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Oceaneering International Inc. (OII) is a global leader in providing engineered services and products primarily to the offshore energy, defense, aerospace, manufacturing, and entertainment industries. The company excels in delivering innovative solutions that push the frontiers of deep water, space, and motion entertainment environments. As the world’s largest ROV (Remotely Operated Vehicle) operator, Oceaneering operates over 300 systems globally, solidifying its position as the leading ROV provider to the oil and gas industry.
Oceaneering's extensive portfolio, combined with its vast experience, makes it a trusted subsea connection specialist. The company is dedicated to solving complex subsea challenges by integrating products, services, and innovative solutions that enhance operational reliability, safety, and cost efficiency. Its recent 2020 segment realignment aimed at promoting synergies and cost-efficiency has resulted in five key segments:
- Subsea Robotics: Specializes in the deployment and maintenance of ROVs and other robotic solutions.
- Manufactured Products: Focuses on creating specialized products for the offshore oil and gas market.
- Offshore Projects Group: Provides comprehensive project management and execution services.
- Integrity Management and Digital Solutions: Offers solutions for managing the integrity and performance of operational systems.
- Aerospace and Defense Technologies: Develops and supplies advanced technologies for the aerospace and defense sectors.
The firm is also expanding its footprint in the offshore renewables and mobility solutions industries, showcasing its adaptability and commitment to technological advancements. By maintaining a safety-focused and innovative approach, Oceaneering ensures that it can quickly and effectively respond to any subsea challenges, providing swift and efficient solutions.
Oceaneering's financial health is supported by a robust portfolio and strategic partnerships, enabling the company to de-risk operational systems and lower the total cost of ownership for its clients. As a result, Oceaneering continues to play a significant role in the global market, driving the future of subsea technologies and services.
Oceaneering International (NYSE:OII) has announced leadership changes in its Aerospace and Defense Technologies (ADTech) segment. William Merz will succeed Philip Beierl as Senior Vice President of ADTech, effective January 1, 2025. Merz, who joined Oceaneering in January 2024 as Vice President of Operations for ADTech, brings experience from his distinguished U.S. Navy career, including command of the U.S. Seventh Fleet and senior positions at the Pentagon. Beierl, who has been with the company since 2005, will retire but continue in a supporting role during the transition period.
Oceaneering International (NYSE:OII) has announced the promotion of Benjamin M. Laura to Senior Vice President and Chief Operating Officer, effective January 1, 2025. Laura, who currently serves as Senior Vice President and Chief Innovation Officer since 2022, joined the company in 2014 as Director of Subsea Services. Prior to Oceaneering, he worked at Baker Hughes as Vice President and Managing Director for Baker Hughes do Brasil. Laura holds engineering degrees from Mississippi State University and Oklahoma State University.
Oceaneering International (NYSE:OII) has announced its participation in two major investor conferences. President and CEO Rod Larson will meet investors at the Bank of America Global Energy Conference in Houston on November 12, 2024. Additionally, CFO Alan Curtis will present at the Baird Global Industrial Conference in Chicago on November 13, 2024, accompanied by Senior Director of Investor Relations, Hilary Frisbie. The company's third quarter presentation will be available on their website after market close on November 6, 2024.
Oceaneering International (NYSE: OII) has acquired Global Design Innovation (GDi), a UK-based digital and software services provider. GDi, the only UKAS-certified provider for remote visual inspection using point cloud data and photographic images, brings advanced algorithms and data solutions. The acquisition strengthens Oceaneering's digital capabilities and asset management optimization for clients in oil and gas, utilities, and power generation industries. GDi will maintain its brand identity, with its financial results to be reported through Oceaneering's Integrity Management and Digital Solutions segment.
Oceaneering International (NYSE:OII) reported Q3 2024 net income of $41.2 million, or $0.40 per share, on revenue of $680 million. Adjusted net income was $37.2 million. The company achieved consolidated operating income of $71.3 million and adjusted EBITDA of $98.1 million. Operating cash flow was $91.9 million with free cash flow of $67.0 million.
The company updated its 2024 guidance with consolidated adjusted EBITDA expected between $340-350 million, and provided initial 2025 guidance of $400-430 million EBITDA. Notable improvements were seen in Subsea Robotics and Manufactured Products segments, with ROV fleet utilization at 69% and a backlog of $671 million.
Oceaneering International, Inc. (NYSE:OII) has announced that it will release its third quarter 2024 financial results on Wednesday, October 23, 2024, after the New York Stock Exchange closes. The company will also host a conference call and webcast on Thursday, October 24, 2024, at 10:00 a.m. Central Time to discuss the results.
Interested parties can access the webcast link in the Investor Relations section of Oceaneering's website. A replay of the call will be available approximately two hours after it concludes. Oceaneering is a global technology company providing engineered services, products, and robotic solutions to various industries including offshore energy, defense, aerospace, manufacturing, and entertainment.
Oceaneering International (NYSE:OII) announced its participation in the Barclays CEO Energy-Power Conference on September 4, 2024. President and CEO Roderick A. Larson will engage in a fireside chat and, along with other management members, host meetings with institutional investors. The conference handout is available on Oceaneering's website.
Oceaneering is a global technology company providing engineered services, products, and robotic solutions to various industries including offshore energy, defense, aerospace, manufacturing, and entertainment. This event offers an opportunity for Oceaneering to showcase its capabilities and engage with potential investors.
Oceaneering International (NYSE:OII) reported Q2 2024 results with net income of $35.0 million ($0.34 per share) on revenue of $669 million. Adjusted net income was $28.6 million ($0.28 per share). Key highlights include:
- Consolidated adjusted EBITDA: $85.9 million
- Operating income: $60.4 million
- Cash flow from operations: $52.6 million
- Free cash flow: $29.8 million
- Ending cash position: $383 million
The company narrowed its 2024 consolidated adjusted EBITDA guidance to $340-$370 million and expects free cash flow of $110-$150 million. Subsea Robotics (SSR) and Manufactured Products segments showed improved performance, while Aerospace and Defense Technologies (ADTech) faced challenges.
Oceaneering's Offshore Projects Group has secured multiple contracts with global energy companies for vessel services in the Gulf of Mexico.
The work will involve both basic and heavy inspection, maintenance, and repair (IMR) services, including advanced technologies like photogrammetry and subsea visual metrology.
The contracts cover initial commitments of 60 and 120 days, with potential for extension.
These agreements are expected to improve fleet utilization and reinforce Oceaneering's position in the market.
Oceaneering International (NYSE: OII) has announced the release of its second quarter 2024 financial results, scheduled for Wednesday, July 24, 2024, after market close. These results will be available on their official website. Additionally, a conference call and webcast will take place on Thursday, July 25, 2024, at 10:00 a.m. Central Time, accessible via the Investor Relations section of their website. A replay of the call will be available approximately two hours post-conclusion. Oceaneering is a global technology company providing engineered services, products, and robotic solutions across various industries, including offshore energy, defense, aerospace, manufacturing, and entertainment.
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