Oceaneering ve třetím čtvrtletí zvýšila tržby o 6 % na 785 milionů USD a upravený ukazatel EBITDA o 7 % na 119 milionů USD, což je nejvíce od roku 2015.
3 Swing Trades for Q3 Earnings SeasonOceaneering International NYSE: OII reported third-quarter 2026 revenue growth across all of its operating segments, with adjusted EBITDA reaching its highest quarterly level since the fourth quarter of 2015.
Revenue rose 6% from a year earlier to $785 million, while operating income increased 7% to $92 million and adjusted EBITDA climbed 7% to $119 million. Net income attributable to Oceaneering declined 26% to $52.6 million, or $0.52 per share, primarily because of a one-time loss associated with refinancing long-term debt during the quarter.
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President and Chief Executive Officer Rod Larson said the quarter reflected favorable pricing and project mix, led by Subsea Robotics, resilience in the Offshore Projects Group and improved performance in Integrity Management and Digital Solutions.
Subsea Robotics Margin Improves
Subsea Robotics, or SSR, generated $233 million in revenue and $75.4 million in operating income. The segment’s EBITDA margin reached 39%, its highest level since Oceaneering resegmented its businesses in 2020.
The improvement was driven by stronger remotely operated vehicle, or ROV, pricing in Europe, West Africa and Norway, as well as increased survey activity. Average revenue per utilized ROV day increased to $11,781 from $11,254 a year earlier. A one-time contractual cost recovery tied to U.S. Gulf operations also aided margins.
ROV fleet utilization remained at 65%, as increased activity in Europe, Guyana and West Africa offset lower activity in the U.S. Gulf. As of Sept. 30, Oceaneering had ROV contracts on 80 of the 136 floating rigs under contract, representing a 59% market share. Its fleet remained at 250 ROV systems.
The company secured about $180 million in ROV and survey awards across several regions during the quarter, with contract terms extending into 2031.
Orders, Defense Awards and Cash Generation
Manufactured Products reported operating income of $25.1 million, roughly flat from the prior-year quarter, despite an 8% increase in revenue. Operating margin declined slightly to 15%, largely reflecting lower Grayloc project activity and profitability relative to a particularly profitable order in the prior-year period.
Manufactured Products received approximately $160 million in new awards during the quarter and ended September with backlog of $435 million. Its trailing 12-month book-to-bill ratio was 0.77, though management said it remains confident it can achieve a full-year ratio of 0.9 to 1.0.
In Aerospace and Defense Technologies, or ADTech, revenue increased 7% to $135 million as a previously announced large-scale program reached full staffing for its current phase. Operating income fell 11% to $14.7 million and margin declined to 11%, reflecting greater pass-through activity and certain higher expenses.
ADTech also secured follow-on contracts for two U.S. Navy programs: a dry deck shelter program with potential value of $154 million over five years, and a submarine rescue systems contract with potential value of $67 million over 18 months.
Cash flow from operations totaled $163 million, while capital expenditures were $21.1 million. Free cash flow was $142 million, aided by lower cash taxes and delayed capital spending. Larson said capital expenditures and cash taxes are expected to rise in the fourth quarter, resulting in more moderate free cash flow generation.
Oceaneering ended the quarter with $735 million in cash, more than $1 billion in total liquidity and no borrowings under its revolving credit facility. The company repurchased about $5 million of stock during the quarter, primarily to offset dilution from employee equity grants.
Fourth-Quarter Outlook
For the fourth quarter, Oceaneering expects year-over-year consolidated revenue growth and adjusted EBITDA of $85 million to $95 million.
SSR revenue is expected to increase on higher ROV day rates and survey activity, though operating income is expected to decline due to geographic mix, rig-relocation mobilization costs and a greater mix of lower-margin survey work.
Manufactured Products is expected to post higher revenue and operating income.
Offshore Projects Group revenue is expected to be relatively flat, with lower operating income due to project mix and lower-margin U.S. Gulf work.
Integrity Management and Digital Solutions is expected to report higher revenue and operating income.
ADTech is expected to deliver higher revenue and operating income.
Unallocated expenses are projected to be in the $50 million range.
Initial 2027 Outlook Cites Deepwater and Defense Opportunities
Oceaneering initiated 2027 adjusted EBITDA guidance of $430 million to $480 million and said free cash flow should exceed its anticipated 2026 level. Management pointed to an improving global deepwater market, with floating rig activity expected to strengthen as rigs complete moves to new regions and begin drilling programs.
Larson said the broad guidance range primarily reflects the timing of SSR rig movements, potential international project awards in Offshore Projects Group and the timing of ADTech program starts amid the U.S. appropriations process.
“We have to make sure that we’re not overstating when it starts,” Larson said, describing management’s approach as cautious on the timing of expected market improvement rather than a change in its underlying outlook.
For 2027, the company expects SSR revenue and operating income to increase, supported by higher utilization and improved survey and tooling results. It expects Manufactured Products results to be relatively flat; Offshore Projects Group revenue to decline but margins to improve; and increased revenue, operating income and margins in both IMDS and ADTech.
Management identified Brazil, Guyana, the rest of Africa and Mozambique as areas of expected activity growth, while noting that the U.S. Gulf has already slowed and remains an area to monitor. Larson also cited potential opportunities in the Eastern Mediterranean, Norway and subsea tieback projects.
On capital allocation, management said it expects to continue investing in core energy businesses and may pursue selective ADTech acquisitions involving capabilities such as machining, workforce capacity, electronics or sensor technology. Larson said the company does not see a need to acquire high-multiple defense businesses simply to establish customer credibility. Oceaneering plans to continue repurchasing shares in 2027, with about 5 million shares remaining under its current authorization.
About Oceaneering International (NYSE:OII)Oceaneering International, Inc is a Houston-based global engineering and technology company that provides services, equipment and applied technologies for the energy, defense, aerospace and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles, subsea engineering, inspection, maintenance, repair and installation services, and specialized products used in offshore oil and gas operations.
Oceaneering also develops advanced technologies for government and commercial customers.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Oceaneering International těží z růstu podmořské robotiky, svého největšího segmentu z hlediska tržeb, a zlepšuje provozní marže i provozní peněžní tok.
