The following is the text of a press release issued by Oceaning International Inc.:
(HOUSTON) — Oceaneering International, Inc. (NYSE:OII) announced it has acquired AIRSIS Inc., a provider of remote asset management software services. AIRSIS' revenue for 2013 was approximately $7 million, and its future financial results will be included in Oceaneering's Subsea Projects segment.
This acquisition is expected to enhance Oceaneering's current asset tracking service offered on offshore drilling rigs and vessels engaged in subsea activities. Asset tracking information is utilized by customers to establish a common operating picture, which improves operational efficiency and enables incident and emergency response collaboration and reporting. This picture collects and displays real-time data associated with an offshore operation, including rig or vessel position, metocean conditions, remotely operated vehicle video, and subsea survey information.
AIRSIS' signature service, PortVision(R) , provides web-based location reporting on commercial vessels. Oceaneering is committed to servicing AIRSIS' existing customers, including its 3,000 PortVision(R) (www.portvision.com) users, and growing its presence internationally by leveraging Oceaneering's global footprint.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release that are forward-looking involve risks and uncertainties that may impact Oceaneering's actual results. The forward-looking statements in this press release concern Oceaneering's: intent to include AIRSIS' future financial results in its Subsea Projects segment; expectation that the AIRSIS acquisition will enhance its asset tracking service offered on offshore drilling rigs and vessels engaged in subsea activities; and commitments to service AIRSIS' existing customers and growing AIRSIS' presence internationally. Although Oceaneering's management believes that the expectations reflected in these forward-looking statements are reasonable, Oceaneering can give no assurance that these expectations will prove to have been correct. These statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, please see Oceaneering's filings with the Securities and Exchange Commission.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its advanced applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
