05:29 PM EDT, 08/20/2025 (MT Newswires) -- Oceaneering International ( OII ) said late Wednesday its Marine Services unit was awarded a US Navy contract worth up to $86 million to repair valves and actuators for submarines.

The indefinite-delivery/indefinite-quantity contract has a two-year base term with options for three more years.

Oceaneering ( OII ) said the award is part of the Navy's Corporate Component Repair Program, which covers Virginia-class and Los Angeles-class submarines.

Funding will come through the Navy Working Capital Funds, with a minimum amount obligated at award, the company said.

Shares of Oceaneering International ( OII ) were up 1.5% in after-hours trading.