SummaryOceaneering International receives a buy rating, challenging the neutral Wall St. consensus, driven in part by market momentum and robust macro demand.OII has outperformed the S&P 500 and energy sector benchmarks this year, with subsea robotics as its largest and fast-growing revenue segment.Strong ROE, improving operating margins, and rising operating cash flow underpin durability, despite sector volatility and a sub-investment-grade credit rating.I expect meaningful capital growth through 2027, with OII positioned as a compelling growth idea rather than a dividend play. piola666/E+ via Getty Images
An Offshore Services Firm with $4.5B in Market Cap, Awaiting Q3 Earnings Results Looking out at the ocean, which I often do in between writing business articles, I thought about more than just waves and seagulls, because my
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
SummaryOceaneering International is rated Buy at ~$44.97, contingent on delivering earnings and cash flow improvements through 2028.Q3 EBITDA guidance of ~$115–$125M and higher profits from ROV pricing, fleet utilization, and defense activity are key to supporting current valuation.Revenue growth alone is insufficient; robust cash conversion and margin expansion are critical for justifying OII’s valuation and potential share price upside.Risks include slower offshore spending, weaker order intake, and subpar cash generation, which could limit share price gains even if earnings rise. Wengen Ling/E+ via Getty Images
Introduction Oceaneering International (OII) provides its engineering products and technical services to offshore energy, defense, and aerospace customers. It also supplies robotics. Considering the forecasts and expectations aligned with current performance, I rate the stock Buy at ~$44.97 for
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Oceaneering získal od amerického námořnictva navazující pětiletou zakázku pro ADTech s potenciální hodnotou až 154 milionů USD na podporu programu Dry Deck Shelter.
Key Takeaways Oceaneering secured a five-year follow-on award from the Navy for Dry Deck Shelter program support.Oceaneering has supported the Dry Deck Shelter program since 2002, building specialized mission expertise.The contract adds potential recurring work while broadening Oceaneering's exposure to defense markets. Oceaneering International, Inc. (OII - Free Report) announced that its Aerospace and Defense Technologies (“ADTech”) segment has secured a follow-on contract from the U.S. Navy to support the Dry Deck Shelter program. The five-year award, which includes one base year and four option years, carries a potential value of $154 million.
The agreement covers maintenance, overhaul, engineering and field change services for Dry Deck Shelters, specialized systems that help enable the deployment of special operations forces and undersea vehicles. For Oceaneering, the award reinforces its position in the U.S. defense market while creating the potential for recurring work over the five-year contract period within its ADTech business.
New Contract Expands Revenue VisibilityThe structure of the contract is important from an investor perspective. While the full $154 million value depends on the exercise of the four option years, the initial base-year award provides a foundation for continued engagement with the Navy. Multi-year contracts can improve revenue visibility and help contractors plan staffing, equipment and resources around established program requirements.
The follow-on nature of the award also distinguishes it from a new customer win. Oceaneering has supported the Navy’s Dry Deck Shelter program since 2002, giving the company a long operating history with the mission. That experience can be valuable in programs where reliability, technical proficiency and familiarity with demanding operating conditions are critical.
Longstanding Expertise Supports Competitive PositionDry Deck Shelter operations involve mission-sensitive activities in which system performance and safety are essential. Oceaneering’s ADTech Marine Services Division has built specialized expertise around sustaining these systems, including maintenance, overhaul and engineering support.
The company’s long relationship with the Navy may strengthen its competitive standing as it continues to pursue work in the undersea defense market. Customers operating specialized military systems often place significant emphasis on technical knowledge, execution discipline and the ability to perform work under strict schedules. Oceaneering’s experience in this program positions the company to address those requirements.
The award also highlights the broader capabilities of ADTech. Oceaneering said the segment provides engineered solutions for U.S. Navy undersea programs and draws on decades of experience in building and sustaining both manned and unmanned subsea systems. This technical foundation gives the company exposure to defense applications that require specialized engineering rather than commoditized services.
Defense Exposure Could Broaden Business MixFor investors, the contract underscores the role that defense and government-related work can play in diversifying Oceaneering’s business. The company is widely associated with subsea technologies and services, but its ADTech operations provide exposure to aerospace and defense applications where long-duration programs can generate more predictable opportunities.
A larger contribution from defense contracts could also help Oceaneering balance fluctuations across other areas of its portfolio. Demand in energy-related markets can vary with commodity prices, offshore activity and customer capital spending. The defense business can provide exposure to programs tied to long-term operational requirements, potentially complementing demand across Oceaneering’s offshore energy businesses. While contract awards do not eliminate business volatility, they can add another source of demand.
Specialized Workforce Remains an AssetThe award also places a spotlight on Oceaneering’s specialized workforce. Management noted that the Dry Deck Shelter program operates on tight schedules and requires personnel with a high level of proficiency in mission-critical work. Maintaining such expertise can create an important barrier to entry in technically demanding defense programs. Oceaneering’s ability to retain knowledge from more than two decades of supporting the Navy could help it execute the latest contract efficiently and compete for related assignments.
Management’s comments also indicate that safety and reliability remain central to the company’s role in the program. That focus is particularly relevant for undersea systems supporting special operations, where equipment availability and dependable performance are essential. Sustained execution in these areas can enhance customer confidence and reinforce Oceaneering’s credentials across the broader undersea market.
Execution Will Remain KeyThe $154 million potential value is meaningful, but investors should focus on execution as the program progresses. Since the award includes four option years, actual revenues and profitability will depend on contract performance, customer requirements and the exercise of those options.
Oceaneering’s established relationship with the Navy is a positive factor because the company has a track record on the program. Continued execution could strengthen its position for future opportunities within the undersea enterprise and help extend its role across other specialized defense programs.
The latest award therefore represents more than an incremental contract win. It reinforces Oceaneering’s longstanding relationship with the U.S. Navy, adds potential revenue visibility and highlights the technical capabilities of its ADTech segment. With demand for reliable undersea systems remaining strategically important, the contract could support Oceaneering’s efforts to expand its presence in specialized defense markets while complementing its broader subsea business.
OII's Zacks Rank & Other Key PicksCurrently, OII has a Zacks Rank #2 (Buy).
