Oceaneering International, Inc.
OII
entered an agreement with DDK Positioning Limited to provide Global Navigation Satellite System (“GNSS”) augmentation services, and related software and hardware supporting Oceaneering’s C-Nav Positioning Solutions group offerings.
DDK Positioning delivers its enhanced GNSS positioning services through the Iridium satellite network along with hardware developed by partner Topcon. The combination of communication infrastructure and hardware will strengthen the ability of Oceaneering customers to accurately position their assets globally.
The integrated solution will provide various advantages to Oceaneering to serve the positioning needs of customers. This includes two-way communication, which allows machine control and feedback, and redundancy to cover potential signal losses.
From launch, DDK Positioning will provide its MAX service to Oceaneering customers, which can obtain accuracy to less than 10 cm (2 Sigma). The MAX service uses GNSS constellations, including GPS, Galileo and GLONASS, with further systems to be added within a year.
Communication infrastructure and satellite-positioning technology have made significant progress over the past few years. The agreement reflects the need for alternative GNSS augmentation services that increases the scope of services all around, with the added benefit of Iridium’s resilience and reliability.
With the agreement, Oceaneering gets the opportunity to provide enhanced positioning technology by enabling the company to build on its strong industry track record, while serving the positioning needs of customers now and into the future.
Company Profile & Price Performance
Headquartered in Houston, TX, Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
Shares of the company have outperformed the
industry
in the past six months. The stock has gained 39.7% compared with the industry’s 11.2% growth.
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Zacks Rank & Stocks to Consider
Oceaneering currently has a Zacks Rank #3 (Hold).
Some better-ranked players in the energy space are
Northern Oil and Gas, Inc.
NOG
,
Earthstone Energy, Inc.
ESTE
and
Kosmos Energy Ltd.
KOS
, each presently carrying a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Northern Oil and Gas’ earnings for 2021 are expected to rise 40.7% year over year.
Earthstone’s earnings for 2021 are expected to surge 84.5% year over year.
Kosmos’ earnings for 2021 are expected to grow 62.9% year over year.
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