Panama City port, Oceaneering extend lease pact

The Panama City Port Authority and Oceaneering International Inc. have agreed to renew and extend the lease of Oceaneering's on-port umbilical manufacturing facility through 2029 with options that could extend through 2039.

The leased facilities include 16 acres and 176,0000 square feet of production space, company and port authority officials said in a joint press release.

Oceaneering has had an "outstanding" working relationship with the Port of Panama City, Florida, as well as Bay County since opening in 2004, said Thomas Landreth, the company's general manager.

"We are excited to continue building on that relationship as we operate and grow over the next decade and beyond," he added.

Oceaneering is a global provider of engineered products and services, primarily to the offshore energy industry.

Bay Line Railroad, a subsidiary of Genesee & Wyoming Inc., serves the port.