Ceanic Announces Expansion of Americas Region Diving Services.HOUSTON--(BUSINESS WIRE)--April 23, 1998--American Oilfield Divers, Inc. d/b/a Ceanic (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DIVE), announced today that its Board of Directors approved an expansion of its diving services capability in its Americas Region. The Company expects to spend in excess of $9.0 million through the 1998 season. The additional equipment will include additional saturation diving Saturation diving is a diving technique that allows divers to remain at great depth for long periods of time. "Saturation" refers to the fact that the diver's tissues have absorbed the maximum partial pressure of gas possible for that depth due to the diver being exposed to capabilities, upgraded support equipment, decompression chambers decompression chamber n. A compartment in which atmospheric pressure can be gradually raised or lowered, used especially in readjusting divers or underwater workers to normal atmospheric pressure or in treating decompression sickness. , jet pumps, water blasters and ancillary equipment. In addition to this commitment, Ceanic also plans an expansion of its diving support vessels A diving support vessel is a ship that is used as a floating base for professional diving projects. Commercial Diving Support Vessels emerged during the 1960s and 1970s when the need arose for diving operations to be performed below and around oil production platforms and , specifically dynamically positioned vessels. "This capital asset expansion confirms our commitment to maintaining our leadership role in the diving industry in our Americas Region," stated Kevin C. Peterson, Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "We are determined to support our customers' growing needs in this expanding market." Statements in this press release that are not statements of historical fact are forward-looking statements involving risks and assumptions that could cause actual results to vary materially from those predicted, including, among other things, unexpected delays and operational issues associated with new and upgraded diving support equipment and the continued demand for Ceanic's product and services offerings. Ceanic is a leading provider of diving services, intervention technologies, subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". products, field development, general contracting and marine construction services to offshore, governmental and industrial customers in the U.S. and internationally. CONTACT: Ceanic (American Oilfield Divers) Tracey S. Weissling, 713/430-1100 |
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