Oceaneering International, Inc. is a global oilfield provider of engineered
services and products, primarily to the offshore oil and gas industry. Oceaneering
also serves the defense, aerospace and commercial theme park industries. Oceaneering
was organized as a Delaware corporation in 1969 out of the combination of three
diving service companies founded in the early 1960s. Since our establishment,
we have concentrated on the development and marketing of underwater services
and products to meet customer needs requiring the use of advanced technology.
We believe we are one of the world's largest underwater services contractors.
The services and products we provide to the energy industry include remotely
operated vehicles, specialty subsea hardware, engineering and project management,
subsea intervention services, including manned diving, survey and positioning
services and asset integrity and nondestructive testing services.
Our business segments are contained within two businesses – services
and products provided primarily to the oil and gas industry ("Oilfield")
and services and products provided to non-energy industries ("Advanced
Technologies"). Our four business segments within the Oilfield business
are Remotely Operated Vehicles ("ROVs"), Subsea Products, Subsea Projects
and Asset Integrity. We report our Advanced Technologies business as one segment.
Unallocated Expenses are expenses not associated with a specific business segment.
These consist of expenses related to our incentive and deferred compensation
plans, including restricted stock and bonuses, as well as other general expenses.
Oilfield. The primary focus of our Oilfield business over the last several years
has been toward increasing our asset base and capabilities for providing services
and products for offshore operations and subsea completions. In recent years,
we have focused on increasing our service and product offerings toward our oil
and gas customers' operating expenses and the offshore renewable energy market.
During the past ten years, we have acquired businesses to expand and complement
our service and product offerings. These include:
a Canadian manufacturer of clamp connectors, check valves and universal ball
joints;
a Norwegian-based provider of inspection, maintenance, subsea engineering and
field operations services, principally to the oil and gas industry;
a Norwegian rental provider of specialized subsea dredging equipment, including
ROV-deployed units, to the offshore oil and gas industry;
a Norwegian oilfield technology company specializing in providing subsea tooling
services and plugging, abandonment and decommissioning of offshore oil and gas
production platforms and subsea wellheads;
a Norwegian design and fabrication company specializing in subsea tools for
the offshore oil and gas industry;
a U.S.-based international provider of survey and positioning services;
a business that uses ROVs to perform surveys on mobile offshore drilling units
and floating production systems that satisfy the underwater inspection in lieu
of drydocking (UWILD) requirements of all major classification societies;
the assets of a provider of riserless light well intervention services; and
a majority interest in an Azerbaijani company that supports the provision of
ROV and diving services in the Caspian Sea region.
ROVs. We provide ROVs, which are tethered submersible vehicles remotely operated
from the surface, to customers in the oil and gas industry for drilling support
and vessel-based services, including subsea hardware installation, construction,
pipeline inspection, survey and facilities inspection, maintenance and repair.
We design and build our new ROVs at in-house facilities, the largest of which
is in Morgan City, LA.
Subsea Products. Our Subsea Products segment consists of two business units:
(1) manufactured products; and (2) service and rental. Manufactured products
include production control umbilicals and specialty subsea hardware. Service
and rental includes tooling, subsea work systems and installation and workover
control systems, which we design and build but operate as a service.
We provide various types of subsea umbilicals through our Umbilical Solutions
division from plants in the United States, Scotland and Brazil. Offshore operators
use umbilicals to control subsea wellhead hydrocarbon flow rates, monitor downhole
and wellhead conditions and perform chemical injection. Subsea umbilicals are
also used to provide power and fluids to other subsea processing hardware, including
pumps and gas separation equipment.
Subsea Projects. Our Subsea Projects segment consists of our subsea installation,
inspection, maintenance and repair services, principally in the U.S. Gulf of
Mexico and offshore Angola and India, utilizing a fleet currently consisting
of two owned and two chartered dynamically positioned deepwater vessels with
integrated high-specification work-class ROVs onboard, and three owned shallow
water diving and survey vessels, other spot-chartered vessels and other assets.
Our owned vessels are Jones Act-compliant. The dynamically positioned vessels
are equipped with thrusters that allow them to maintain a constant position
at a location without the use of anchors. They are used in the inspection, maintenance
and repair of subsea facilities, pipeline or flowline tie-ins, pipeline crossings
and installations. These vessels can also carry and install equipment or umbilicals
required to bring subsea well completions into production (tie-back to production
facilities).
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