Investors interested in the energy sector might consider some better-ranked stocks, such as Marathon Petroleum (MPC - Free Report) and Delek US Holdings (DK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), and Chevron Corporation (CVX - Free Report) , carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Marathon Petroleum is valued at $123.29 billion. Marathon Petroleum is a leading U.S. independent refiner, marketer and transporter of petroleum products, with a strong refining footprint and an extensive midstream business. The company benefits from its integrated operations, strategic refining assets and diversified earnings streams across the energy value chain.
Delek US Holdings is valued at $4.54 billion. It is a diversified downstream energy company engaged in petroleum refining, renewable fuels, asphalt production and logistics operations. Delek US Holdings operates multiple refineries in the United States and is committed to delivering safe, reliable energy while investing in cleaner energy initiatives.
Chevron is valued at $408.37 billion. Chevron is a leading integrated energy company engaged in exploring, producing, refining and marketing oil and natural gas. The company’s diversified operations, strong production base and focus on capital discipline support long-term growth and shareholder returns.
Oceaneering International za měsíc od poslední výsledkové zprávy přidal asi 9,3 %. Ve 2. čtvrtletí tržby vzrostly o 10 % na 768,2 mil. USD a upravená EBITDA stoupla na 114,5 mil. USD.
It has been about a month since the last earnings report for Oceaneering International (OII - Free Report) . Shares have added about 9.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Oceaneering International due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Oceaneering Q2 Earnings & Revenues Rise Y/Y, Adjusted EBITDA UpOceaneering International reported second-quarter 2026 earnings of 65 cents per share, up from 54 cents in the year-ago quarter. Higher year-over-year operating income from the company's Subsea Robotics, Manufactured Products, Offshore Projects Group and Aerospace and Defense Technologies segments contributed to this improvement.
Total revenues were $768.2 million, increased approximately 10% from the year-ago quarter’s $698.2 million. This increase reflected revenue growth across all segments except Integrity Management & Digital Solutions.
In the second quarter of 2026, the Houston, TX-based oil and gas equipment and services company reported adjusted EBITDA of $114.5 million, up 10.9% year over year.
Operating income increased 11% year over year to $88.2 million. Gross margin expanded to $157 million from $148.4 million, reflecting revenue growth and improved performance across most operating segments.
Q2 Segmental InformationSubsea Robotics (SSR): The unit provides remotely operated submersible vehicles for drill support, vessel-based inspection, subsea hardware installation, pipeline surveys and maintenance services.
Revenues totaled $232 million compared with the year-ago quarter’s $218.8 million.
The segment also reported an operating income of $66.3 million compared with $64.5 million a year ago.
The company's segment delivered an EBITDA margin of 35% in the second quarter of 2026, flat compared with the year-ago quarter. Revenue per day for remotely operated vehicles (“ROV”) rose to $11,894, while ROV fleet utilization slightly decreased to 66%.
Manufactured Products: The segment focuses on the manufactured products business, theme park entertainment systems and automated guided vehicles.
Revenues totaled $149 million compared with the year-ago quarter’s $145.1 million.
The segment posted an operating profit of $21.9 million in the second quarter, up from the year-ago quarter’s $18.8 million.
The backlog totaled $445 million as of June 30, 2026, down 13.8% from the same time in 2025. For the 12 months ending June 30, 2026, the book-to-bill ratio was 0.88.
Offshore Projects Group (OPG): This segment involves Oceaneering’s former Subsea Projects unit, excluding survey services and global data solutions, the service and rental business and ROV tooling.
Revenues increased about 22.5% to $182.8 million from $149.3 million in the year-ago quarter.
The unit’s operating income totaled $30 million compared with the prior-year quarter’s $21.7 million. The company’s operating income margin slightly increased to 16% from the prior-year quarter’s 15%, reflecting favorable project mix and disciplined execution.
Integrity Management & Digital Solutions (IMDS): This segment covers Oceaneering’s Asset Integrity unit, along with its global data solutions business.
Revenues of $70.8 million decreased from the year-ago quarter’s $75.4 million.
Operating income decreased to $0.1 million from $4.6 million due to lower activity, weaker cost absorption and higher personnel-related costs in West Africa and the Middle East.
Aerospace and Defense Technologies (ADTech): The segment is engaged in Oceaneering’s government business, which focuses on defense subsea technologies, marine services and space systems.
Revenues totaled $133.5 million, up from $109.6 million recorded in the second quarter of 2025.
The operating income increased to $16.4 million from $16.3 million in the year-ago quarter. Operating income margin decreased to 12% from 15% in the year-ago quarter due to program mix and timing.
Capital Expenditure & Balance SheetThe capital expenditure in the second quarter, including acquisitions, totaled $30.8 million.
As of June 30, 2026, OII had cash and cash equivalents worth $629.5 million and $688.9 million, respectively, along with a long-term debt of about $490.2 million. The debt-to-capitalization was 29.6%.
The company repurchased 263,335 shares for approximately $10 million. OII also issued $500 million of senior notes due 2034 and increased its revolving credit commitments to $345 million from $215 million.
Q3 and 2026 Outlook by OceaneeringThe company expects consolidated revenues to increase in the third quarter of 2026, with EBITDA projected in the range of $115 million to $125 million. At the segment level, SSR is expected to post growth in both revenues and operating income. Manufactured Products is projected to witness slight declines in revenues and operating income. OPG is anticipated to deliver increases in both revenues and operating income.
IMDS revenues are expected to increase, while operating income is likely to remain relatively flat. Meanwhile, ADTech is forecasted to report higher revenues and operating income. Unallocated expenses are expected to be in the $50 million range.
Management expressed confidence in the company's outlook for the remainder of 2026, supported by strong first-half execution, healthy demand across most of its businesses and an improved financial position. The company expects offshore activity to continue strengthening, driven by higher rig utilization, longer-duration contracts and sustained demand for subsea services.
Management also expects Subsea Robotics to benefit from higher ROV utilization and continued survey vessel activity, while the Manufactured Products backlog is anticipated to improve in the second half of 2026, supported by recent contract awards and additional opportunities in the sales pipeline. Despite ongoing uncertainty in the Middle East and lower activity in West Africa affecting the IMDS business, management believes the performance of its other operating segments remains in line with or ahead of prior expectations.
