Oceaneering extends remainder of revolver, term loan by two years

By Marisa Wong

Morgantown, W.Va., June 28 – Oceaneering International, Inc. amended its credit agreement dated Oct. 27, 2014 with Wells Fargo Bank, NA as administrative agent to extend the maturity dates of the remaining parts of its loans, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement originally provided for a $300 million three-year term loan and a $500 million five-year revolving credit facility.

Oceaneering extended the maturities of the revolver and the term loan to Oct. 25, 2021 and Oct. 25, 2019, respectively on Nov. 21, 2016 for 90% of the commitments.

As a result, the total commitments for the revolver were $500 million until Oct. 25, 2020 and, after that, $450 million until Oct. 25, 2021, and the outstanding term loans was to total $300 million until Oct. 27, 2018 and, after that, $270 million until Oct. 25, 2019.

With Tuesday’s amendment, the lender for the remaining 10% has agreed to extend and the full $500 million of the revolver is now available until Oct. 25, 2021 and the full $300 million of the term loan is available until Oct. 25, 2019.

Oceaneering is a Houston-based provider of engineered services and products, primarily to the offshore oil and gas industry with a focus on deepwater applications.

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