Oceaneering International, Inc. won two contracts from
Production Company (BP) to provide vessel and remotely operated vehicle
(ROV) services in the Gulf of Mexico (GOM) to support hurricane damage-related platform decommissioning operations.
Under terms of each contract, Oceaneering will provide a dynamically
positioned ROV support vessel equipped with three ROVs -- two work class and one observation class. The vessels will be the Ocean Intervention III, formerly named the Island Ranger, and the Maersk Attender. Both contracts have initial terms of one year
and commence May 2007 and June 2007, respectively. At the end of the initial terms, BP has two consecutive one- year options to extend these contracts.