Recently, Oceaneering International, as part of a consortium with GE Oil & Gas, secured a contract that added over $100 million to its Subsea Products backlog. All of this product manufacturing is planned to be performed at their Port Panama City, Florida umbilical facility and is expected to begin in the second quarter of 2015 with completion in the fourth quarter of 2017.
"Given the overall condition of the oil & gas industry globally, driven by the current price per barrel of oil, securing a contract award of this magnitude provides the Panama City facility with a level of stability over the next 2 years that will help us weather the uncertainties we face in the global oil & gas markets," commented General Manager of the Panama City facility, Nuno Sousa.
"This is exciting news for our local economy and for the people employed at Oceaneering, a company with a long, successful history in Bay County and we look forward to their continued success and growth," Bay County Commission Chairman Guy Tunnell said.
The company currently employs more than 200 employees in Panama City and is a major contributor to the port's $1 billion annual economic impact. Oceaneering recently celebrated their 10th anniversary at Port Panama City, whose faciltites were the primary reason that the company originally decided to locate here.
Mayor of Panama City, Greg Brudnicki said, "Panama City is delighted to congratulate Oceaneering International on their $100 million contract. This exciting development will create new jobs and ensure continued work for those in the company's employ." He added, "Panama City is fortunate to have Oceaneering International located within our city and at our port. The innovation of this company is noted and appreciated. We look forward to many more good things to come from Oceaneering International."
Executive Director of Port Panama City, Wayne Stubbs commented, "We are very happy to see Oceaneering doing so well. They have been providing hundreds of good jobs in our community for over ten years. We are fortunate to have them in Bay County and very proud to have them at our port."
For more information please click HERE for a press release from Oceaneering International.
