Key Takeaways OII posted higher Q2 profit and revenues, led by gains across four business segments.Oceaneering expects Q3 revenue growth with EBITDA of $115M-$125M and strength in SSR, OPG and ADTech.OII raised 2026 adjusted EBITDA guidance to $400M-$440M while lowering the IMDS profit outlook. Oceaneering International, Inc. (OII - Free Report) 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 Information of OceaneeringSubsea 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.
OII’s 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 OceaneeringThis Zacks Rank #3 (Hold) 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. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
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.
Important Energy Earnings at a GlanceWhile we have discussed OII’s second-quarter results in detail, let us take a look at three other key reports in the energy space.
Houston, TX-based oil and gas equipment and services provider Halliburton (HAL - Free Report) posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level.
As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%.
Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation (RRC - Free Report) reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization.
Range Resources’ net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. It repurchased $78 million of shares and paid $24 million in dividends during the quarter.
Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. (KMI - Free Report) reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%.
As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025.
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 International is shifting toward defense, aerospace, and underwater automation, reducing reliance on cyclical oil and gas markets. OII delivered 10% revenue growth and beat Q2 2026 analyst forecasts, with management maintaining a $400–440 million annual EBITDA outlook. A forward P/E of 25.7x and a low free cash flow margin suggest the current valuation leaves little room for execution missteps.
Deanna L. Goodwin, a member of the Board of Directors of Oceaneering International (OII 0.05%), reported the sale of 7,000 shares of common stock in an open-market transaction on July 1, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueShares sold (direct)7,000Transaction value~$285,000Post-transaction shares (direct)35,905Post-transaction value (direct ownership)~$1.41 millionTransaction value based on SEC Form 4 weighted average reported price ($40.69); post-transaction value based on July 1, 2026 market close ($39.39).
Key questionsHow impactful was this transaction on Deanna Goodwin’s overall stake?
Goodwin reduced her direct holdings by 16.32%, retaining 35,905 shares after the sale, which comprises 0.0360% of the company's outstanding shares as of July 1, 2026.Were any indirect or derivative holdings involved in this transaction?
No, the disposition involved only directly-held common stock, with no shares traded via trusts or derivative securities. No indirect holdings were disclosed in this filing.Does this transaction reflect an established selling pattern or a one-off event?
This is Goodwin’s first open-market sale in at least two years, with prior reported transactions limited to administrative events, indicating no recurring cadence of selling activity.How does the transaction price compare to recent trading levels and the company's performance?
The weighted average sale price of $40.69 was slightly above the July 1, 2026 market close of $39.39, and follows a one-year total return of 80.84% as of the transaction date, suggesting the sale occurred near recent highs.Company overviewMetricValueEmployees10,400Revenue (TTM)$2.80 billionNet income (TTM)$339.49 million1-year price change80.84%* 1-year price change calculated as of July 1, 2026.
Company snapshotOceaneering International provides subsea robotics, manufactured products for energy infrastructure, asset integrity management, and aerospace and defense engineering solutions.The company generates revenue primarily through engineering services, equipment sales, and long-term contracts in offshore energy, defense, and industrial automation sectors.Key customers include offshore oil and gas operators, government agencies, aerospace contractors, and industrial clients seeking advanced robotic and digital solutions.Oceaneering International is a diversified engineering and technology firm with global operations and a strong presence in the offshore energy and defense markets. The company leverages a broad portfolio of subsea robotics, digital solutions, and specialized manufactured products to address complex operational challenges for major industry players. Its scale, technical expertise, and multi-sector reach underpin its competitive positioning in high-value, mission-critical applications.
What this transaction means for investorsThe June 30 sale of Oceaneering International stock by Board of Directors member Deanna Goodwin occurred at a time when shares were soaring. The stock eventually reached a multi-year high of $44.22 on July 14. Goodwin sold for a weighted average price of $40.69.
It seems Goodwin capitalized on the rising share price to lock in some gains. Post-transaction, she retained nearly 36,000 shares, a sign that she remains confident in the company’s long-term outlook.
Oceaneering stock went on a great run thanks to positive business developments. The company announced customer orders totaling $1 billion in the first quarter with some contracts extending out to 2031. Its Q1 revenue was up 3% year over year to $692 million.
Oceaneering expects further sales growth in Q2 with EBITDA in the range of $100 million to $110 million. The company produced adjusted EBITDA of $103 million in the second quarter of 2025, so it looks like it will deliver a solid increase in 2026.
Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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.
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.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced today the expiration and results 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”). 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 (together, the “Tender Offer Documents”).
According to information received from Global Bondholder Services Corporation, the Depositary and Information Agent for the Offer, as of 5:00 p.m., New York City time, on June 30, 2026 (the “Expiration Time”), valid tenders had been received at the expiration of the Offer in the amount and percentage set forth in the table below.
