BP Pulls Plug on Oceaneering Vessel Contract

 

Oceaneering International has announced that BP has exercised its right to terminate its use of the chartered vessel Bourbon Oceanteam 101 at the end of May 2016.

 

Prior to this notice, the work was scheduled to extend through the end of January 2017.

 

Under the terms of the contract, the costs incurred by Oceaneering associated with the early release and demobilization of the vessel are expected to be reimbursed by BP. Following the release of the vessel, Oceaneering intends to redeliver it to the vessel owner. 

 

Project management, engineering, and vessel services work associated with the provision for a second chartered vessel, Ocean Intervention III, is expected to continue as previously contracted with BP offshore Angola through January 2017.

 

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.