Oceaneering International announced that the primary contract term for use of the Ocean Legend mobile offshore production system (MOPS) has been extended from three to five years effective May 17, 2002. The primary contract term will now terminate in May 2006. The Ocean Legend is working offshore Western Australia under a services agreement with Woodside Energy, on behalf of a joint venture comprising Woodside Energy, Apache Northwest, and Santos Limited. As a result of the contract term extension, future revenue from the Ocean Legend's operation will be $19,000 per day less than the operating rate that had been in effect during the first year of the contract term. The new operating dayrate over the next four years will average approximately $69,000, or $775 per day per million dollars of the unit's capital cost of $89 million. The impact of this contract extension on Oceaneering's earnings for the years 2002 and 2003 was taken into account in the Company's EPS guidance of at least $1.50 in 2002 and 20%-30% more in 2003. John Huff, Chairman and Chief Executive Officer, stated, "We are pleased the production from the Legendre fields and Customer's satisfaction level with our operations prompted Woodside to exercise its option to extend the Ocean Legend's contract term. The two-year extension increases the contracted amount of cash flow we will realize from our investment in this MOPS asset and improves the visibility of the Company's long-term future earnings."
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