The company updated its full-year 2026 consolidated adjusted EBITDA outlook to a range of $400 million to $440 million. OII retained its previously issued consolidated and segment guidance, except that IMDS operating income is now expected to decline significantly, with the operating income margin projected to be in the low-single-digit percentage range.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.
The consensus estimate has shifted 9.43% due to these changes.
VGM ScoresAt this time, Oceaneering International has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise Oceaneering International has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry PlayerOceaneering International belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, Weatherford (WFRD - Free Report) , has gained 6.6% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Weatherford reported revenues of $1.11 billion in the last reported quarter, representing a year-over-year change of -8.2%. EPS of $0.55 for the same period compares with $1.87 a year ago.
For the current quarter, Weatherford is expected to post earnings of $1.20 per share, indicating a change of +7.1% from the year-ago quarter. The Zacks Consensus Estimate has changed -11.6% over the last 30 days.
Weatherford has a Zacks Rank #5 (Strong Sell) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
Oceaneering čeká ve 3. čtvrtletí vyšší tržby i provozní zisk v klíčových offshore divizích díky novým zakázkám a prodloužením smluv. Firma zároveň rozšiřuje obranný a vesmírný byznys.
Key Takeaways OII blends offshore energy, defense, robotics and digital businesses to diversify growth opportunities.Oceaneering expects stronger Q3 results in key offshore units after recent contract awards and extensions.OII faces risks from offshore cyclicality, weaker IMDS activity and a lower Manufactured Products backlog. Oceaneering International, Inc. (OII - Free Report) is no longer a pure offshore energy story, even though offshore markets remain its largest economic driver. The company combines subsea robotics, engineered products, project services, digital integrity tools and government-focused technology.
Over the last one year, Oceaneering International delivered the strongest share price performance, rising approximately 127.7%, compared with SLB (SLB - Free Report) , which gained about 43.3%, and Baker Hughes Company (BKR - Free Report) , which increased about 29.9%, highlighting OII’s stronger market momentum during the period.
Oceaneering’s Share Price Growth Over the Last One Year
Image Source: Zacks Investment Research
That mix gives Oceaneering more than one route to growth. It also helps cushion cyclicality, while leaving investors exposed to offshore capital spending, project timing and execution risk.
Oceaneering’s Five-Segment Business MixSubsea Robotics combines remotely operated vehicles, survey work and tooling. Manufactured Products supplies energy products such as distribution and connection systems, along with mobile robotics for industrial uses.
Offshore Projects Group supports subsea completions, construction, intervention, inspection, maintenance and repair. Integrity Management and Digital Solutions uses software, analytics and services for asset programs, while Aerospace and Defense Technologies serves defense, government space and commercial space customers.
Image Source: Oceaneering International, Inc.
OII’s Offshore Energy Growth DriversOffshore momentum remains central to the investment case. OII serves every phase of the offshore oilfield lifecycle, from exploration to decommissioning, with revenue streams tied to ROV services, tooling, survey, subsea hardware, umbilicals and vessel-based work.
Recent demand signals are constructive. Management cited contract awards and extensions, including a Brazil ROV services award that improves demand visibility, and expects higher third-quarter revenues and operating income in Subsea Robotics and Offshore Projects Group.
Oceaneering’s Defense and Aerospace ExpansionAerospace and Defense Technologies adds exposure that is less directly tied to exploration and production spending. The segment focuses on defense subsea technologies, marine services and space systems, including work with U.S. government, Navy, international defense and space customers.
In the second quarter, Oceaneering secured awards in subsea robotics, submarine rescue, submarine maintenance and installation services. A Defense Innovation Unit contract tied to an extra-large unmanned underwater vehicle and recognition from Lockheed Martin for Artemis program work point to expanding government opportunities.
OII’s Technology Investment StrategyTechnology investment supports both sides of Oceaneering’s portfolio. The company has highlighted the Momentum ROV platform, the Freedom autonomous vehicle and the upgraded Ocean Intervention II vessel as part of its push into robotics, automation and higher-value subsea services.
Ocean Intervention II entered service after significant upgrades in 2025 and is expected to remain utilized through most of the rest of 2026. Planned simultaneous operations should allow multiple survey activities from the vessel, improving efficiency for customers.
Oceaneering’s Key Operating RisksThe offshore cycle still matters. A decline in commodity prices or customer capital spending could delay offshore developments, weaken equipment demand and lower utilization across core operations.
Risks are not limited to energy demand. IMDS remained weak due to lower West Africa activity and Middle East-related cost pressure, while Manufactured Products had backlog of $445 million at June 30, 2026, down from $516 million a year earlier, and a trailing 12-month book-to-bill ratio of 0.88.
OII’s Hold Signal and Mixed Style ScoresThe bottom line is balanced. Oceaneering is executing better across most segments, benefiting from offshore activity and building a larger government and space platform, but the stock still carries cyclical and project-driven risk.
OII currently carries a Zacks Rank #3 (Hold), with a Value Score of C, Growth Score of C, Momentum Score of D and VGM Score of C. That combination does not point to a clear near-term edge across value, growth or momentum. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the broader offshore services landscape, SLB is a useful comparison because its OneSubsea business also serves subsea development and intervention markets. Baker Hughesoffers another benchmark through its subsea production systems and offshore technology exposure.
For OII, diversification is a real strength, but not a clean buy signal by itself. The current rank and mixed scores support a measured view in which improving execution and defense expansion are offset by valuation, offshore cyclicality and limited near-term momentum support.
Oceaneering International ve 2. čtvrtletí zvýšila tržby o 10 % na 768 mil. USD a upravený zisk před úroky, zdaněním, odpisy a amortizací na 115 mil. USD, nejvýše od 3. čtvrtletí 2015.
Firma zároveň zvedla celoroční výhled upraveného zisku před úroky, zdaněním, odpisy a amortizací na 400 až 440 mil. USD.
3 Swing Trades for Q3 Earnings SeasonOceaneering International NYSE: OII reported second-quarter 2026 results that topped the high end of its adjusted EBITDA guidance range, with management citing strong execution across its portfolio and notable gains in offshore project activity.
