Oceaneering Announces Collins to Succeed Huff as Chairman of the Board of Directors

Rhea-AI Summary

Oceaneering International has announced the retirement of John R. Huff as Chairman of the Board, effective after the 2021 Annual Meeting. T. Jay Collins, a director since 2002 and former CEO of Oceaneering, will succeed him. Huff has been with the company since 1986 and led it significantly during his tenure. Collins brings extensive industry experience. President Roderick A. Larson expressed gratitude for Huff's leadership and looks forward to advancing operational improvements under Collins' guidance. Oceaneering provides engineered services primarily to the offshore energy sector.

Positive

• T. Jay Collins' appointment as Chairman may bring fresh leadership and continuity given his long tenure with the company.
• Collins' extensive experience in the oilfield and energy industries may strengthen Oceaneering's strategic direction.

Negative

• Concerns may arise regarding continuity in leadership with Huff's retirement after nearly 35 years.
• Potential experience gaps in the Board's oversight following Huff's exit could impact strategic decisions.

HOUSTON, March 2, 2021 /PRNewswire/ -- Oceaneering International, Inc. (NYSE:OII) announced that John R. Huff will retire as a member and Chairman of the Board of Directors immediately following the 2021 Annual Meeting of Shareholders, and T. Jay Collins will succeed Mr. Huff as Chairman.  Mr. Collins has been a director of Oceaneering since 2002.  Mr. Huff will continue to support the Board of Directors as Chairman Emeritus for a transitional period.

Mr. Collins served as Chief Executive Officer ("CEO") of Oceaneering from May 2006 to May 2011, and as President of Oceaneering from 1998 to May 2011.  Mr. Collins previously served as Chief Operating Officer of Oceaneering from 1998 until 2006 and as Executive Vice President of Oilfield Marine Services from 1995 to 1998.  He joined Oceaneering in October 1993, initially serving as Senior Vice President and Chief Financial Officer.  Mr. Collins is also a director of Murphy Oil Corporation and Pason Systems Inc.

John Huff joined Oceaneering in 1986 as CEO and director. He served from 1990 to 2006 as Chairman of the Board and CEO, and since 2006 has served as nonexecutive Chairman. Mr. Huff stated, "I am very pleased that the Board has selected Jay Collins to assume the role of Chairman.  His substantial experience and expansive knowledge of the oilfield and energy industries are exemplary.  I have worked with Jay for nearly 30 years and I feel confident in Oceaneering's future under his guidance."

Roderick A. Larson, Oceaneering's President and CEO stated, "My fellow board members and I thank John for his vision, drive, and leadership over nearly 35 years of service, as Oceaneering transformed from a small company, focused on Gulf of Mexico diving operations, to the large, international enterprise that it is today, with products and services for use in a broad range of technology-enabled activities, including oil and gas exploration and production, energy transition, autonomous vehicles, robotics, digital solutions, entertainment systems, defense, and space exploration.  I look forward to working with the Board under Jay's leadership, as we continue to drive operational improvements and advance our energy transition strategies."

Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry.  Through the use of its applied technology expertise, Oceaneering also serves the defense, aerospace and entertainment industries.

For more information on Oceaneering, please visit www.oceaneering.com.

Contact:
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
investorrelations@oceaneering.com

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SOURCE Oceaneering International, Inc.

FAQ

Who is succeeding John R. Huff as Chairman of Oceaneering International?

T. Jay Collins will succeed John R. Huff as Chairman of Oceaneering International, effective after the 2021 Annual Meeting.

What position did T. Jay Collins hold before becoming Chairman?

T. Jay Collins previously served as Chief Executive Officer of Oceaneering from May 2006 to May 2011.

What impact did John R. Huff have on Oceaneering International?

John R. Huff significantly transformed Oceaneering from a small diving operation to a major international enterprise over his nearly 35 years with the company.

What are the expectations under T. Jay Collins' leadership?

Under T. Jay Collins' leadership, there are expectations for continued operational improvements and advancements in energy transition strategies.