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Oceaneering International

#4528

Rank

$2.07B

Marketcap

US United States

Country

Oceaneering International
Leadership team

Mr. Roderick A. Larson (Pres, CEO & Director)

Mr. Alan R. Curtis (Sr. VP & CFO)

Mr. David K. Lawrence (Sr. VP, Gen. Counsel & Sec.)

Products/ Services
Energy, Industrial, Information Technology, Manufacturing, Oil and Gas, Transportation
Number of Employees
1,000 - 20,000
Headquarters
Houston, Texas, United States
Established
1964
Company Registration
SEC CIK number: 0000073756
Net Income
5M - 20M
Revenue
Above - 1B
Traded as
OII
Social Media
Overview
Location
Summary
Oceaneering International, Inc. provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. The company's Subsea Robotics segment provides remotely operated vehicles (ROVs) for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair. This segment also offers ROV tooling, and survey services, such as hydrographic survey and positioning services, as well as autonomous underwater vehicles for geoscience. As of December 31, 2021, this segment owned 250 work-class ROVs. Its Manufactured Products segment provides distribution and connection systems, including production control umbilicals and field development hardware, pipeline connection, and repair systems to the energy industry; and autonomous mobile robots and automated guided vehicle technology and entertainment systems to various industries. The company's Offshore Projects Group segment offers subsea installation and intervention, including riserless light well intervention services and inspection, and maintenance and repair services; installation and workover control systems, and ROV workover control systems; project management and engineering; and drill pipe riser services and systems, and wellhead load relief solutions. Its Integrity Management & Digital Solutions segment provides asset integrity management; software and analytical solutions for the bulk cargo maritime industry; and software, digital, and connectivity solutions for the energy industry. The company's Aerospace and Defense Technologies segment offers government services and products, including engineering and related manufacturing in defense and space exploration activities to U.S. government agencies and their prime contractors. Oceaneering International, Inc. was founded in 1964 and is headquartered in Houston, Texas.
History

Oceaneering was founded in 1964 with the incorporation of World Wide Divers, Inc., one of three companies who merged in 1969 to operate under the name Oceaneering International, Inc. The merged companies were World Wide Divers, Inc. , California Divers, Inc. , and Can-Dive Services Ltd . World Wide Divers, Inc. was owned by Mike Hughes and Johnny Johnson. California Divers, Inc. was owned by Lad Handelman, Gene Handelman, Kevin Lengyel, and Bob Ratcliffe. Can-Dive Services Ltd was owned by Phil Nuytten and partners. Mike Hughes served as Chairman of the Board and Lad Handelman served as President of the merged companies.

In the early 1970s, Oceaneering supported considerable research into ways to increase safety of their divers and general diving efficiency, including their collaboration with Duke University Medical Center to explore the use of trimix breathing gas to reduce the incidence of high-pressure nervous syndrome.Oceaneering purchased the rights to the JIM suit in 1975. By 1979, a team from Oceaneering assisted Dr. Sylvia Earle in testing Atmospheric diving suits for scientific diving operations by diving a JIM suit to 1,250 fsw. Oceaneering also used WASP atmospheric diving suits.A dive team from Oceaneering salvaged three of the four propellers from the RMS Lusitania in 1982.From 1984 to 1988, Michael L. Gernhardt served as Oceaneering's Manager and then Vice President of Special Projects. He led the development of a telerobotic system for subsea platform cleaning and inspection, and of a variety of new diver and robot tools. In 1988, he founded Oceaneering Space Systems, to transfer subsea technology and operational experience to the ISS program.After the 1986 Space Shuttle Challenger disaster, Oceaneering teams recovered the Solid Rocket Booster that contained the faulty O-ring responsible for launch's failure.Oceaneering was a NASDAQ listed company until 1991, when they moved to the New York Stock Exchange.

Oceaneering ROVs were used to determine what happened to the cargo ship Lucona in the 1991 murder and fraud investigation that claimed uranium mining equipment was lost when the vessel went down.Recovery of the airplane cockpit voice recorder in the loss of ValuJet Flight 592 was a priority in early 1996. In the days following the loss of TWA Flight 800 later that same year, Oceaneering was contacted to provide ROV support to the US Navy lead search and recovery effort.Boeing and Fugro teamed up with Oceaneering in 2001 to begin integration of their advanced technology into deep sea exploration.Oceaneering helped recover the Confederate submarine H. L. Hunley, which sank in 1864. Several recovery plans were evaluated; the final recovery included a truss structure with foam to surround the body of the submarine. On August 8, 2000, at 8:37 a.m., the sub broke the surface for the first time in 136 years.

