Oceaneering Signs $45 Million Contract With BP

Marine engineering company Oceaneering (NYSE: OII  ) announced in a press release Thursday that it has received an order from BP (NYSE: BP  ) subsidiary BP Exploration Operating Company Limited that will add $45 million to Oceaneering's backlog.

The deal contracts Oceaneering to supply umbilicals cables for BP's Quad 204 field development. This order will provide umbilicals totaling 19 kilometers (11.8 miles) in length, with the company expecting the final phase of product manufacturing to be complete in 2015. They will be used to supply electrical and hydraulic power and chemical injection to subsea trees and production manifolds located at BP’s Quad 204 field development west of Shetland in the United Kingdom.

According to Oceaneering, this is the first deal between the companies after BP and Oceaneering ironed out a 10-year agreement in the third quarter of 2012 for the latter to supply the former with umbilicals and ancilliary equipment and services.

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