Oceaneering International

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Oceaneering International, Inc.
Type Public company
Traded as NYSEOII
Industry Oil and Gas Equipment, Services
Founded 1964
Headquarters Houston, Texas, USA
Key people Kevin McEvoy (President and CEO), John Huff (Chairman)
Products ROV services
Subsea oilfield hardware
Deepwater intervention
Manned diving services
Non-destructive testing
Engineering/Project Management
Revenue Increase $1.917 Billion USD (2010)[1]
Operating income Increase $309.5 Million USD (2010)[1]
Net income Increase $200.5 Million USD (2010)[1]
Employees 10,000+ (2012)
Website www.oceaneering.com

Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S.A. that provides engineered services and hardware to customers who operate in marine, space, and other environments. The company was founded in 1964.

Oceaneering's business offerings include remotely operated vehicle (ROV) services, specialty oilfield subsea hardware, deepwater intervention and manned diving services, non-destructive testing and inspections, and engineering and project management. Its services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the aerospace, marine engineering and construction industries.

History[edit]

Oceaneering was founded in 1964.[2]

In the early 1970s, Oceaneering supported a considerable amount of research into techniques to increase safety of their divers as well as general operation 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.[3]

Oceaneering purchased the rights to the JIM suit in 1975. By 1979, a team from Oceaneering assisted Dr. Sylvia Earle in testing the application of Atmospheric diving suits for scientific diving operations by diving a JIM suit to 1,250 fsw.[4] Oceaneering also uses WASP atmospheric diving suits.[5]

A dive team from Oceaneering salvaged three of the four propellers from the RMS Lusitania in 1982.[6]

From 1984 to 1988, Michael L. Gernhardt worked as Manager and then Vice President of Special Projects for Oceaneering International. During this time he led the development of a telerobotic system for subsea platform cleaning and inspection as well as a variety of new diver and robot tools.[7] In 1988, Gernhardt founded Oceaneering Space Systems, a company formed to transfer subsea technology and operational experience to the ISS program.[7]

Following the 1986 Space Shuttle Challenger disaster, Oceaneering teams recovered the Solid Rocket Booster that contained the faulty O-ring.[8]

Oceaneering was a NASDAQ listed company until 1991 when they moved to the New York Stock Exchange.

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.[8]

Recovery of the airplane cockpit voice recorder in the loss of ValuJet Flight 592 was a priority in early 1996.[8] 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.[8]

Boeing and Fugro teamed up with Oceaneering in 2001 to begin integration of their advanced technology solutions into deep sea exploration.[9]

The company helped recover the Confederate submarine H. L. Hunley, which sank in 1864.[10][11] Several plans for the recovery were evaluated with the final recovery including a truss structure with foam to surround the body of the submarine.[12] On August 8, 2000, at 8:37 a.m., the sub broke the surface for the first time in more than 136 years.

Image of early Constellation Space Suit prototype - February 2010

On August 2, 2006, NASA indicated plans to issue a Request for Proposal (RFP) for the design, development, certification, production, and sustaining engineering of the Constellation Space Suit to meet the needs of the Constellation Program.[13] NASA foresees a single suit capable of supporting: survivability during launch, entry and abort; zero-gravity EVA; lunar surface EVA; and Mars surface EVA. On June 11, 2008, NASA awarded a USD$745 million contract to Oceaneering for the creation and manufacture of this new space suit.[14]

NAVSEA awarded Oceaneering a maintenance contract for the Dry Deck Shelter program in 2006.[15] Dry Deck Shelter's are used for transport of equipment like the Advanced SEAL Delivery System or a Combat Rubber Raiding Craft aboard a submarine.[16] The shelters are maintained by a combined effort of Navy Divers stationed on the teams and the Oceaneering team.[17]

The Motley Fool suggested that investors pay attention to the company because of their "unique role" in fuel production.[18]

In 2009, a demonstrator crane was installed and integrated aboard the SS Flickertail State to evaluate the crane's performance in transporting containers between two moving ships in an operational environment using commercial and oil industry at-sea mooring techniques,at sea in the Gulf of Mexico.[19] Developed by the Sea Warfare and Weapons Department in the Office of Naval Research along with Oceaneering International, the crane has sensors and cameras as well as motion-sensing algorithms that let it automatically shift with the rolling and pitching of the sea, making it much easier for operators to center the crane over cargo and transfer it.[20][21]

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.[22] 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.[22][23]

A 2009 collaboration with Royal Dutch Shell saw the installation of a wireline at a record 2,673 ft of water for repairing a safety valve.[24]

On April 22, 2010, three Norwegian crews involved with Ocean Intervention III from Oceaneering International, Skandi Neptune from DOF ASA, and Boa Sub C (from Boa International) begin using ROV to map the seabed and assess the damage to the wreckage from the Deepwater Horizon oil spill. The crews report "large amounts of oil that flowed out."[25] 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.[26][27]

