Offshore operations are scheduled to begin in the second quarter, with completion anticipated in the late fall of 2020
Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced the award by units of BP p.l.c. (“BP”), of a contract to provide comprehensive riserless light well intervention (RLWI) services offshore Angola in Blocks 18 and 31. The value of this meaningful award is reflected in our December 31, 2019 Subsea Products backlog.
In connection with this contract, Oceaneering has agreed to provide personnel and equipment related to its RLWI services, remotely operated vehicles (ROV’s), survey services, and communication services integrated onto a chartered multi-purpose vessel. These services are contracted to support a multi-well campaign designed to include mechanical well interventions, well stimulations, and tree change-outs. Oceaneering’s work scope also includes project management, engineering, systems integration, offshore management, and project crews. Offshore operations are scheduled to begin in the second quarter, with completion anticipated in the late fall of 2020.
This contract follows a successful intervention campaign by Oceaneering in the same region in late 2018 and early 2019 for this supermajor and its co-developers. Jim O’Leary, VP Wells, Africa and Middle East, BP, stated, “Oceaneering has a proven track record of providing us with a much-needed RLWI rapid response solution to help restore and improve production in Angola. We look forward to working with Oceaneering on this campaign.”
Rod Larson, President and Chief Executive Officer of Oceaneering, stated, “We appreciate BP’s continued trust in our ability to provide them with reliable, cost effective, ultra-deepwater intervention solutions in Angola. The award of this project reinforces Oceaneering’s position as a leading RLWI service provider in deepwater environments. This is the latest example that performing RLWI from a multi-purpose vessel is a viable, more efficient alternative for production enhancement compared to performing similar services from a rig or purpose-built intervention vessel.”
Source: Company Press Release