Oceaneering, Saipem in a Deal - Analyst Blog
23 Mai 2013 - 1:25AM
Zacks
Oilfield services company Oceaneering International
Inc. (OII) has inked a deal with Italian oil and gas
contractor Saipem.
Per the contract, Oceaneering will provide ten subsea production
control umbilicals and two electrical power cables for the
development of the Burullus West Delta Deep Marine Phase IXa
project, which is based offshore Egypt. The umbilicals have a total
length of roughly 84 kilometers (Km) whereas the cables recorded a
length of 55 Km in total.
Oceaneering is planning to carry out the manufacturing work of the
products at its facility, which is based in Rosyth, Scotland. The
company will commence product manufacturing in the second quarter
of 2013 with likely completion by the third quarter of 2014.
Recently, Oceaneering reported 1Q13 earnings per share of 69 cents,
which came ahead of the Zacks Consensus Estimate of 59 cents. The
beat was owing to robust performances from the Remotely Operated
Vehicles and Subsea Products business units.
Houston, Texas-based Oceaneering primarily serves the global
offshore oilfield industry by providing engineered products and
services. The company also offers inspection works, subsea products
and services. Moreover, Oceaneering provides technological skills
to the aerospace and defence sectors.
Oceaneering currently carries a Zacks Rank #3 (Hold), implying that
it is expected to perform in line with the broader U.S. equity
market over the next one to three months.
However, in the oilfield services sector, three firms that are
expected to significantly outperform the broader U.S. equity market
over the next one to three months are Exterran Holdings
Inc. (EXH), Compagnie G (CGG) and
Dawson Geophysical Company (DWSN). All three firms
currently retain a Zacks Rank #1 (Strong Buy).
GEOPHYSIQUE-ADR (CGG): Free Stock Analysis Report
DAWSON GEOPHYS (DWSN): Free Stock Analysis Report
EXTERRAN HLDGS (EXH): Free Stock Analysis Report
OCEANEERING INT (OII): Free Stock Analysis Report
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