President and Chief Executive Officer Rod Larson said the company’s adjusted EBITDA of $115 million was its highest quarterly level since the third quarter of 2015. He said the Offshore Projects Group, or OPG, was the largest contributor to the company’s EBITDA outperformance, driven by a favorable mix of international intervention and installation work, including light well intervention services in the Caspian Sea and an installation project offshore Egypt.
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Senior Vice President and Chief Financial Officer Mike Summerall said consolidated revenue rose 10% year over year to $768 million, with growth in every segment except Integrity Management & Digital Solutions, or IMDS. Operating income increased 11% to $88.2 million, while net income attributable to Oceaneering rose 19% to $65 million, or $0.65 per share. Adjusted EBITDA increased 11% to $115 million.
Offshore Projects and Subsea Robotics Lead Results OPG revenue increased 22% from the prior-year quarter to $183 million, while operating income rose 39% to $30 million. Summerall said the segment generated a 16% operating income margin, supported by disciplined execution on international intervention and installation projects that are expected to continue into the third quarter. Vessel utilization declined year over year, but management expects it to improve in the third quarter as the company supports customers under several frame agreements.
Subsea Robotics, or SSR, also improved year over year, with revenue increasing 6% to $232 million and operating income rising 3% to $66.3 million. Average ROV revenue per day utilized increased to $11,894 from $11,265, reflecting improved contract pricing. ROV utilization was 66%, slightly below 67% in the prior-year quarter, as activity in Europe and West Africa largely offset lower activity in the U.S. Gulf.
Summerall said SSR’s EBITDA margin remained flat at 35%, as higher ROV pricing was offset by geographic and service mix, including a larger contribution from survey work, which carries lower margins than the company’s core ROV business. Larson said the Ocean Intervention II entered service after significant upgrades in 2025 and is now performing survey projects expected to keep the vessel utilized through most of the remainder of 2026. He also said the company expects to conduct a simultaneous operations, or SIMOPS, project from the vessel later this year.
Manufactured Products Improves Margins; ADTech Wins Defense Work Manufactured Products revenue increased 3% to $149 million, while operating income rose 17% to $21.9 million. The segment’s operating income margin improved to 15%, up 178 basis points year over year. Summerall attributed the improvement to conversion of higher-margin backlog, increased volume in the Rotator valves business and improved results in the Mobility Solutions product line.
The segment’s backlog declined to $445 million as of June 30, reflecting execution of previously awarded work. Summerall said the trailing 12-month book-to-bill ratio was 0.88, compared with 0.65 a year earlier. He said the company won multiple awards early in the third quarter and expects additional awards in the third and fourth quarters, supporting management’s expectation that backlog will improve in the second half and meet full-year book-to-bill guidance of 0.9 to 1.0.
In Aerospace and Defense Technologies, or ADTech, revenue increased 22% to $133 million, while operating income was up slightly to $16.4 million. Operating income margin declined to 12%, reflecting program mix and timing in the Oceaneering Technologies, or OTech, business line.
Larson highlighted new contract awards across defense and subsea applications, including subsea robotics, subsea systems, submarine rescue and submarine maintenance, construction and installation services. He pointed to a joint contract from the Defense Innovation Unit to support development of an Extra-Large Unmanned Underwater Vehicle as an example of the company’s strategy to deploy dual-use technologies for both energy and government customers. He also noted that the Space Systems team was recognized by Lockheed Martin as a best-in-class supplier for work on the Artemis program.
Cash Flow, Buybacks and Debt Refinancing Oceaneering generated $55.2 million of cash from operating activities in the quarter. Summerall said the year-over-year decrease reflected the timing of project milestones, customer receipts and vendor payments. The company invested $23.2 million in organic capital expenditures, with 34% allocated to growth and 66% to maintenance, and generated free cash flow of $32 million.
The company resumed share repurchases during the quarter, buying back $10 million of common stock. It ended the period with $629 million in cash, total liquidity of $844 million and no borrowings under its revolving credit facility.
Summerall said Oceaneering placed $500 million of senior notes due in 2034 and used the proceeds, together with cash on hand, to retire $500 million of senior notes due in 2028. The company also amended its secured revolving credit facility, increasing commitments to $345 million from $215 million and extending the maturity to July 2031. He said those transactions would be completed in July.
Asked about capital allocation, Larson said the company’s priorities remain organic investment first, inorganic growth second and returning capital to shareholders, primarily through buybacks. He said Oceaneering intends to invest around its core energy business, particularly SSR, and also sees opportunities to expand in defense, including through partnerships and potential acquisitions.
Guidance Raised at Low End, IMDS Outlook Reduced For the third quarter, Oceaneering expects revenue to increase and adjusted EBITDA to range from $115 million to $125 million. Larson said SSR revenue and operating income are expected to rise as ROV utilization improves and survey activity continues. OPG revenue and operating income are also expected to increase on higher vessel utilization in the U.S. Gulf and West Africa, as well as continuing international projects.
For the full year, management raised the low end of adjusted EBITDA guidance and now expects consolidated adjusted EBITDA of $400 million to $440 million in 2026. Larson said first-half performance increased confidence in the company’s outlook.
However, Oceaneering lowered its outlook for IMDS, citing ongoing uncertainty in the Middle East and reduced activity in West Africa. Management now expects IMDS operating income to decrease significantly compared with full-year 2025, with operating income margin in the low single-digit percentage range. Summerall said second-quarter IMDS revenue, operating income and margin declined due to lower activity, related cost absorption and increased personnel costs in West Africa and the Middle East.
Management Sees Offshore Activity Building During the question-and-answer portion of the call, Larson said offshore activity appears to be rising, though he does not expect a sharply defined inflection point. He cited longer contracts for rigs and ROVs, greater rig utilization and higher levels of contracted rigs as indicators of improving demand.
Larson said SSR should benefit from increased rig utilization and strong tree orders and installations, while OPG should benefit from longer-term confidence in offshore projects. Summerall added that longer-term rig contracts are a positive macro indicator.
Discussing regional opportunities, Larson identified Brazil as a key growth market, pointing to Petrobras activity and the company’s recently announced ROV contract in the country. He also cited Africa, including activity around Namibia and Senegal, as well as Australia and the Far East. Summerall also pointed to Norway and activity tied to Equinor as relevant to European energy security.
