Oceaneering International, Inc. (OII) said that in June it obtained a corrosion and inspection management services contract from BP Exploration Ltd., with estimated revenue of approximately $45 million over an initial three-year term. At the end of the initial term, BP has two consecutive options to extend the contract for a period of one year each. The assets covered by the contract include BP's onshore Sangachal Terminal and offshore production facilities in Azerbaijan, and export pipelines in both Azerbaijan and Georgia.
Under the terms of the contract, Oceaneering would provide risk-based inspection plans derived from detailed corrosion assessments. These assessments would be based on both conventional non-destructive testing and specialized inspection techniques. Conventional NDT includes magnetic particle, dye penetrant, and visual inspections. Specialized inspections utilize more advanced technologies, such as non-invasive ultrasonic corrosion mapping, which provides a reproducible fingerprint, and long-range ultrasonics, which provide a rapid and reliable technique for assessing the condition of small and large-diameter pipes. Furthermore, Oceaneering would provide corrosion trend and defect analyses to support facility maintenance and repair plans and to meet compliance requirements.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.