BP plc BP, the UK-based energy major, has awarded a multi-year subsea contract to Texas-based Oceaneering International, Inc. OII for work at its flagship Greater Tortue Ahmeyim (“GTA”) gas field offshore Mauritania and Senegal. This marks a milestone in the UK energy giant's largest project.
BP Enlists Oceaneering for IMR and ROV Services
The contract, granted through BP Mauritania Investments, involves subsea inspection, maintenance, and repair (IMR) and remotely operated vehicle (ROV) services. Oceaneering’s Offshore Projects Group will handle the assignment, deploying one of its multi-purpose vessels equipped with two work-class ROVs. In addition to offshore operations, Oceaneering will provide project management, engineering, and integration support through its global and local teams.
Ben Laura, Oceaneering’s chief operating officer, emphasized that the company’s proven ability to deliver high-quality subsea solutions in challenging environments, supported by advanced technologies and services, played a key role in securing the contract.
GTA Field: A Key Asset in BP’s Global LNG Portfolio
The GTA development, operated by BP with a 56% stake, achieved first LNG production earlier in 2025. Other stakeholders are Kosmos Energy (27%), Petrosen (10%) and Société Mauritanienne Des Hydrocarbures (SMH) (7%). The project's Phase 1 floating LNG unit, Gimi, received feed gas from the GTA FPSO, located approximately 40 kilometers offshore, setting the stage for commercial exports.
The initial term of Oceaneering’s contract is three years, with options to extend for two additional years. Field operations are expected to commence in the second quarter of 2025, following the ongoing engineering and mobilization work.
Oceaneering Sees Revenue Surge With Rising Offshore Activity
Oceaneering enters the contract on strong footing, having posted $674.5 million in revenue for first-quarter 2025 — an almost 13% increase year over year — fueled by high ROV utilization and robust vessel activity. The GTA contract adds to its growing backlog and underpins its strategic expansion in high-potential offshore regions.
With this high-profile contract, both BP and Oceaneering are doubling down on their presence in West Africa’s increasingly important offshore gas sector.
Zacks Rank & Key Picks
Both BP and OII currently carry a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Diversified Energy Company plc DEC and RPC Inc. RES, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Diversified Energy Company is an independent oil and natural gas producer in the United States. The company is primarily engaged in the production, transportation, and marketing of natural gas and natural gas liquids. The rising demand for natural gas as a cleaner-burning fuel and an uptick in the commodity’s prices are expected to positively impact DEC’s bottom line.
RPC derives strong and stable revenues via diverse oilfield services, which include pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC’s current dividend yield is higher than that of the composite stocks belonging to the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans for further expansion of high-efficiency equipment to enhance operational capabilities.
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BP p.l.c. (BP): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Diversified Energy Company PLC (DEC): Free Stock Analysis Report RPC, Inc. (RES): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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