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Oceaneering history
Oceaneering company history timeline
Oceaneering International, Inc. grew from a Gulf of Mexico diving business founded in 1964.
In 1964, Mike Hughes and Johnny Johnson formed a Gulf of Mexico diving company called World Wide Divers.
Oceaneering had 1,500 employees at the time, and trained divers at its own College of Oceaneering near Los Angeles. It had been launched in 1967 as the Commercial Dive Center.
Combined with two other diving outfits, the company was incorporated in 1969.
Steadfast was derived from Seaward Inc., a partnership formed in 1972.
Oceaneering purchased the rights to the JIM suit in 1975.
In 1991, Oceaneering acquired its first tanker for gathering and storing from well off the coast of Africa. It had been founded in 1977 and was acquired from Edisto Resources Corp. for $12 million.
A merger with the French firm Comex S.A. was planned in 1981 but never consummated.
The Canadian offshore surveying company Marinav Corp. was acquired in 1982 for $3 million.
J. Wesley Rogers was promoted to the CEO position in 1982, succeeding Edward A. Wardwell.
An important acquisition was made in 1983.
Revenues were $120 million in fiscal 1986 and, reports Forbes, the company had a loss of $45 million in the previous three years.
After the 1986 Space Shuttle Challenger disaster, Oceaneering teams recovered the Solid Rocket Booster that contained the faulty O-ring responsible for launch's failure.
He was elected chairman of Oceaneering in 1990.
Revenues were $183.4 million in the 1990 fiscal year, producing net income of $10.3 million--nearly nine times the previous year's figure.
1991: The first MOPS unit is acquired.
Oceaneering ROVs were used to determine what happened to the cargo ship Lucona in the 1991 murder and fraud investigation that claimed uranium mining equipment was lost when the vessel went down.
OII's revenues were $168 million in fiscal 1992.
1992: ROV pioneer Eastport International is acquired.
1993: ILC Space Systems is acquired.
In 1998, the parent company had revenues of $358 million and a net income of $22 million.
On August 8, 2000, at 8:37 a.m., the sub broke the surface for the first time in 136 years.
Oceaneering reported revenues of $639.25 million in 2003, with net income of $29.3 million.
2003: Rotator AS is acquired.
On August 2, 2006, NASA announced it would issue a Request for Proposal (RFP) for the design, development, certification, production and sustaining engineering of the Constellation Space Suit to meet the needs of the Constellation Program.
On June 11, 2008, NASA awarded a USD$745 million contract to Oceaneering for the creation and manufacture of this new space suit.
In 2009, Oceaneering installed a demonstrator crane aboard the SS Flickertail State to evaluate its performance in transferring containers between two moving ships, in an operational environment using commercial and oil industry at-sea mooring techniques in the Gulf of Mexico.
On April 22, 2010, three Oceaneering ROV crews aboard the Oceaneering vessel Ocean Intervention III, the DOF ASA Skandi Neptune and the Boa International Boa Sub C began to map the seabed and assess the wreckage from the Deepwater Horizon oil spill.
Petrobras, the biggest deepwater oilfield company in the world, placed the largest umbilical order in company history in 2012.
As of 2012, eighty percent of Oceaneering's income has been derived from deepwater work.
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Oceaneering competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Weatherford International | 1980 | $15.3B | 30,000 | 59 |
| Forum Energy Technologies | 2005 | $816.4M | 2,050 | 55 |
| Acuren | 1990 | $19.0M | 99 | 120 |
| XALT Energy | 2009 | $20.1M | 50 | - |
| TechnipFMC | 2001 | $6.4B | 17,400 | 18 |
| C-Innovation | 2007 | $790,000 | 50 | - |
| GTE - Gas Turbine Efficiency | 1963 | $8.5M | 150 | 1 |
| Worldwide Oilfield Machine | 1980 | $37.5M | 1,000 | 3 |
| Advanced Energy | 1980 | $1.5B | 10,000 | 114 |
| EMIT Technologies | 2000 | $13.0M | 75 | 8 |
Oceaneering history FAQs
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Oceaneering may also be known as or be related to Oceaneering, Oceaneering International, Oceaneering International Inc, Oceaneering International Inc. and Oceaneering International, Inc.