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Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announced that the Marine Services Division of its Aerospace and Defense Technologies ("ADTech") segment has been awarded an indefinite-delivery/indefinite-quantity (IDIQ) contract by the Naval Supply Systems Command Weapon Systems Support (NAVSUP WSS), Mechanicsburg, Pennsylvania, for the repair of valves and actuators in support of the U.S. Navy's Corporate Component Repair Program ("CCRP") for Virginia-class and Los Angeles-class submarines. Oceaneering is one of three suppliers selected for this program.
The base contract, valued at up to $86 million, has a two-year initial term with provisions for three additional option years. Work will be performed at Oceaneering's facilities.
Oceaneering has been supporting the CCRP program for the past eight years, providing critical repair and overhaul services that sustain the high performance of U.S. Navy submarines. The CCRP streamlines the repair of vital submarine components through competitive, performance-based contracts, ensuring rapid turnaround and cost-effective support to the fleet. Funding for the contract will be provided through Navy Working Capital Funds, with the minimum contract amount obligated at award.
Bill Merz, Senior Vice President of ADTech, stated, "Our team's experience, technical expertise, and dedication continue to contribute to the U.S. Navy's enduring undersea dominance. This award recognizes our commitment to delivering high-quality, reliable, and timely repair services to support their mission. We look forward to this and other future opportunities."
Posted In: OII
