Oceaneering International, Inc. is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology capabilities, the Company also serves the defense and aerospace industries. The services and products the Company provides to the oil and gas industry include remotely operated vehicles, mobile offshore production systems, built-to-order specialty hardware, engineering and project management, subsea intervention services, nondestructive testing and inspection, and manned diving. Oceaneering International, Inc's business segments are contained within two businesses: services and products provided to the oil and gas industry (Oil and Gas) and all other services and products (Advanced Technologies). In June 2007, the Company acquired CET Medway Ltd. In July 2007, the Company announced the acquisition of Ifokus Engineering AS, a Norwegian designer and manufacturer of specialty sub-sea products, including remotely operated vehicle (ROV) tooling.
The Company's Oil and Gas business consists of ROVs, Subsea Products, Subsea Projects, Inspection and Mobile Offshore Production Systems. ROVs are submersible vehicles operated from the surface. Oceaneering uses its ROVs in the offshore oil and gas industry to perform a variety of underwater tasks, including drill support, installation and construction support, pipeline inspection and surveys and subsea production facility operation and maintenance. During the year ended December 31, 2006, ROV accounted for 32% of the Company's total revenue.
The Company's Subsea products include hydraulic, electrohydraulic and chemical injection umbilicals utilizing thermoplastic hoses and steel tubes; ROV tooling and work packages; subsea and topside control valves; subsea chemical injection valves; production control equipment; clamp connectors, and pipeline repair systems. The Company markets these products under the trade names Oceaneering Multiflex, Oceaneering Intervention Engineering, Oceaneering Grayloc and Oceaneering Rotator. Subsea products accounted for 29% of total revenue for 2006.
Subsea Projects includes subsea intervention and hardware installation services. These services include subsea well tie-backs; pipeline/flowline tie-ins and repairs; pipeline crossings; umbilical and other subsea equipment installations; subsea intervention and inspection, and repair and maintenance activities. The Company supplies commercial diving services to the oil and gas industry in the Gulf of Mexico using the traditional techniques of air, mixed gas and saturation diving, all of which use surface-supplied breathing gas. Subsea Projects accounted for 12% of total revenue for 2006.
Through its Oceaneering Inspection division, the Company offers a range of inspection services to customers who are required to obtain third-party inspections to satisfy contractual structural specifications, internal safety standards or regulatory requirements. The Company provides these services principally to customers in the oil and gas, petrochemical and power generation industries. In the United Kingdom, Oceaneering provides Independent Inspection Authority services for the oil and gas industry, which includes first pass integrity evaluation and assessment and nondestructive testing services. The Company uses a variety of technologies to perform pipeline inspections, both onshore and offshore. Inspection accounted for 13% of total revenue for 2006.
The Mobile Offshore Production Systems owned by the Company include the Ocean Legend, the Ocean Producer and the San Jacinto. Oceaneering undertakes engineering and project management of projects related to mobile offshore production systems. The Company also performs engineering studies for customers evaluating field development projects. Oceaneering owns a 50% equity interest in Medusa Spar LLC, which owns 75% of a production spar platform. Medusa Spar LLC's revenue is derived from processing oil and gas production for a fee based on the volumes processed. Mobile Offshore Production Systems accounted for 4% of total revenue for 2006.
The Company's Advanced Technologies segment provides underwater intervention, engineering services and related manufacturing to meet a range of industrial requirements, including ship and submarine husbandry, search and recovery, maintenance and repair, civil works projects, commercial theme park equipment and engineering services and products for the space industry. Oceaneering works for customers having specialized requirements in underwater or other hazardous environments outside the oil and gas industry. The Company provides support for the United States Navy, including underwater operations, data analysis, development of ocean-related computer software, and design and development of new underwater tools and systems. Oceaneering also installs and maintains mechanical systems for the Navy's surface ships, submarines, piers, offshore structures and moorings. Advanced Technologies accounted for 10% of Oceaneering's total revenue for 2006.
As part of its Advanced Technologies segment, Oceaneering Space Systems applies the Company's undersea technology and experience in the space industry. Oceaneering provides products and services to National Aeronautics and Space Administration (NASA) and aerospace prime contractors in the engineering, design and fabrication of space flight hardware, including systems engineering and integration. The Company's product lines include extravehicular activity tools, logistics carriers, space refrigerators, robotic devices, life support systems, habitability hardware and high-temperature thermal protection systems for unmanned launch vehicles. The Company also provides products and services to NASA and aerospace prime contractors and it manages the underwater activities for astronaut training at NASA's Neutral Buoyancy Laboratory. These activities substantially depend on continued government funding for space programs.
The Company has a 50% interest in a joint venture it formed with a subsidiary of Smit Internationale, N.V. The joint venture was originally formed to maintain and operate commercial cable lay and maintenance equipment. Due to the condition of the telecommunications market, the single vessel used in the venture has been marketed for oilfield and other uses since 2004. During the year ended December 31, 2005, the Company purchased the cable lay and maintenance equipment from the venture, and in 2006, the Company purchased the vessel from the venture.