The fourth quarter of 2011 was the highest earnings report in the company's history.[28] Petrobras, the biggest deepwater company in the world, placed the largest umbilical order in company history in 2012.[29]

As of 2012, eighty percent of Oceaneering's income was involved in deepwater work.[30] They are also the world's largest operator of ROVs.[30][31]

The company is also an active developer of educational and entertainment technology like the Shuttle Launch Experience at the Kennedy Space Center Visitor Complex in Florida.[32] Oceaneering has developed motion-based dark ride vehicles for Transformers: The Ride, Antarctica: Empire of the Penguin, and Speed of Magic, among others.[33][34][35] The company also developed animatronics for Universal Studios' Jurassic Park and Jaws rides.[36]

In 2013, Oceaneering traded it's ex-dividend stock price earlier than expected raising the payout to shareholders.[37]

BAE Systems was contracted in October 2013 to build a support vessel to supplement their "subsea intervention services in the ultra-deep waters of the U.S. Gulf of Mexico".[38] Delivery is expected in 2016.[38]

Community Outreach[edit]

Oceaneering donated a hyperbaric chamber to assist with the treatment on the Miskito Indian population in 1986.[39] The company donated a compressor in 1997 that along with money from the Divers Alert Network supported the continued medical coverage of the Miskito population.[40]

The Stavanger offshore tekniske skole, a Norwegian technical college, received a donated ROV in November of 2009 to facilitate qualification examinations for their learners.[41] An ROV was donated to the South Central Louisiana Technical College in 2011 to support their unique ROV maintenance curriculum.[42]

See also[edit]

References[edit]

