Oceaneering International Inc. - OII STOCK NEWS

Oceaneering International (NYSE: OII) is set to report its first quarter of 2021 financial results on April 28, 2021, after market close. This earnings release will be accessible on Oceaneering's official website. A conference call and webcast will follow on April 29, 2021, at 10:00 a.m. Central Time, allowing interested parties to engage through a link provided in the Investor Relations section. Oceaneering specializes in engineered services and products for the offshore energy sector, as well as defense, aerospace, and entertainment industries.

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.

Oceaneering reported a net loss of $25.0 million, or $(0.25) per share, on revenues of $424 million for Q4 2020. Adjusted net income was $1.8 million, reflecting significant impairment and restructuring costs. Compared to Q3 2020, net loss improved from $79.4 million and revenue decreased from $440 million. The company's cash position rose to $452 million, while free cash flow generated in Q4 amounted to $89.4 million. For 2021, Oceaneering anticipates a stable revenue outlook with positive free cash flow, projecting adjusted EBITDA between $160 million and $210 million across segments.

Oceaneering International (NYSE:OII) has appointed two new independent directors, Ms. Karen H. Beachy and Dr. Kavitha Velusamy, to its Board. Ms. Beachy, with over 25 years in corporate strategy and operations in the energy sector, joins as a Class II director and will serve on the Compensation Committee. Dr. Velusamy, a technology expert with 20 years in robotics, becomes a Class III director, joining the Audit Committee. Their expertise is expected to enhance Oceaneering's focus on technology solutions for energy transition and remote operations.

Oceaneering International (NYSE: OII) will report its financial results for the fourth quarter and full year 2020 on February 24, 2021, after market close. The earnings release will be available on the company's website. A conference call to discuss the results is scheduled for February 25, 2021, at 10:00 a.m. Central Time. Oceaneering provides engineered services and products to the offshore energy industry and also serves sectors like defense and entertainment.

Oceaneering International (OII) announced significant contract wins in its Subsea Robotics segment, totaling over $225 million during Q4 2020. These contracts, spanning from several months to five years, involve services for remotely operated vehicles (ROVs) and subsea construction for international oil and gas operators. The company is also expanding in the renewable energy sector, evidenced by a contract for its advanced ROVs supporting offshore wind projects. CEO Rod Larson emphasized the confidence customers have in Oceaneering as they continue to invest in offshore developments.

Oceaneering International (NYSE: OII) announced multiple contract wins exceeding $250 million for its Integrity Management and Digital Solutions (IMDS) segment since early Q4 2020. These contracts span three to five years and include services in monitoring, diagnostics, and integrity management across various international projects. Notably, 55% of these contracts are renewals while 45% represent new business. Work sites include locations in Qatar, Angola, Azerbaijan, the United States, and Australia.

Oceaneering International, a leader in engineered services for the offshore energy sector, announced that its President and CEO, Roderick A. Larson, will engage with institutional investors and join the Oilfield Services panel at the Goldman Sachs Global Energy Virtual Conference on January 6, 2021. The conference handout is accessible on Oceaneering's Investor Relations website. Notably, the panel discussion will not be webcast. Oceaneering also supports the defense, aerospace, and entertainment industries through its applied technology expertise.

Oceaneering reported a net loss of $79.4 million or $(0.80) per share for Q3 2020 on revenues of $440 million. Adjusted net loss was $17.6 million, impacted by $68.7 million in pre-tax adjustments. Compared to Q2, net loss increased from $24.8 million on lower revenues. Adjusted EBITDA rose to $45.1 million, exceeding expectations. The cash position improved to $359 million, with $19 million free cash flow. Despite headwinds in the energy market, segments reported positive adjusted income. Future results are projected to decline due to seasonal factors.