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OCEANEERING ANNOUNCES NEW CONTRACT FOR FPSO OCEAN PRODUCER

 HOUSTON, Oct. 1 /PRNewswire/ -- Oceaneering International, Inc. (NYSE: OII), today announced that its production contracting division, Oceaneering Production Systems, has been awarded a new contract for the Floating Production, Storage and Offloading (FPSO) system Ocean Producer. The new contract is with Sonangol, the national oil company of the Republic of Angola, for a primary term of one year, expected to commence in early January 1994, with options for two one-year extensions. The FPSO vessel will be deployed to Block 4 approximately 17 miles offshore northern Angola in West Africa where it will receive, process, store and off-load crude oil produced from two subsea completions.
 The Ocean Producer has been working month-to-month offshore Gabon, West Africa, for Kelt Gombe Marin Company since December 1992, following an initial one-year contract with Amoco in Gabon. The new contract with Sonangol represents a considerable financial improvement over the previous situation.
 "Oceaneering is very pleased at this opportunity to support a new customer offshore West Africa. It is gratifying to soon have the Ocean Producer working at a profitable dayrate again in an important business segment and geographic area for us. This contract reinforces our belief that the Mobile Offshore Production System market offers excellent prospects for growth. It is a business that requires initiative, persistence and patience.
 "While it is generally not our policy to release earnings forecasts, it is appropriate to address the impact of the estimated commencement of the higher dayrate in January 1994 on our fiscal year 1994. With this start date, we estimate earnings for fiscal year 1994 will be near or somewhat higher than that of fiscal year 1993. This estimate is slightly lower than certain published earnings forecasts which anticipated an earlier start date. Earnings for fiscal year 1995 should benefit by a net positive difference of 8 cents per share for each full quarter that the Ocean Producer is working under our new contract compared to operating under the previous contract," stated John Huff, chairman, president and chief executive officer of Oceaneering.
 The FPSO Ocean Producer is a 78,000-deadweight-ton offshore vessel with production capacity of 15,000-25,000 barrels of oil per day and storage capacity of 514,000 barrels. The vessel has been producing continuously offshore Gabon for the past 21 months with no downtime and no lost-time accidents.
 Oceaneering International, Inc., provides quality-based technical solutions to meet customer needs in harsh environments around the world. Principal services are directed to the offshore oil and gas industry and include complete underwater services; drilling support; subsea construction; production systems; facilities maintenance and repair; survey and positioning; design and engineering; and specialized inspection, both offshore and onshore. Oceaneering's customer base has expanded beyond the oilfield to include governments and companies in the telecommunications, aerospace, insurance, salvage, entertainment, nuclear and environmental remediation industries.
 For further information, please contact Chuck McCabe, corporate communications and investor relations, Oceaneering International, Inc., P.O. Box 218130, Houston, Texas 77218; telephone, 713-578-8868, or fax, 713-578-5243.
 -0- 10/1/93
 /CONTACT: Chuck McCabe, corporate communications, investor relations of Oceaneering International, Inc., 713-578-8868/
 (OII)


CO: Oceaneering International, Inc. ST: Texas IN: OIL SU: CON ERP

TW -- NY016 -- 7661 10/01/93 09:14 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
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