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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 reported a net income of $4.1 million or $0.04 per share for Q1 2023, on revenue of $537 million. Adjusted net income stands at $5.4 million, reflecting a decrease from $23.1 million in the prior quarter. The cash position fell to $505 million, down $64 million. Notably, the company maintains its 2023 guidance, projecting net income between $75 million and $90 million, and adjusted EBITDA of $260 million to $310 million. Key operational metrics include a fleet utilization rate of 63% and a manufactured products backlog of $446 million. The CEO expressed confidence in revenue growth from energy markets, despite some declines in specific segments such as Offshore Projects Group. The company anticipates improved operating profitability in Q2 2023.
Oceaneering International, Inc. (NYSE:OII) is set to announce its financial results for the first quarter of 2023 on April 26, 2023, post-market close. The results will be accessible on the company’s website. A conference call to discuss these results is scheduled for April 27, 2023, at 10:00 a.m. Central Time. Participants can access the call via a webcast link available on the Investor Relations section of Oceaneering's site. Oceaneering specializes in delivering engineered services, products, and robotic solutions across various industries, including offshore energy and defense.
Oceaneering International, Inc. (NYSE:OII) announced that CFO Alan R. Curtis and VP Mark Peterson will engage with institutional investors at the Piper Sandler Annual Energy Conference on March 21, 2023. This meeting highlights Oceaneering's commitment to investor relations within the energy sector. The company provides advanced technology and engineering services across multiple industries, including offshore energy and defense. Interested parties can access Oceaneering's Fourth Quarter 2022 Investor Presentation through their website.
Oceaneering International, Inc. (NYSE:OII) announced that Alan R. Curtis, Senior Vice President and CFO, will present at the J.P. Morgan Industrials Conference in New York on March 15, 2023. Additionally, Curtis and Mark Peterson, Vice President of Corporate Development and Investor Relations, will engage with institutional investors.
The company's Fourth Quarter 2022 Investor Presentation will be accessible on Oceaneering's Investor Relations page after market close on March 10, 2023. Oceaneering provides engineered services and products, focusing on offshore energy, defense, aerospace, and entertainment sectors.
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.
Oceaneering reported a net income of $23.1 million for Q4 2022, equating to $0.23 per share, on revenue of $536 million. Adjusted net income was $6.4 million due to $16.6 million in tax adjustments. In comparison, Q3 2022 net income was $18.3 million. The company achieved an adjusted EBITDA of $70 million and a cash position of $569 million. Oceaneering anticipates 2023 net income between $75 million to $90 million and an EBITDA range of $260 million to $310 million. The order intake is reported at $771 million, with a backlog totaling $1.947 billion.
Oceaneering International, Inc. (NYSE:OII) has secured contracts from a major international manufacturer for the delivery of 85 MaxMover™ CB D 2000 autonomous counterbalance forklifts across three facilities. Deliveries are scheduled between early 2023 and early 2024, including installation and 24/7 support services. The MaxMover™ can lift 2,000 kilograms (4,400 pounds) autonomously, designed for efficiency and safety in manufacturing and logistics. CEO Roderick A. Larson expressed confidence in the product's market reception since its 2022 launch, highlighting the company's robotics expertise and commitment to expanding strategic relationships.
Oceaneering International, Inc. (NYSE:OII) will release its financial results for Q4 2022 on February 23, 2023, after trading hours. A conference call is scheduled for February 24, 2023, at 10:00 a.m. Central Time to discuss these results. Interested listeners can access the call via a link in the Investor Relations section of Oceaneering’s website. The earnings release and details regarding the conference call will be available on oceaneering.com.
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