Title of
Security
CUSIP Numbers(2)
Aggregate
Principal
Amount
Outstanding
Purchase
Price per
$1,000
Aggregate
Principal
Amount of
Notes
Principal Amount Tendered(3)
Percentage
of Principal
Amount
Tendered(3)
6.000%
Senior
Notes due
2028(1)
675232 AB8
675232 AD4
$500,000,000
$1,018.46
$399,774,000
79.95%
Subject to the completion of Oceaneering’s previously announced offering of $500,000,000 aggregate principal amount of 6.875% Senior Notes due 2034 (the “2034 Notes”) in a private placement to eligible purchasers, which is expected to close on July 6, 2026, subject to customary closing conditions, Oceaneering expects to accept for purchase all Notes validly tendered and not validly withdrawn at or prior to the Expiration Time and all Notes properly delivered pursuant to guaranteed delivery procedures and expects to make payment for all such Notes on July 6, 2026.
Oceaneering intends to redeem all remaining outstanding Notes. In connection with the Offer, Oceaneering issued a conditional notice of full redemption to redeem any and all 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.
J.P. Morgan Securities LLC acted as dealer manager (the “Dealer Manager”) for the Offer. Global Bondholder Services Corporation served as the Depositary and Information Agent for 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 settlement of the Offer and the closing of Oceaneering’s offering of the 2034 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.
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.
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.
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.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) will report its second quarter 2026 financial results on Wednesday, July 22, 2026, after the close of trading on the New York Stock Exchange. Oceaneering will host a conference call and webcast to discuss the results on Thursday, July 23, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).
The earnings release and a link to the webcast will be posted on Oceaneering’s Investor Relations website.
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 oceaneering.com.
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) President and Chief Executive Officer Rod Larson will participate in a fireside chat at the J.P. Morgan Natural Resources Conference in New York on Tuesday, June 23, 2026. Mr. Larson and Senior Director, Investor Relations Hilary Frisbie will also host meetings with institutional investors.
Oceaneering’s most recent presentation is available on the Investor Relations page of Oceaneering's website at www.oceaneering.com.
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.
Dynamic Technology Lab Private Ltd bought a new position in Oceaneering International, Inc. (NYSE: OII) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,457 shares of the oil and gas company's stock, valued at approximately $457,000. Several other institutional investors have
A month has gone by since the last earnings report for Oceaneering International (OII - Free Report) . Shares have lost about 3.1% in that time frame, outperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Oceaneering International due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Oceaneering International, Inc. before we dive into how investors and analysts have reacted as of late.
Oceaneering Q4 Earnings Surpass Estimates, Revenues MissOceaneering International reported an adjusted profit of 45 cents per share for the fourth quarter of 2025, beating the Zacks Consensus Estimate of 44 cents. Moreover, the bottom line surpassed the year-ago quarter’s reported figure of 37 cents. This was driven by strong year-over-year operating income from its Subsea Robotics, Manufactured Products and Aerospace and Defense Technologies segments.
Total revenues were $668.6 million, which missed the Zacks Consensus Estimate of $711 million and decreased approximately 6.3% from the year-ago quarter’s $713.5 million due to lower revenues in the company’s energy-focused businesses. The revenue decrease in the energy business was primarily due to the unusually high number of international intervention and installation projects that OII’s Offshore Projects Group segment performed in the prior-year quarter, but that did not repeat in the fourth quarter of 2025. In the fourth quarter of 2025, the Houston, TX-based oil and gas equipment and services company reported adjusted EBITDA of $90.5 million, a 10.9% decrease year over year.
The company also repurchased 419,005 shares for approximately $10.1 million in the fourth quarter of 2025.
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 $211.7 million compared with the year-ago quarter’s $212.2 million. However, the top line missed our estimate of $225 million.
The segment also reported an operating income of $67.8 million compared with $63.5 million a year ago. The figure beat our estimate of $65 million.
The company’s segment delivered an EBITDA margin of 38% in the fourth quarter of 2025, improving from the prior-year period’s 36%. Revenue per day for remotely operated vehicles (“ROVs”) rose 7% to $11,550, while ROV fleet utilization declined to 62%.
Manufactured Products: The segment focuses on the manufactured products business, theme park entertainment systems and automated guided vehicles.
Revenues totaled $132.4 million compared with the year-ago quarter’s $143 million. Additionally, the top line missed our estimate of $140 million.
The segment posted an operating profit of $20.4 million in the fourth quarter, up from the year-ago quarter’s $4.2 million. The reported figure beat our estimate of $9.4 million.
The backlog totaled $511 million as of Dec. 31, 2025, down 15.4% from the same time in 2024. For the 12 months ending Dec. 31, 2025, the book-to-bill ratio was 0.84.