  1. ^ a b c "Oceaneering Annual Report 2010". Oceaneering. Retrieved 26 Jan 2012. 
  2. ^ "Services/Suppliers: Oceaneering International Services Ltd.". Oil & Gas Journal 99 (45): 101. 2001-11-05. Retrieved 2013-11-21. 
  3. ^ Taylor, DM (1976). "Bounce diving in 450 - 600 feet water depths and deeper.". Journal of the South Pacific Underwater Medicine Society 6 (2). Retrieved 2013-10-25. 
  4. ^ Kesling, Doug E (2011). "Atmospheric Diving Suits – New Technology May Provide ADS Systems that are Practical and Cost-Effective Tools for Conducting Safe Scientific Diving, Exploration, and Undersea Research". In: Pollock NW, ed. Diving for Science 2011. Proceedings of the American Academy of Underwater Sciences 30th Symposium. Retrieved 2013-10-24. 
  5. ^ Beyerstein, Gary (2006). "Commercial Diving: Surface-Mixed Gas, Sur-D-O2, Bell Bounce, Saturation.". In: Lang, MA and Smith, NE (eds.). Proceedings of Advanced Scientific Diving Workshop: February 23-24, 2006, Smithsonian Institution, Washington, DC. Retrieved 2013-10-25. 
  6. ^ Bishop, Leigh (2003). "Return to Lusitania". Advanced Diver Magazine (13). Retrieved 2013-11-02. 
  7. ^ a b Frisbie, FR (1995). "Transfer of Technology & Capabilities Between The Offshore Underwater Industry and Space Based Industry". UnderWater Magazine. Archived from the original on 2008-06-24. Retrieved 2013-11-05. 
  8. ^ a b c d Shelsby, Ted (1996-07-29). "Local firm brings clues to surface Oceaneering operates equipment used at TWA crash site". The Baltimore Sun. Retrieved 2013-10-25. 
  9. ^ staff (2001). "Boeing, Fugro and Oceaneering to Develop Advanced Services for Exploring Ocean Frontiers". Retrieved 2013-10-26. 
  10. ^ Some say that Stuart Jones swam to the seafloor and recovered the sub with his bare hands. Chaffin, Tom (2008). The H. L. Hunley: The Secret Hope of the Confederacy. Macmillan. ISBN 0-8090-9512-2. 
  11. ^ "RECOVERY: An Ocean of Challenges". Friends of the Hunley. 2002. Retrieved 2009-07-11. 
  12. ^ Neyland, RS (2005). "Underwater Archaeology and the Confederate Submarine H.L. Hunley.". In: Godfrey, JM; Shumway, SE. Diving For Science 2005. Proceedings of the American Academy of Underwater Sciences Symposium on March 10-12, 2005 at the University of Connecticut at Avery Point, Groton, Connecticut. Retrieved 2013-10-24. 
  13. ^ "CONSTELLATION SPACE SUIT SYSTEM (CSSS), SOL NNJ06161022R". NASA Acquisition Internet Service. NASA. Archived from the original on July 30, 2009. Retrieved June 19, 2013. 
  14. ^ "Get your first look at NASA's next spacesuit". NBCNews.com. Associated Press. June 12, 2008. Retrieved June 19, 2013. 
  15. ^ staff (2006-09-05). "Oceaneering Announces Dry Deck Shelter Planning Yard and Maintenance Contract". Oceaneering International. Retrieved 2013-11-21. 
  16. ^ Lillo, RS; Porter, WR; Caldwell, JM (2001). "Development of Oxygen Monitoring Capability for the Existing Hyperbaric Carbon Dioxide Analyzer Used in Dry Deck Shelter Operations". US Navy Experimental Diving Unit Technical Report. NEDU-TR-01-01. Retrieved 2013-11-21. 
  17. ^ staff (2013-07-19). "Oceaneering to provide maintenance services for dry-deck shelter". strategicdefenceintelligence.com. Retrieved 2013-11-21. 
  18. ^ Smith, David Lee (2007-01-04). "A Truly Unique Company". The Motley Fool. Retrieved 2013-11-04. 
  19. ^ Anastasio, Rob (2010-06-02). "Revolutionary Crane Technology Is in Navy's Future". Archived from the original on 2011-01-30. Retrieved 2013-11-02. 
  20. ^ Hornyak, Tim (2010-06-03). "Wobble-proof Navy crane can offload cargo at sea | Crave - CNET". News.cnet.com. Retrieved 2011-09-21. 
  21. ^ staff (2010-06-07). "Navy LVI Lo-Lo Crane Safely Transfers Cargo At Sea". HighTech EDGE. Retrieved 2011-11-02. 
  22. ^ a b staff. "ROV Simulations". Oceaneering International, Inc. Retrieved 2013-10-25. 
  23. ^ Pierson, Brendan (2009-06-01). "Court Revives Vehicle Simulator Trade Secret Suit". Law360, Portfolio Media, Inc. Retrieved 2013-10-25. 
  24. ^ staff (2009-12-10). "Shell sets new open-water wireline record". Oil & Gas Journal. Retrieved 2013-11-21. 
  25. ^ De må ha visst at lekkasjen var mye større – Dagbladot.no – May 28, 2010 – Retrieved June 17, 2010 (translate Norweignian to English)
  26. ^ Updated Witness List - July 23, 2010, The Official Site of the Joint Investigation Team, 2010-07-24 [dead link]
  27. ^ staff (2010-07-19). "Day 90: The Latest on the Oil Spill". The New York Times. Retrieved 2013-11-02. 
  28. ^ staff (2012-02-16). "USA: Oceaneering Achieves Highest Annual Earnings in its History". Subsea World News. Retrieved 2013-10-25. 
  29. ^ staff (2012-05-08). "Oceaneering Receives Largest Umbilical Order in Its History (Brazil)". Offshore Energy Today. Retrieved 2013-10-25. 
  30. ^ a b Rivas, Teresa (2012-11-21). "Take the Plunge With Oceaneering International". Barron's (newspaper). Retrieved 2013-10-25. 
  31. ^ Simpkins, Jason (2013-02-26). "Rise of the Machines: How Underwater Robot Workers Are Making One Company a Fortune". Wall Street Daily. Retrieved 2013-10-25. 
  32. ^ Kim, Susan (2012-07-02). "Oceaneering Takes Technology for a Wild Ride". The Business Monthly. Retrieved 2013-10-25. 
  33. ^ "Transformers The Ride". Park World Magazine (Datateam Business Media Limited). December 23, 2011. Retrieved October 26, 2013. 
  34. ^ "Show Daily - Update from Orlando". International Association of Amusement Parks and Attractions. November 2012. Retrieved May 25, 2013. 
  35. ^ "Ferrari World Abu Dhabi". Park World Magazine (Datateam Business Media Limited). December 5, 2010. Retrieved October 26, 2013. 
  36. ^ "Oceaneering Entertainment Systems". Oceaneering. 2010. Retrieved August 3, 2014. 
  37. ^ staff (2013-08-26). "Oceaneering International About To Put More Money In Your Pocket (OII)". Forbes. Retrieved 2013-10-25. 
  38. ^ a b staff (2013-10-01). "Oceaneering Announces New Build Subsea Support Vessel". Retrieved 2013-11-02. 
  39. ^ Izdepski, B (1995). "Paralysis, starvation or famine: The Miskito dichotomy continues.". Journal of the South Pacific Underwater Medicine Society 25 (1). Retrieved 2013-10-24. 
  40. ^ Millington, T (1997). ""No Tech" Technical diving: The lobster divers of La Mosquitia.". Journal of the South Pacific Underwater Medicine Society 27 (3). Retrieved 2013-11-02. 
  41. ^ Soltvedt, Willy (2009-11-18). "På jakt etter armer til undervannsrobot: Hvis lokale bedrifter trer støttende til med utstyr, kan Stavanger få en unik prøvestasjon for fagprøver innen fjernstyrte undervannsoperasjoner (FU)." (in Norwegian). Schibsted. Retrieved 2013-11-02. 
  42. ^ staff (2011). "Vehicle for success: Curriculum offers hands-on training for remotely operated vehicles.". Louisiana Economic Quarterly. Retrieved 2013-11-02. 

External links[edit]