Oceaneering Awarded Integrated Installation Contract for Offshore Egypt Project

Key Terms

subsea umbilical technical

A subsea umbilical is a bundled line of cables, tubes and hoses that carries power, data, and fluids between surface facilities or platforms and underwater equipment on the seabed. Think of it as a combined power cord, phone line and fuel hose that lets remote machines be controlled, monitored and supplied without divers. Investors care because umbilicals are critical to production reliability, maintenance costs and the timeline and cost of offshore projects.

thermoplastic composite pipe (TCP) technical

Thermoplastic composite pipe (TCP) is a pipeline made from a plastic (thermoplastic) liner wrapped or reinforced with strong fibers and polymer layers, combining flexibility and corrosion resistance with structural strength. Think of it as a fabric‑reinforced plastic hose built for industrial fluids; it matters to investors because TCP can lower maintenance and replacement costs, change installation and capital outlays, and shift project risk profiles compared with traditional metal piping.

remotely operated vehicle (ROV) technical

A remotely operated vehicle (ROV) is an unmanned, pilot-controlled machine that operates underwater from a distance, using cameras, tools and sensors to inspect, repair or collect data where it’s too deep or dangerous for people. Think of it as an underwater drone that lets companies keep operations running, avoid costly downtime and reduce safety risks — factors that can affect revenue, capital spending and liability for investors.

forward-looking statements regulatory

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

HOUSTON--(BUSINESS WIRE)-- Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced that its Offshore Projects Group has been awarded an integrated offshore installation contract at the West Delta Deep Marine (WDDM) gas field development project offshore Egypt from Burullus Gas Company. The contract is expected to generate meaningful revenue in 2026.

Under the scope of work, Oceaneering will provide an integrated solution to support the transportation, offshore installation, and commissioning of a refurbished subsea umbilical and a 2,000-meter replacement thermoplastic composite pipe (TCP) flowline, including procurement and integration of the TCP. Work to refurbish the umbilical was carried out at Oceaneering’s umbilical manufacturing facility in Rosyth, UK. Oceaneering will also supply associated remotely operated vehicle (ROV) and survey services to support offshore operations, which are expected to commence on an accelerated schedule.

Chris Dyer, Senior Vice President of Oceaneering’s Offshore Projects Group, stated: “This award highlights Oceaneering’s ability to deliver integrated offshore installation solutions on an expedited timeline to restore production. By bringing together logistics management, refurbishment expertise, vessel operations, and ROV services, we can provide our customer with an end-to-end, single source solution that accelerates project execution and delivers significant value. We are proud to continue supporting the WDDM development through our comprehensive offshore capabilities.”

For more information on our Integrated Vessel Solutions, please visit: http://oceaneering.com/vessels.

Statements in this press release that express a belief, expectation, or intention, as well as those that are not historical fact, are forward-looking. The forward-looking statements in this press release include statements concerning Oceaneering’s scope of work and expectations that the contract will generate meaningful revenue in 2026 and that field operations will commence on an accelerated schedule. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions, including risks and uncertainties related to counterparty performance under contracts and market conditions and other economic factors affecting Oceaneering’s business. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.

About Oceaneering

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

For more information, please visit www.oceaneering.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260521313239/en/

Hilary Frisbie
Senior Director, Investor Relations
713-329-4755
investorrelations@oceaneering.com

Source: Oceaneering International, Inc.