Oceaneering Announces McEvoy to Succeed Collins as Chairman of The Board of Directors

Rhea-AI Summary

Oceaneering International, Inc. (NYSE:OII) announced the retirement of T. Jay Collins as Chairman of the Board effective post the 2023 Annual Meeting of Shareholders. M. Kevin McEvoy, a director since 2011 and former CEO from 2011 to 2017, will succeed him. Collins, who has served on the Board since 2002, expressed confidence in McEvoy's leadership, highlighting his extensive experience in energy and defense sectors. Oceaneering's President and CEO, Roderick A. Larson, praised Collins for his nearly 30 years of impactful leadership, contributing to the company’s growth in technology-enabled services across diverse markets.

Positive

• M. Kevin McEvoy's appointment as Chairman may bring fresh perspectives due to his extensive experience in leadership roles within Oceaneering.
• McEvoy's previous experience as CEO could help ensure continuity in strategic direction.

Negative

• T. Jay Collins' retirement may create a gap in continuity and experience at the Board level, raising concerns among investors.

HOUSTON--(BUSINESS WIRE)-- Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced that T. Jay Collins will retire as a member and Chairman of the Board of Directors (the “Board”) immediately following the 2023 Annual Meeting of Shareholders and that M. Kevin McEvoy will succeed Mr. Collins as Chairman.

Mr. McEvoy has been a director of Oceaneering since 2011. He served as Chief Executive Officer (“CEO”) of Oceaneering from 2011 to 2017, and as President of Oceaneering from 2011 to 2015. Mr. McEvoy also previously served as Chief Operating Officer of Oceaneering from 2010 until 2011 and as Executive Vice President from 2006 to 2008. His service with Oceaneering began in 1979 with Solus Ocean Systems, Inc., which was acquired by Oceaneering in 1984. Mr. McEvoy also serves as the Independent Lead Director of EMCOR Group, Inc.

Mr. Collins has served on the Board since 2002 and as Chairman since May 2021. Mr. Collins served as Oceaneering’s Chief Executive Officer from 2006 to 2011 and its President from 2002 to 2006. Mr. Collins previously held other executive positions with Oceaneering, joining the Company as Senior Vice President and Chief Financial Officer in 1993. Mr. Collins stated, “I have been honored to serve with Oceaneering and am very pleased that the Board has selected Kevin McEvoy to assume the role of Chairman. Kevin brings deep experience and expertise in energy, aerospace and defense, all of which gives me great confidence in the future for Oceaneering.”

Roderick A. Larson, Oceaneering’s President and CEO, stated, “My fellow board members and I thank Jay for his thoughtful leadership over nearly 30 years of service. His drive for operational excellence and commitment to safety was instrumental in Oceaneering becoming the recognized international enterprise that it is today, with technology-enabled services and products serving a broad range of markets, including energy production, energy transition, autonomous mobile robotics, aerospace and defense and digital solutions. I look forward to working with the Board under Kevin’s leadership, as we continue to grow the company and advance our robotics expertise.”

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005629/en/

Mark Peterson

Vice President, Corporate Development and Investor Relations

Oceaneering International, Inc.

713-329-4507

investorrelations@oceaneering.com

Source: Oceaneering International, Inc.

FAQ

Who is the new Chairman of Oceaneering International, Inc.?

M. Kevin McEvoy will succeed T. Jay Collins as the Chairman of the Board of Oceaneering International, Inc.

When is T. Jay Collins retiring from Oceaneering?

T. Jay Collins will retire as Chairman immediately following the 2023 Annual Meeting of Shareholders.

What is M. Kevin McEvoy's background with Oceaneering?

M. Kevin McEvoy has been a director since 2011 and served as CEO from 2011 to 2017, with a career at Oceaneering starting in 1979.

What impact will the management change have on Oceaneering's future?

The management change could bring new strategic insights, although concerns about continuity exist due to Collins' long tenure.