Core Insights - Oceaneering International, Inc. (OII) has secured an $86 million indefinite-delivery/indefinite-quantity (IDIQ) contract from the Naval Supply Systems Command Weapon Systems Support (NAVSUP WSS) for repairing valves and actuators on Virginia-class and Los Angeles-class submarines [1][2][21] Contract Details - The contract has a base value of up to $86 million for an initial two-year period, with an option for a three-year extension [2] - Work will be conducted at Oceaneering's specialized repair facilities, which are equipped with advanced engineering infrastructure and experienced personnel [2][8] Role in Submarine Support - Oceaneering is one of three selected suppliers responsible for restoring key mechanical components that ensure submarine reliability and mission success [3][9] - The contract reinforces Oceaneering's position as a long-term partner in sustaining the Navy's advanced undersea platforms [3] Corporate Component Repair Program (CCRP) - The CCRP standardizes the repair and overhaul process for high-value submarine parts, improving turnaround times and controlling maintenance costs [4] - Oceaneering has over eight years of service under the CCRP, consistently delivering high-precision repairs that meet Navy standards [5] Technical Standards and Repair Operations - Repairing valves and actuators requires exacting technical standards, including disassembly, non-destructive testing, and final performance validation [6][7] - Oceaneering's facilities are optimized for submarine systems service, featuring specialized clean rooms and high-tolerance machining environments [8] Funding and Execution - The contract is funded through Navy Working Capital Funds, ensuring uninterrupted program continuity and rapid mobilization [11][12] - Immediate execution of component servicing is guaranteed upon award, supporting maintenance cycles and mission readiness [12] Strategic Importance - The contract supports the Navy's objective to reduce life cycle costs and minimize equipment downtime, which is vital for maintaining U.S. naval superiority [15] - Oceaneering's advanced repair capabilities enhance operational excellence and ensure high-quality outcomes [16][17] Future Readiness - The IDIQ contract aligns with Oceaneering's long-term vision of providing superior lifecycle support to the U.S. military [18] - Investments in workforce training and advanced materials testing are expected to elevate repair effectiveness and reduce lead times [18][19]