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 decreased about 29.1% to $130.8 million from $184.4 million in the year-ago quarter. Moreover, the figure missed our estimate of $161 million.
The unit’s operating income totaled $15 million compared with the prior-year quarter’s $39.3 million. The figure also missed our estimate of $28.7 million. The company’s operating income margin decreased to 11% from the prior-year quarter’s 21%.
Integrity Management & Digital Solutions (IMDS): This segment covers Oceaneering’s Asset Integrity unit, along with its global data solutions business.
Revenues of $66.5 million decreased from the year-ago quarter’s $75.1 million. The figure also missed our estimate of $72 million.
The segment reported an operating loss of $0.12 million, reversing the prior-year quarter’s operating profit of $2 million. Moreover, the figure missed our projection of a profit of $0.65 million.
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 $127.3 million, up from $98.8 million recorded in the fourth quarter of 2024. The figure beat our estimate of $113 million.
The operating income increased to $14.2 million from $9.9 million in the year-ago quarter. However, it missed our estimate of $16.6 million. Operating income margin improved to 11%.
Capital Expenditure & Balance SheetThe capital expenditure in the fourth quarter, including acquisitions, totaled $36 million.
As of Dec. 31, 2025, OII had cash and cash equivalents worth $688.9 million and $497.5 million, respectively, along with a long-term debt of about $487.4 million. The debt-to-capitalization was 31.2%.
OutlookThe company anticipates lower revenues in the first quarter of 2026 compared with the same period in 2025. This is because of lower activity levels in energy markets at the start of 2026. The company anticipates consolidated EBITDA will be between $80 million and $90 million.
For SSR, the company expects a modest year-over-year uptick in revenues, while operating income is likely to decline due to shifts in geographic mix.
For Manufactured products, OII expects significantly higher operating income despite lower revenues.
For OPG, the company anticipates a significant decrease in revenues and operating income due to year-over-year changes in volume and project mix.
For IMDS, it expects both revenues and operating income to be relatively flat year over year
For ADTech, OII anticipates revenues to grow strongly, while operating income is projected to rise slightly due to changes in project mix.
During the first quarter of 2026, Oceaneering’s unallocated expenses are projected to be around the $50 million mark, driven by wage inflation, higher IT spending, and foreign exchange fluctuations.
For the full-year 2026, Oceaneering expects consolidated revenues to grow in the low to mid-single-digit percentage range. The company projects EBITDA of $390 million to $440 million, representing a modest increase at the midpoint versus 2025. Free cash flow is forecast at $100 million to $120 million, with the year-over-year decline reflecting the early receipt of approximately $37 million in customer payments in the fourth quarter of 2025. Combined 2025-2026 cash conversion is expected to be nearly 40%. Organic capital expenditures are projected at $105 million to $115 million, with 40% allocated to growth and 60% to maintenance. Energy-focused capex is expected to decline 12%, while ADTech spending increases. Net interest expense is forecast at $21 million to $26 million, and cash tax payments are expected at $95 million to $105 million.
Segmentally, SSR revenues are expected to grow in the low to mid-single digits, with EBITDA margins in the mid-30% range. ROV fleet utilization is projected in the mid-60% range, drill-support mix at 65%, and market share at 55% to 60%. Manufactured Products and OPG operating income margins are expected in the mid-teens, IMDS margins in the mid-single digits, and ADTech margins in the low teens. Unallocated expenses are anticipated at approximately $50 million per quarter.
How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
The consensus estimate has shifted -6.25% due to these changes.
VGM ScoresCurrently, Oceaneering International has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook Oceaneering International has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
On Feb. 25, 2026, Jennifer Simons, Senior Vice President, Chief Legal Officer, and Secretary at Oceaneering International (OII 1.51%), reported the sale of 10,284 shares of common stock for a transaction value of approximately $401,000, as disclosed in the SEC Form 4 filing.
Transaction summaryMetricValueShares sold10,284Shares withheld6,673Transaction value$400,665Post-transaction shares35,387Post-transaction value$1.34 millionTransaction value based on SEC Form 4 weighted average purchase price ($38.96); post-transaction value based on Feb. 25, 2026 market close ($37.92).
Key questionsHow does the scale of this transaction compare to Simons’ prior activity?
This sale involved 22.5% of her total holdings, a smaller proportion than the 39% sold in her previous January 2026 transaction, aligning with the declining available share base.Did the transaction impact indirect or derivative holdings?
No, the transaction solely affected directly held common stock; Simons retains no indirect or derivative positions in the company post-trade.How has Simons' ownership profile changed following this transaction?
