Oceaneering Awarded U.S. Navy Corporate Component Repair Program Contract
The base contract, valued at up to $86 million, has a two-year initial term with provisions for three additional option years. Work will be performed at Oceaneering's facilities.
Oceaneering has been supporting the CCRP program for the past eight years, providing critical repair and overhaul services that sustain the high performance of U.S. Navy submarines. The CCRP streamlines the repair of vital submarine components through competitive, performance-based contracts, ensuring rapid turnaround and cost-effective support to the fleet. Funding for the contract will be provided through Navy Working Capital Funds, with the minimum contract amount obligated at award.
Bill Merz, Senior Vice President of ADTech, stated, 'Our team's experience, technical expertise, and dedication continue to contribute to the U.S. Navy's enduring undersea dominance. This award recognizes our commitment to delivering high-quality, reliable, and timely repair services to support their mission. We look forward to this and other future opportunities.'
For more information on Oceaneering's Marine Services Division, please visit: Marine Services Division | Oceaneering
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 contract value, contract duration, and Oceaneering's work scope. 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.
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.
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