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Oceaneering Signs $40 Million Contract With Transocean

Marine engineering company Oceaneering  (NYSE: OII  )  yesterday announced it had secured contracts with a subsidiary of Transocean (NYSE: RIG  )  to provide three subsea blowout preventer control systems that will add more than $40 million to Oceaneering's subsea products backlog.

The contracts are for discrete hydraulic systems that will be used on existing semi-submersible drilling rigs that Transocean is modifying to comply with recently issued standards requiring subsea blowout preventers with a single shear ram to be upgraded or replaced.

Shear rams are the last line of defense for blowout protection. When activated, they shear off the drill string causing the ram to block the hole and seal it off preventing the release of oil and gas. It was the blowout preventer that failed on the Deepwater Horizon drilling rig in the Gulf of Mexico.


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Rich Duprey
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Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.

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Related Tickers

8/31/2015 3:57 PM
OII $43.85 Up +0.60 +1.39%
Oceaneering Intern… CAPS Rating: *****
RIG $14.23 Up +0.64 +4.70%
Transocean CAPS Rating: ***