Oceaneering International, Inc. (NYSE:OII) announced today that it has entered into a three-year charter for use of the Normand Flower, a multi-service subsea support vessel owned by Solstad Offshore ASA. The charter term is expected to commence during the fourth quarter of 2013 upon arrival of the vessel for work in the Gulf of Mexico (GOM).
Prior to commencement of the charter, the Normand Flower will undergo modifications to enhance its project capabilities, including reconfiguration to accommodate two Oceaneering, high-specification, work class ROVs. The vessel will also be equipped with a satellite communications system capable of transmitting streaming video for real-time work observation by shore personnel.
The Normand Flower has an overall length of approximately 305 feet (93 meters), a Class 3 dynamic positioning system, accommodations for 85 personnel, a helideck, a 150-ton active heave compensated crane, and a working moonpool.
The vessel will be used to augment Oceaneering's ability to provide subsea intervention services in the ultra-deep waters of the GOM and other international markets, depending on demand. These services include performing inspection, maintenance, and repair (IMR) projects and hardware installations. IMR projects are expected to include chemical well stimulation and hydrate remediation. Hardware installations are expected to include umbilicals, subsea trees, flowline jumpers, flying leads, and manifolds.
M. Kevin McEvoy, President and Chief Executive Officer, stated, “We are very pleased to have added, on a long-term basis, this high-end vessel to our suite of assets to enhance our capabilities to serve our customers operating in deepwater. This charter demonstrates our belief that the deepwater subsea intervention market has a promising and sustainable future.”