Core Insights - Oceaneering International, Inc. (OII) has secured a $33,134,365 firm-fixed-price IDIQ contract from the U.S. Navy for critical infrastructure and mission-specific equipment for Virginia-class submarines [1][2][18] - The contract reflects OII's engineering capabilities and its long-standing relationship with the Department of Defense, highlighting ongoing U.S. investment in naval modernization [2][19] Contract Details - The contract includes the production and delivery of specialized components such as sail racetracks, payload tube loading platforms, and AUR canister support equipment [3][4][12] - All production and logistics operations will occur in Chesapeake, VA, with completion scheduled by June 2030, ensuring a sustained collaboration with the U.S. Navy [5][6][18] Financial Aspects - Initial funding of $2,085,151 from Fiscal Year 2025 Other Procurement (Navy) funds has been allocated to initiate the project, ensuring financial stability throughout the multi-year production timeline [7][8] Competitive Procurement Process - The contract was awarded through a competitive procurement process, with OII emerging as the leading bidder among five competitors, reinforcing its status as a preferred partner of the Navy [9][10] Implications for Naval Capabilities - The Virginia-class submarine fleet represents advanced U.S. Navy undersea warfare capabilities, and the components supplied will enhance operational versatility and combat readiness [11][12][13] - The new support structures will improve logistics, handling safety, and maintenance turnaround time, maximizing mission availability [13] Economic Impact - The execution of this contract in Chesapeake is expected to drive economic growth, creating jobs in various disciplines and stimulating local suppliers and service providers [16][17]