On defense spending, Larson said the company is seeing more inbound interest than it did three or four years ago, particularly from partners seeking Oceaneering’s offshore operating experience. Summerall said the company participates in both submarine repair and construction and autonomy-related defense work, including lower-cost uncrewed technologies.
About Oceaneering International (NYSE:OII)Oceaneering International, Inc is a global provider of engineered services and products primarily to the offshore oil and gas industry, as well as to aerospace, defense, and commercial diving markets. The company specializes in remotely operated vehicles (ROVs), subsea intervention, and inspection services designed to support exploration, production and maintenance activities in challenging underwater environments. In addition to ROV operations, Oceaneering offers asset integrity solutions, specialized tooling, and intervention equipment for pipelines, risers, and flowlines.
Founded in 1964 and headquartered in Houston, Texas, Oceaneering has grown through both organic expansion and strategic acquisitions.
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Oceaneering získala od Petrobras čtyřletý kontrakt na ROV služby u pobřeží Brazílie, který má začít v roce 2027. Dodá dvě work-class ROV soupravy a specializované nástroje.
Key Takeaways Oceaneering won a four-year Petrobras contract to provide offshore Brazil ROV services from 2027.OII will supply two work-class ROV systems and specialized tooling for offshore subsea operations.Oceaneering's Brazil team will execute the project using local expertise and established infrastructure Oceaneering International, Inc. (OII - Free Report) has strengthened its position as a leading subsea technology and offshore services provider after the Brazilian subsidiary, Marine Production Systems do Brasil LTDA (“MPS”), secured a new contract from Petrobras (PBR - Free Report) to deliver remotelyoperated vehicle (“ROV”) services offshore Brazil. The four-year agreement represents a significant milestone in Oceaneering’s continued support of complex deepwater operations and reinforces its long-standing partnership with one of the world’s largest offshore energy companies.
The contract was awarded following a competitive tender process and is expected to begin operations in 2027. Under the agreement, Oceaneering will provide advanced subsea capabilities designed to support Petrobras’ offshore intervention, installation and abandonment activities. The project highlights the increasing importance of reliable subsea robotics, specialized tooling and operational expertise in the development and maintenance of deepwater energy infrastructure.
Advanced ROV Solutions to Support Petrobras’ Offshore ActivitiesAs part of the contract, Oceaneering will supply two work-class ROV systems along with specialized tooling packages developed to support demanding offshore tasks. These advanced robotic systems will provide critical underwater capabilities, enabling precise inspection, intervention, monitoring and positioning support in challenging subsea environments.
The ROV technology will be deployed from AKOFS Offshore’s subsea engineering support vessel Aker Wayfarer, which Petrobras has contracted to perform a range of offshore intervention, installation and abandonment support scopes. By combining a highly capable subsea vessel with Oceaneering’s robotic technologies and engineering expertise, the project will deliver an integrated solution for complex offshore operations.
Oceaneering’s local Brazilian team will execute the project, bringing extensive regional knowledge, technical expertise and operational experience to Petrobras’ offshore campaigns. The use of a locally established team also supports efficient project execution while maintaining the high safety and performance standards required for deepwater activities.
Strengthening a Long-Term Partnership With PetrobrasOceaneering has supported Petrobras’ subsea engineering campaigns for more than a decade, establishing a strong relationship built on technical reliability, innovation and operational excellence. The latest contract award further expands this collaboration and provides additional long-term visibility in Brazil’s important deepwater market.
Simao Silva, Brazil country manager at Oceaneering, highlighted the importance of the agreement, noting that the award reflects Petrobras’ continued confidence in its ability to provide advanced subsea solutions for complex offshore environments.
The partnership demonstrates the value of combining global technology capabilities with local expertise. Through years of supporting offshore projects in Brazil, Oceaneering has developed a deep understanding of regional operational requirements and the technical challenges associated with deepwater energy production.
Oceaneering’s Nearly Three Decades of Operations in BrazilOceaneering has maintained a presence in Brazil for nearly three decades, developing a comprehensive infrastructure network to support offshore energy activities. Through MPS, the company operates multiple facilities that provide specialized services, including ROV operations, survey services, subsea intervention tooling and engineered solutions.
The company’s Brazilian operations include a dedicated center for ROV, Survey, Subsea Intervention Tooling and Engineered Solutions, as well as an Onshore Remote Operations Center located in Macaé. These facilities support offshore projects through advanced engineering, remote monitoring capabilities, equipment preparation and technical services.
Oceaneering also operates an umbilical manufacturing plant in Niterói, strengthening its ability to provide integrated subsea solutions within the Brazilian market. This local infrastructure enables the company to respond efficiently to the needs of offshore operators while supporting the country’s evolving energy sector.
Delivering Technology-Driven Offshore Energy SolutionsOceaneering’s latest Petrobras contract reflects its broader mission of delivering engineered services, advanced products and robotic solutions across multiple industries. The company combines decades of subsea experience with innovative technologies to improve offshore safety, efficiency and reliability.
Work-class ROV systems play a vital role in modern offshore operations by allowing operators to perform underwater activities with precision and reduced risk. These systems support essential tasks such as subsea inspection, equipment installation, maintenance activities and intervention operations at significant depths.
Through continuous investment in technology and skilled personnel, Oceaneering continues to advance the capabilities available to offshore operators worldwide. This agreement demonstrates how sophisticated robotics, engineering expertise and local operational knowledge can work together to support increasingly complex offshore projects.
Strong Future for Subsea Services in BrazilBrazil remains one of the world’s most important deepwater energy markets, with significant offshore resources and a growing demand for advanced subsea technologies. Oceaneering’s expanded collaboration with Petrobras positions it to continue contributing to major offshore developments while supporting safe and efficient operations.
The new four-year contract reinforces Oceaneering’s reputation as a trusted subsea services provider and highlights the company’s ability to deliver specialized solutions for challenging marine environments. With experienced teams, established facilities and advanced robotic technologies, Oceaneering is prepared to support the next generation of offshore operations in Brazil.
Through this agreement, Oceaneering and Petrobras continue a partnership focused on innovation, reliability and operational excellence, helping drive the future of deepwater subsea engineering and offshore energy development.
