Oceaneering: High bidder for DMT Sapphire vessel, plans to upgrade

Source: Oceaneering

Oceaneering International, Inc. (OII) was the high bidder to acquire the DMT Sapphire from an affiliate of Deep Marine Technology, Inc. (DMT), under a bankruptcy-sponsored auction proceeding. The bid was $16.5 million. 

A bankruptcy court hearing to approve the sale of this Class 2 dynamically positioned vessel is scheduled for June 2, 2010. The U.S. flagged and built DMT Sapphire was commissioned in 2002, is 237 feet long, and will be delivered to Oceaneering at a Louisiana shipyard. 

Oceaneering intends to make an additional investment to upgrade the DMT Sapphire. The vessel will have an Oceaneering saturation (SAT) diving system permanently installed onboard and be outfitted with a new crane and telecommunications, video, and survey equipment. It will be renamed at a later date. 

T. Jay Collins, President and Chief Executive Officer, stated, "Our Subsea Projects business has performed admirably for the past five years and created an excellent reputation for SAT diving service work in the Gulf of Mexico. This pending acquisition is consistent with our intent to augment our vessel fleet by purchasing quality assets at attractive prices. 

"Assuming the court approves our bid, the addition of the DMT Sapphire should be accretive to our earnings in 2011."

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