Oceaneering inches higher on contract win

|About: Oceaneering International Inc. (OII)|By:, SA News Editor

Oceaneering (OII +0.1%) trades narrowly higher after late yesterday's announcement of a new contract for its production control umbilical systems, which calls OII to supply a combined 31 miles in super-duplex steel tube umbilicals for FMC Technologies (FTI -0.1%) and its Jangkrik project in the Muara Bakau production-sharing contract area off the coast of Indonesia.

Delivery is expected to begin before the end of the year and continuing through mid-2015; financial terms of the contract were not disclosed.