OII's Zacks Rank & Key PicksCurrently, OII and PBR have a Zacks Rank #3 (Hold) each.
Investors interested in the energy sector might look at some better-ranked stocks like Paramount Resources (PRMRF - Free Report) and Cenovus Energy (CVE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Paramount Resources is valued at $2.83 billion. It is a Canadian energy company focused on the exploration, development and production of natural gas, crude oil and natural gas liquids. Paramount Resources stock has delivered 28.9% total return over the past year.
Cenovus Energy is valued at $45.32 billion. It is a Canadian integrated energy company engaged in the production of crude oil and natural gas, as well as refining, upgrading and marketing petroleum products, operating across Canada, the United States and the Asia-Pacific region. Cenovus Energy stock has delivered a 72.6% total return over the past year.
Oceaneering zvýšila svůj revolvingový úvěr z 215 milionů USD na 345 milionů USD a prodloužila splatnost do července 2031. Smlouva navíc umožňuje navýšení o dalších 85 milionů USD.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced today that it has entered into an amendment to its senior secured revolving credit facility (“Credit Facility”) to, among other things, increase the commitments from $215 million to $345 million and extend the maturity date from April 2027 to July 2031. The Credit Facility includes the ability to upsize by an additional $85 million and letter of credit availability of $150 million.
Mike Sumruld, Oceaneering’s Senior Vice President and Chief Financial Officer, stated, "We are pleased to announce this amendment to our revolving credit facility, which provides additional financial flexibility to support our ongoing operations, strategic priorities, and growth initiatives. We appreciate the continued support of our bank group, which includes both long-standing relationship banks and new participating lenders."
About Oceaneering
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.
For more information, please visit www.oceaneering.com.
Oceaneering oznámila cenu hotovostní nabídky na odkup všech svých senior notes s kupónem 6,000 % splatných v roce 2028. Nabídková cena činí 1 018,46 USD za každých 1 000 USD jistiny.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced today the pricing terms of the previously announced cash tender offer (the “Offer”) to purchase any and all of its outstanding 6.000% Senior Notes due 2028 (the “Notes”) for the consideration described below. The Offer was announced on June 24, 2026 and was made pursuant to the Offer to Purchase dated June 24, 2026 (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery.
Title of Security
CUSIP Numbers(2)
Aggregate Principal Amount
Outstanding
U.S. Treasury Reference Security
Reference Yield
Bloomberg Reference Page
Fixed Spread (basis points)
Purchase Price per $1,000 Aggregate Principal Amount of Notes
6.000% Senior Notes due 2028(1)
675232 AB8
675232 AD4
$500,000,000
3.50% UST due October 31, 2027
4.146%
FIT4
40
$1,018.46
The purchase price for each $1,000 principal amount of Notes validly tendered (the "Purchase Price"), and not validly withdrawn, and accepted for purchase pursuant to the Offer was determined in the manner described in the Offer to Purchase by reference to the fixed spread specified above, plus the yield to maturity based on the bid-side price of the U.S. Treasury Reference Security specified above, as quoted on the Bloomberg Bond Trader FIT4 series of pages at 2:00 p.m., New York City time, on June 30, 2026, the date on which the Offer is currently scheduled to expire. The Purchase Price was based on a yield to November 1, 2027, assuming the Notes are redeemed on November 1, 2027, at the specified redemption price for such date of 100.000% of the principal amount, as described in the Offer to Purchase.
The Offer will expire at 5:00 p.m., New York City time, on June 30, 2026, unless extended or earlier terminated (the “Expiration Time”). Holders who have validly tendered their Notes may withdraw such Notes at any time (i) at or prior to the earlier of (x) the Expiration Time and (y) in the event the Offer is extended, the tenth business day after the date hereof, and (ii) after the 60th business day after the date hereof if for any reason the Offer has not been consummated within 60 business days of the date hereof. The delivery of Notes tendered by guaranteed delivery procedures must be made no later than 5:00 p.m., New York City time, on July 2, 2026. Oceaneering expects to pay the consideration for Notes validly tendered and not validly withdrawn at or prior to the Expiration Time and accepted for purchase by it or tendered and delivered through the guaranteed delivery procedures on July 6, 2026, the third business day following the Expiration Time (the “Settlement Date”). The Offer is conditioned upon the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase. The Offer is not conditioned upon any minimum amount of Notes being tendered. Oceaneering intends to pay for the Notes purchased in the Offer with the proceeds from its contemporaneous offering of senior notes.
The complete terms and conditions of the Offer are set forth in the Offer to Purchase and in the related Notice of Guaranteed Delivery, along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the Offer. Oceaneering has retained J.P. Morgan Securities LLC as dealer manager (the “Dealer Manager”) in connection with the Offer. Copies of the Offer to Purchase and the related Notice of Guaranteed Delivery may be obtained from Global Bondholder Services Corporation, the Depositary and Information Agent for the Offer, by phone at (212) 430-3774 (banks and brokers) or (855) 654-2014 (toll-free), by email at [email protected], or online at https://gbsc-usa.com/oii/. Questions regarding the Offer may also be directed to the Dealer Manager at +1 (866) 834-4666 (toll free) or +1 (212) 834-4818 (collect).
The Offer may be amended, extended, terminated, or withdrawn in Oceaneering’s sole discretion. There is no assurance that the Offer will be subscribed for in any amount. To the extent not all of the Notes are tendered in the Offer, Oceaneering intends to redeem any and all outstanding Notes. In connection with the Offer, Oceaneering issued a conditional notice of full redemption to redeem any Notes that remain outstanding following the Offer on or around July 25, 2026 pursuant to the indenture governing the Notes. This press release does not constitute a notice of redemption or an offer to purchase the Notes not purchased in the Offer.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Offer is being made only by, and pursuant to the terms of, the Offer to Purchase and the related Notice of Guaranteed Delivery. The Offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction. In any jurisdiction where the laws require the Offer to be made on Oceaneering’s behalf by a licensed broker or dealer and the Dealer Manager or one of the Dealer Manager’s affiliates is such a licensed broker or dealer in any such jurisdiction, the Offer will be deemed to be made by the Dealer Manager or affiliate, as the case may be, on behalf of Oceaneering. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities or other financial instrument that constitute financing for the Offer.
