardware. Production will begin in Oceaneering’s Rosyth, Scotland facility in 2024, with final delivery in third quarter 2025.
Other contracts booked in fourth quarter 2023 include scopes of work to supply additional subsea umbilicals and umbilical termination hardware, Grayloc and Rotator products and mobility solutions products for projects not mentioned above.
Recommended Reading
Global Oil Demand to Grow by 1.9 MMbbl/d in 2024, Says Wood Mac
2024-02-29 - Oil prices have found support this year from rising geopolitical tensions including attacks by the Iran-aligned Houthi group on Red Sea shipping.
What's Affecting Oil Prices This Week? (March 4, 2024)
2024-03-04 - For the upcoming week, Stratas Advisors expect the price of Brent will move sideways and will struggle to break through $85.
What's Affecting Oil Prices This Week? (March 18, 2024)
2024-03-18 - On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
What's Affecting Oil Prices This Week? (May 6, 2024)
2024-05-06 - Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.