Oceaneering International, Inc. (NYSE: OII) announced that it has entered into a new credit arrangement providing for a $300 million 3-year delayed-draw term loan & a $500 million 5-year revolving credit rating center. The new credit rating arrangement replaces a previous contract that was planned to develop on January 6, 2017. The bank's participating in the new credit report arrangement are Wells Fargo Bank, National Association ('Wells Fargo'), DNB Resources LLC, HSBC Bank USA, National Association ('HSBC'), JPMorgan Chase Bank, N.A. ('JPM'), Bank of America, N.A., Requirement Chartered Bank, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Credit Suisse AG, and also Barclays Bank PLC. The amount available under the revolving credit facility center could be improved to as much as $800 million at any moment after the arrangement of Oceaneering and existing or additional lenders.

Loanings under the new credit arrangement will certainly be used to re-finance advances outstanding under the prior contract and for other general company purposes. Wells Fargo Stocks, LLC, DNB Markets, Inc., J.P. Morgan Stocks LLC, and HSBC Securities (U.S.A) Inc. acted as joint lead arrangers and joint bookrunners for the new credit rating arrangement. Wells Fargo is the Administrative Agent under the new credit agreement, DNB Bank ASA is the Syndication Representative, and also HSBC and also JPM are Documentation Agents.

Robert P. Mingoia, Vice President and also Treasurer, said, 'We are very happy that our international group of banks has revealed their self-confidence in our future business prospects. The new arrangement provides us medium-term capital at eye-catching prices and, paired with our anticipated strong capital, offers us with continued economic flexibility.'

Declarations in this press release that express a belief, assumption or objective, along with those that are not historic truth, are forward looking. The positive declarations in this press release include the statements concerning Oceaneering's purposes for the new revolving credit history center, and its prepared for strong cash flow and proceeded economic flexibility. These progressive declarations are made according to the secure harbor regulations of the Private Securities Litigation Reform Act of 1995 as well as are based upon existing information and also expectations of Oceaneering that involve a number of risks, unpredictabilities, and assumptions.

Among the factors that might create the real result in vary materially from those shown in the forward-looking statements are: industry conditions, prices of crude oil as well as natural gas, Oceaneering's ability to acquire and also the timing of new project, and also adjustments in affordable factors. Should several of these risks or unpredictabilities materialize, or need to the assumptions underlying the forward-looking statements verify wrong, real results would vary materially from those shown. These as well as other risks are totally described in Oceaneering's newest annual guide on form 10-K and subsequent quarterly reports on Form 10-Q submitted with the Stocks and also Exchange Compensation. Oceaneering undertakes no commitment to update or change any sort of positive statements to reflect new information or the event of unforeseen occasions or otherwise, except as required by applicable law.

Oceaneering is an international provider of engineered services and products, largely to the overseas oil as well as gas sector, with a focus on deepwater applications. Through the use of its applied technology competence, Oceaneering also serves the defense, entertainment, and aerospace industries.