On August 2, 2006, NASA announced it would issue a Request for Proposal for the design, development, certification, production and sustaining engineering of the Constellation Space Suit to meet the needs of the Constellation Program. On June 11, 2008, NASA awarded a USD$745 million contract to Oceaneering for the creation and manufacture of this new space suit.In 2006, NAVSEA awarded Oceaneering a maintenance contract for the Dry Deck Shelter program. Dry Deck Shelters are used to transport equipment such as the Advanced SEAL Delivery System and Combat Rubber Raiding Craft aboard a submarine.In 2009, Oceaneering installed a demonstrator crane aboard the SS Flickertail State to evaluate its performance in transferring containers between two moving ships, in an operational environment using commercial and oil industry at-sea mooring techniques in the Gulf of Mexico. Developed in conjunction with the Sea Warfare and Weapons Department in the Office of Naval Research, the crane has sensors and cameras as well as motion-sensing algorithms that automatically compensate for the rolling and pitching of the sea, making it much easier for operators to center it over and transfer cargo.Oceaneering teamed up with the Canadian company GRI Simulations to design and produce the ROV simulators they utilize for training, development of procedures, and equipment staging. After a dispute over theft of trade secrets and copyright infringement that lasted several years, Oceaneering now licenses the VROV simulator system from GRI Simulations.A 2009 collaboration with Royal Dutch Shell saw the installation of a wireline at a record 2,673 feet of water for repairing a safety valve.On April 22, 2010, three Oceaneering ROV crews aboard the Oceaneering vessel Ocean Intervention III, the DOF ASA Skandi Neptune and the Boa International Boa Sub C began to map the seabed and assess the wreckage from the Deepwater Horizon oil spill. The crews reported "large amounts of oil that flowed out." Oceaneering ROV Technician Tyrone Benton was later called as a witness to provide information on the leaks associated with BOP stack investigation, but gave no reason why he later failed to appear in court.Petrobras, the biggest deepwater oilfield company in the world, placed the largest umbilical order in company history in 2012.As of 2012, eighty percent of Oceaneering's income has been derived from deepwater work. It is also the world's largest operator of ROVs.BAE Systems was contracted in October 2013 to build a Jones Act-compliant multi-service vessel to serve Oceaneering's "subsea intervention services in the ultra-deep waters of the Gulf of Mexico". Delivered in 2019.

Mission
We Solve the Unsolvable.
Vision
Oceaneering seeks to be the leader in engineered and applied technologies and services that serve the global energy, aerospace and defense industries.
Key Team

Mr. Eric A. Silva (Sr. VP of Strategic Planning)

Mr. Philip G. Beierl (Sr. VP of Aerospace & Defense Technologies)

Mr. Martin J. McDonald (Sr. VP of Subsea Robotics)

Mr. Earl F. Childress (Sr. VP & Chief Commercial Officer)

Mr. Witland J. LeBlanc Jr. (VP & Chief Accounting Officer)

Mr. Mark E. Peterson (VP of Corp. Devel. & Investor Relations)

Ms. Holly D. Kriendler (Sr. VP & Chief HR Officer)

Recognition and Awards
Oceaneering has been recognized many times for their environmental stewardship and commitment to protecting the environment and the communities in which they operate. The company has been the recipient of numerous awards, including the Oil & Gas Technology Award for Best Solutions Provider, the United Nations Global Compact Leadership Award, and the Award for Corporate Excellence from the U.S. Department of State.
References

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Oceaneering International
Leadership team

Mr. Roderick A. Larson (Pres, CEO & Director)

Mr. Alan R. Curtis (Sr. VP & CFO)

Mr. David K. Lawrence (Sr. VP, Gen. Counsel & Sec.)

Products/ Services
Energy, Industrial, Information Technology, Manufacturing, Oil and Gas, Transportation
Number of Employees
1,000 - 20,000
Headquarters
Houston, Texas, United States
Established
1964
Company Registration
SEC CIK number: 0000073756
Net Income
5M - 20M
Revenue
Above - 1B
Traded as
OII
Social Media