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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 net income of $18.3 million and revenue of $560 million for Q3 2022, reflecting an increase from Q2's net income of $3.7 million. Adjusted EBITDA reached $77.6 million, exceeding forecasts. The company's ROV fleet utilization rose to 67% with an average revenue per day of $8,468. For 2023, Oceaneering expects EBITDA between $260 million and $310 million and projected positive free cash flow exceeding $100 million. Key operational improvements were noted in energy segments, particularly in the Gulf of Mexico.
Oceaneering International (NYSE:OII) announced multiple contracts won during Q3 2022, expected to generate approximately
Oceaneering International, Inc. (NYSE:OII) will announce its third quarter 2022 financial results on October 26, 2022, after market close. The results will be accessible on their website at www.oceaneering.com. A conference call to discuss these results is scheduled for October 27, 2022, at 10:00 a.m. CT, available via webcast. Oceaneering provides engineering services and robotic solutions across various industries, including offshore energy and defense.
Oceaneering International (NYSE:OII) announced the promotion of Christopher J. Dyer to Senior Vice President, Offshore Projects Group, and Leonardo P. Granato to Senior Vice President, Integrity Management and Digital Solutions, effective October 1, 2022. Dyer, with Oceaneering since 2004, brings extensive experience from roles including Regional Vice President. Granato has been with the company since 2016 and previously served as Brazil Country Manager. The CEO emphasized the importance of their promotions for continuity and leadership development.
Oceaneering International, Inc. (NYSE:OII) announced that its President and CEO, Roderick A. Larson, will present at the Barclays CEO Energy-Power Conference on September 7, 2022. The management team will also engage with institutional investors during the event. Oceaneering provides engineered services and products, primarily for the offshore energy sector, and leverages applied technology in defense, aerospace, and entertainment. Conference materials can be found on their Investor Relations page.
Oceaneering International, Inc. (NYSE: OII) announced the promotion of Benjamin M. Laura to Senior Vice President and Chief Innovation Officer, effective October 1, 2022. Laura has been with Oceaneering since 2014, previously serving in various leadership roles, including Senior Vice President of Offshore Projects Group. He will take over responsibilities from Eric A. Silva, who plans to retire but will assist in a transition role. Oceaneering is recognized for providing engineered services and products across multiple industries.
Oceaneering International (OII) reported a net income of $3.7 million ($0.04/share) for Q2 2022, up from a net loss of $19.2 million in Q1 2022. Revenue increased to $524 million, reflecting a recovery in offshore activity, particularly in Subsea Robotics and Offshore Projects, which achieved their highest operating income since 2018. Adjusted EBITDA was $53.5 million, with a forecast of $210-$240 million for the full year. However, cash flow decreased by $69.6 million due to extended payment terms. Guidance for free cash flow was revised to $25-$75 million.
Oceaneering International, Inc. (NYSE:OII) will report its financial results for Q2 2022 on July 27, 2022, after market close. Investors can access the earnings release on Oceaneering’s website. A conference call discussing the results is scheduled for July 28, 2022, at 10:00 a.m. Central Time. This event can also be accessed through a webcast link on the company’s Investor Relations page. Oceaneering specializes in engineered services and robotic solutions across multiple industries.
Oceaneering International, Inc. (NYSE:OII) announced that President and CEO Roderick A. Larson will present at the J.P. Morgan Energy, Power & Renewables Conference in New York on June 22, 2022. Alongside Mr. Larson, additional management members will also hold meetings with institutional investors.
The conference handout will be accessible in the Investor Relations section on www.oceaneering.com. Oceaneering provides engineered services and robotic solutions across various industries including offshore energy and defense.
Oceaneering International (NYSE:OII) announces its role in a team led by Collins Aerospace, selected by NASA to develop new extravehicular spacesuits under a contract valued up to $3.5 billion over 12 years. The next-generation suits are designed for missions from 2025 to 2034, enhancing astronaut mobility and comfort for lunar and Mars exploration. Oceaneering will leverage its 40 years of experience with NASA to deliver advanced spacesuit systems.
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