Oceaneering exits BOPs

OCEANEERING has reported a $US9 million ($12.36 million) inventory write-down in its subsea products gross margin resulting from its decision to stop manufacturing subsea blowout preventer control systems due to deteriorating demand prospects.

However, the Houston-headquartered company will still provide aftermarket parts for the installed base.

The New York-listed company's Q2 earnings report revealed it generated $65.