Ashtead signs global master lease agreement with Oceaneering

Oceaneering International, Inc. (“Oceaneering” or the “Company”) (NYSE:OII) announced that it has entered into a Master Service Agreement with Heerema Marine Contractors Nederland SE (“HMC”) through December 2020. During this time Oceaneering will provide up to ten Remotely Operated Vehicle (“ROV”) systems with associated subsea tooling, engineering and technicians to support HMC’s global operations, including fixed and floating platform installations, platform decommissioning, subsea infrastructure and pipeline installations.

Ashtead Technology Limited has announced that it has secured a global master lease agreement with a wholly-owned subsidiary of global oilfield services provider, Oceaneering International Inc. The agreement will see Ashtead offer Oceaneering’s range of ROV tools and systems for rental from its facilities in Aberdeen, Abu Dhabi, Houston and Singapore. Oceaneering is the market leading manufacturer of an extensive fleet of ROV equipment comprising of over 5000 items, including torque tools and test jigs, flying lead orientation tools, hot stabbing equipment, cleaning tools and cutters.

Allan Pirie, chief executive of Ashtead, commented: “This global master lease agreement compliments Ashtead’s range of subsea tooling and now provides our customers access to a comprehensive line of market leading ROV products and enables us to deliver integrated ROV equipment packages. “As we strive to offer the most reliable, innovative and cost-effective solutions to the industry, this agreement, combined with our own comprehensive range of subsea tooling, allows us to better meet the needs and demands of our customers. “By collaborating with Oceaneering we provide additional access to their market leading ROV tooling product offering, backed by our regional sales and technical support teams, we are demonstrating the type of supply chain collaboration necessary for our industry to sustain a low cost environment.” Oceaneering International, Inc. (“Oceaneering”) today announced a new interactive cloud-based corrosion and erosion analysis system for inspection requirements called TRND.

The TRND system is a technological collaboration that combines Oceaneering’s expertise in developing a wide range of inspection technologies and tools with Ionix Advanced Technologies’ (“Ionix”) high-temperature HotSense™ platform and Inductosense Limited’s (“Inductosense”) battery-free Wireless and Non Destructive, or WAND, technology.

Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries. Benjamin Laura, vice president of service, technology, and rentals at Oceaneering, said: “We are pleased to be working with Ashtead, and leveraging our existing relationship, to offer the offshore industry greater supply chain collaboration to sustain a low-cost environment.

By collaborating with Ashtead’s comprehensive subsea tooling offerings, sales and support teams, this agreement offers Oceaneering the opportunity to strengthen our global market positions and ensure our customers have access to an expanded selection of services, products, and advanced industry technology.” The ROV systems will be installed onboard HMC’s deepwater construction vessels Aegir, Thialf and Balder; the semi-submersible crane vessels Hermod and Sleipnir (a newbuild vessel); and other additional support vessels. M. Kevin McEvoy, Chief Executive Officer of Oceaneering, said, “We are very pleased to have been selected by HMC against a backdrop of what is a very challenging market environment. This is a position we have achieved through our customer focus and commitment to growing market share while safely providing state-of-the-art equipment, highly trained personnel, and complementary engineering services and products.”

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment and aerospace industries. Espen Ingerbretsen, Oceaneering’s Vice President Business Development for Asset Integrity, said, “We are proud to be partnering with Ionix and Inductosense on this innovative corrosion monitoring solution.

The TRND system will provide our customers with a remote, cost-effective condition monitoring service that can reduce the investment in additional infrastructure and hardware.”Within minutes of installation, operators can acquire quantitative wall thickness data, which may be remotely analyzed and reported through a cloud-based data management system. Measuring less than 1.2 kilograms total mass, the TRND system can be retrospectively installed and implemented within the harshest of environments and deployed anywhere including elbows and via rope access.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release which are forward-looking involve risks and uncertainties that may impact Oceaneering’s actual results. The forward looking statements in this press release concern: the expected duration for the agreement with HMC through December 2020; the expected provision of up to ten ROV systems with associated subsea tooling, engineering and technicians in support of HMC’s global operations; and the vessels on which the ROVs are to be installed.

Although Oceaneering’s management believes that the expectations reflected in these forward-looking statements are reasonable, Oceaneering can give no assurance that the expectations will prove to have been correct. The forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation, changes in schedule, contract cancellation, and other contract modifications.

If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see Oceaneering’s filings with the Securities and Exchange Commission. Oceaneering undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise, except as required by applicable law. The system’s reduced profile enables retrofit installation to existing assets under insulation.

This means that there is no disruption to weatherproofing, providing internal pipe corrosion/metal loss monitoring and integrity inspection services without the need to remove cladding, and therefore maintaining the integrity of Corrosion under Insulation (“CUI”) defenses. For hazardous environments, the TRND system offers intrinsically safe ultrasonic thickness measurements in Zone 0 explosive environments up to 350 degrees Celsius (660 degrees Fahrenheit).

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