RICHMOND (AP) -- A company that provides products and services to the offshore oil and gas industry plans to expand its presence in Chesapeake, creating 70 jobs and retaining more than 460.

Gov. Bob McDonnell says Oceaneering International Inc. will consolidate its engineering, manufacturing, and administrative operations at a new 150,000-square-foot facility.

The facility will be developed by Armada Hoffler Properties, which will invest about $25 million to accommodate this expansion.

Oceaneering International was originally founded in 1964 as a diving business in the Gulf of Mexico.

Its marine services division in Chesapeake focuses on submarines, deep submergence systems and air cushion landing craft.

McDonnell approved a $750,000 grant from the Governor's Opportunity Fund for the project. He also approved a $750,000 performance-based grant from the Virginia Investment Partnership program.

AP-WF-11-15-13 1058GMT

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