ODI Receives $4.5 Million Contract From Aker Kvaerner
DAYTONA BEACH, Fla., Oct. 13 /PRNewswire/ -- ODI (Ocean Design, Inc.), a Teledyne Technologies Incorporated (NYSE: TDY) majority owned company and a world leader in subsea electrical and fiber-optic interconnect systems, has announced that Aker Kvaerner Subsea AS has awarded ODI the contract for manufacturing and supplying the fully integrated fiber-optic communications connection system for its Reliance KG-D6 Subsea Production Control System. The Production Control System contract was awarded to Aker Kvaerner by Reliance in May 2006 as part of an engineering, procurement and construction contract to deliver an 18-well subsea production system for the deepwater Block KG-D6 gas development located off the east coast of India.
"This is a significant win for ODI," stated Mike Read, President and CEO of ODI. "This contract, valued in excess of $4.5 million, reinforces ODI's position as market leader in the supply of subsea, wet-mate, fiber-optic connection systems to the offshore oil and gas industry."
The recent acquisition of a majority interest in ODI by Teledyne Technologies is also expected to strengthen the company's ability to achieve future growth and meet the technological challenges of the subsea industry.
ODI is a technology-focused provider of innovative engineered solutions, employing skilled staff and state-of-the-art equipment and processes to design and manufacture a broad range of products for harsh environment system interconnectivity. ODI solutions include underwater mateable electrical and fiber-optic connectors, harnesses, terminations and distribution systems.
For more information on ODI contact Mike Read, ODI President and CEO, 386-236-0780.
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, with respect to ODI's business and prospects. Actual results could differ materially from these forward-looking statements. Many factors, including the growth prospects of the offshore oil and gas industry and technological challenges, could cause actual results to differ materially from those projected in the forward-looking statements. ODI assumes no duty to update forward-looking statements.