The Houston, TX-based subsea engineering and applied technology company, Oceaneering International OII, recently declared that Oceaneering Space Systems, which is a division of its Aerospace and Defense Technologies segment, would be part of a team led by one of the world's largest suppliers of aerospace and defense products — Collins Aerospace — selected by National Aeronautics and Space Administration (“NASA”) to develop next-generation extravehicular spacesuits.

NASA is looking at its commercial partners for the development and maintenance of the new spacesuit technology. The group selected by NASA, which also includes the engineering development and manufacturing company – ILC Dover, has vast experience in supplying spacesuits to the space body. Moreover, Collins is only one of the two firms to have won a NASA contract for Extravehicular Activity Services of around $3.5 billion over 12 years to provide spacesuits for upcoming missions.

The spacesuits, which the firms develop, will be owned by them and rented out to NASA for missions and at the same time, they will also be able to offer the suits to other customers.

The new suits being developed will require next-gen technology and will be used for missions starting in 2025 and through 2034. Further, they will provide better mobility and weigh considerably less than the ones currently in use. The suits will also cater to almost every astronaut’s body type and augment mission times by rapidly incorporating new technologies.

Rod Larson, the President and Chief Executive Officer at Oceaneering, mentioned that his firm is thrilled to work with Collins and ILC Dover on this project and that this contract builds on Oceaneering’s venerable relationships with Collins, ILC Dover and NASA and its know-how in prior spacesuit programs. Larson added that OII has assisted in successful space missions for NASA, along with industry partners, over the last 40 years by delivering thousands of products and other mission support.

Founded in 1964, Oceaneering International, Inc. is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The company provides specialized products and services for all the phases of the offshore oilfield lifecycle — from exploration to decommissioning — with a focus on deep water.

Oceaneering currently has a Zacks Rank #3 (Hold). Those interested in the energy sector might want to look at some better-ranked stocks. Oasis Petroleum OAS, Marathon Petroleum MPC and Comstock Resources CRK each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.