There are still brilliant conditions for growth in subsea oil and gas services it seems. The Q2 earnings report from Oceaneering contains many interesting comments about the subsea engineering climate and where things are going internationally, much of which is relevant to NMS. A long read, but worth it for the opinions, facts and focuses of their business. Lange seems to have a lot right in NMS judging by this (eg: regarding UK growth, ROV growing exponentially, etc, etc).
ROV business booming, and they are looking forward to an apparent step change increase in general demand and activity here on in, despite many unexpected short term project delays and a flat spot in activity in early 2008.
July 31, 2008
"Net income of $52.1 million was higher than the second quarter of 2007 and over 25% above that of last quarter. Year-over-year earnings increased due to growth ROV, subsea products and inspection operating profits."
"... our quarterly results continue to demonstrate our ability to generate exponential earning and cash flow. We believe our business strategy is working well for both the long and short-term. Our technology gives us operating leverage to take advantage of the high level of deepwater and subsea completion activity entirely under way.
The market outlook for our deepwater and subsea services and product offerings is excellent. We continue to believe we are in one of the sweet spot to the sub cycle. We're expecting record annual earnings for the fifth consecutive year in 2008. And with escalating demands for ROVs and Subsea Product, 2009 should be even better."