This release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning the expected timing for expiration and settlement of the Offer and the closing of Oceaneering’s offering of the senior notes, the conditions to the Offer, and other matters relating to the Offer and the subsequent redemption of the Notes. The forward-looking statements included in this release are based on Oceaneering’s current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.
About Oceaneering
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.
Oceaneering oznámila soukromou nabídku seniorních nezajištěných dluhopisů v objemu 500 milionů USD se splatností v roce 2034. Výnosy chce použít na nákup všech 6,000% seniorních dluhopisů splatných v roce 2028; pokud se nabídka neuskuteční nebo výnosy přesáhnou částku potřebnou k vypořádání odkupu, zbytek použije na obecné korporátní účely.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE: OII) announced today that it intends to offer $500,000,000 aggregate principal amount of Senior Notes due 2034 (the “2034 Notes”) in a private placement to eligible purchasers.
Oceaneering intends to use the net proceeds from the proposed offering, together with cash on hand, if necessary, to fund the purchase of any and all of its 6.000% Senior Notes due 2028 (the “Tender Notes”) validly tendered and accepted for purchase in the concurrent cash tender offer announced today (the “Tender Offer”). If the Tender Offer is not consummated or the net proceeds from the offering exceed the total consideration payable in the Tender Offer, Oceaneering intends to use the remaining net proceeds from the offering for general corporate purposes, which may include the repayment, redemption, or repurchase of outstanding indebtedness.
The 2034 Notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The offer and sale of the 2034 Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offers of the 2034 Notes will be made in the United States only by means of a private offering memorandum pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
This press release does not constitute an offer to purchase or a solicitation of an offer to sell any of the Tender Notes. The Tender Offer is being made only by and pursuant to, and on the terms and conditions set forth in, the Offer to Purchase dated June 24, 2026.
This release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning Oceaneering’s proposed offering of the 2034 Notes, the intended use of proceeds therefrom, and other matters relating to the proposed offering and the Tender Offer. The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.
About Oceaneering
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.
Oceaneering zahájila hotovostní nabídku na odkup všech svých 6,000% senior notes splatných v roce 2028 v objemu 500 milionů USD. Nabídka má skončit 30. června 2026.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE: OII) announced today that it has commenced a cash tender offer to purchase any and all of its outstanding 6.000% Senior Notes due 2028 (the “Notes”) for the consideration described below.
Title of Security
CUSIP Numbers(2)
Aggregate Principal Amount
Outstanding
U.S. Treasury Reference Security
Bloomberg Reference Page
Fixed Spread (basis points)
6.000% Senior Notes due 2028(1)
675232 AB8
675232 AD4
$500,000,000
3.50% UST due October 31, 2027
FIT4
40
The purchase price for each $1,000 principal amount of Notes validly tendered (the "Purchase Price"), and not validly withdrawn, and accepted for purchase pursuant to the tender offer will be determined in the manner described in the Offer to Purchase dated June 24, 2026 (the "Offer to Purchase”). This determination will be made by reference to the fixed spread specified above, plus the yield to maturity based on the bid-side price of the U.S. Treasury Reference Security specified above, as quoted on the Bloomberg Bond Trader FIT4 series of pages at 2:00 p.m., New York City time, on June 30, 2026, the date on which the tender offer is currently scheduled to expire. The Purchase Price will be calculated based on a yield to October 31, 2027, and assuming the Notes are redeemed on October 31, 2027, at the specified redemption price for such date of 100.000% of the principal amount, as described in the Offer to Purchase.
The tender offer will expire at 5:00 p.m., New York City time, on June 30, 2026, unless extended or earlier terminated (the “Expiration Time”). Holders who have validly tendered their Notes may withdraw such Notes at any time (i) at or prior to the earlier of (x) the Expiration Time and (y) in the event the tender offer is extended, the tenth business day after the date hereof, and (ii) after the 60th business day after the date hereof if for any reason the tender offer has not been consummated within 60 business days of the date hereof. The delivery of Notes tendered by guaranteed delivery procedures must be made no later than 5:00 p.m., New York City time, on July 2, 2026. Oceaneering expects to pay the consideration for Notes validly tendered and not validly withdrawn at or prior to the Expiration Time and accepted for purchase by it or tendered and delivered through the guaranteed delivery procedures on July 6, 2026, the third business day following the Expiration Time (the “Settlement Date”). The tender offer is conditioned upon the satisfaction or waiver of certain conditions, including Oceaneering’s completion of one or more debt financing transactions on terms satisfactory to it. The tender offer is not conditioned upon any minimum amount of Notes being tendered.
The complete terms and conditions of the tender offer are set forth in the Offer to Purchase and in the related Notice of Guaranteed Delivery, along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the tender offer. Oceaneering has retained J.P. Morgan Securities LLC as dealer manager (the “Dealer Manager”) in connection with the tender offer. Copies of the Offer to Purchase and the related Notice of Guaranteed Delivery may be obtained from Global Bondholder Services Corporation, the Depositary and Information Agent for the tender offer, by phone at (212) 430-3774 (banks and brokers) or (855) 654-2014 (toll-free), by email at [email protected] or online at https://gbsc-usa.com/oii/. Questions regarding the tender offer may also be directed to the Dealer Manager at +1 (866) 834-4666 (toll free) or +1 (212) 834-4818 (collect).
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The tender offer is being made only by, and pursuant to the terms of, the Offer to Purchase and the related Notice of Guaranteed Delivery. The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction. In any jurisdiction where the laws require the tender offer to be made on Oceaneering’s behalf by a licensed broker or dealer and the Dealer Manager or one of the Dealer Manager’s affiliates is such a licensed broker or dealer in any such jurisdiction, the tender offer will be deemed to be made by the Dealer Manager or affiliate, as the case may be, on behalf of Oceaneering. None of Oceaneering, the Depositary and Information Agent, or the Dealer Manager, or any of their affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Notes in response to the tender offer. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities or other financial instrument that constitute financing for the tender offer.
This release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements concerning the expected timing for expiration and settlement of the tender offer, the conditions to the tender offer, and other matters relating to the tender offer and any debt financing transactions. The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.
About Oceaneering
Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.