Direct common stock holdings declined to 35,387 shares (down from 74,826 prior to January 2026), maintaining continued insider exposure but at a reduced level in line with recent administrative sales cadence.Company overviewMetricValueRevenue (TTM)$2.78 billionNet income (TTM)$353.76 millionEmployees11,1001-year price change70.81%1-year price change calculated using Feb. 25, 2026 as the reference date.
Company snapshotProvides engineered services, remotely operated vehicles (ROVs), subsea robotics, manufactured products, and digital solutions for the offshore energy, defense, aerospace, and industrial sectors.Generates revenue through project-based contracts, equipment sales, maintenance services, and recurring software and analytics solutions, with a diversified portfolio across subsea operations and asset management.Serves global energy producers, government agencies, defense contractors, and industrial clients seeking advanced subsea, robotics, and integrity management solutions.Oceaneering International is a diversified provider of engineered products and services, specializing in subsea robotics and automation solutions for complex offshore and industrial environments. The company leverages a broad portfolio—spanning robotics, manufactured products, and digital asset management—to serve energy, defense, and government customers worldwide.
Oceaneering's competitive advantage lies in its technological expertise, scale, and ability to deliver integrated solutions that enhance operational efficiency and safety for clients operating in challenging environments.
Today's Change
(
-1.51
%) $
-0.60
Current Price
$
39.20
What this transaction means for investorsSimons’ $400,000 sale in February was pursuant to a Rule 10b5-1 trading plan, a contract that allows company insiders to transact shares of their company on a pre-arranged basis. Rule 10b5-1 trading plans are common defenses against insider trading charges.
That said, it’s been a strong year for Oceaneering International’s stock, which had climbed 70% year over year on the date of the transaction. The company reported its fourth-quarter and full-year results on Feb. 18. Revenue decreased 6% in the fourth quarter year over year, while operating income decreased 16% and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased 11%. Net income increased 217%, partially due to a discrete tax benefit. Yet despite the challenging quarter, full-year results were positive, with revenue of $2.5 billion increasing 5% year over year, operating income of $305 million increasing 24%, net income of $354 million increasing 140%, and adjusted EBITDA up 16%.
Oceaneering International primarily serves the offshore energy industry, though its aerospace and defense operations have been growing recently. The stock may continue to see pronounced movement as storylines surrounding oil, energy, and international conflicts play out in the global markets.
Oceaneering International, Inc. (NYSE:OII – Get Free Report) has received an average rating of “Hold” from the five ratings firms that are covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $33.6667.
A number of research firms have recently weighed in on OII. Zacks Research lowered Oceaneering International from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Weiss Ratings upgraded Oceaneering International from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. TD Cowen lifted their price target on Oceaneering International from $28.00 to $34.00 and gave the stock a “hold” rating in a report on Tuesday, March 3rd. Citigroup lifted their price target on Oceaneering International from $25.00 to $35.00 and gave the stock a “neutral” rating in a report on Tuesday, March 10th. Finally, Wall Street Zen lowered Oceaneering International from a “buy” rating to a “hold” rating in a report on Sunday, March 1st.
Read Our Latest Stock Analysis on Oceaneering International
Oceaneering International Stock Up 0.2% OII stock opened at $36.28 on Monday. Oceaneering International has a twelve month low of $16.00 and a twelve month high of $39.00. The company has a quick ratio of 1.72, a current ratio of 1.99 and a debt-to-equity ratio of 0.45. The stock’s 50 day moving average is $34.81 and its 200-day moving average is $28.46. The firm has a market capitalization of $3.62 billion, a PE ratio of 10.37 and a beta of 1.18.
Oceaneering International (NYSE:OII – Get Free Report) last posted its earnings results on Wednesday, February 18th. The oil and gas company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Oceaneering International had a return on equity of 21.58% and a net margin of 12.71%.The company had revenue of $668.57 million for the quarter, compared to analyst estimates of $678.16 million. During the same quarter last year, the company earned $0.37 earnings per share. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts expect that Oceaneering International will post 1.78 EPS for the current fiscal year.
Insider Buying and Selling at Oceaneering International In related news, Director Karen H. Beachy sold 9,800 shares of Oceaneering International stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $37.41, for a total transaction of $366,618.00. Following the sale, the director directly owned 22,816 shares in the company, valued at approximately $853,546.56. This trade represents a 30.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Benjamin Laura sold 5,106 shares of Oceaneering International stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $36.88, for a total value of $188,309.28. Following the sale, the chief operating officer owned 40,805 shares in the company, valued at $1,504,888.40. This trade represents a 11.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,689 shares of company stock valued at $4,204,360 in the last ninety days. 1.30% of the stock is owned by corporate insiders.
Institutional Trading of Oceaneering International A number of hedge funds have recently bought and sold shares of OII. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Oceaneering International by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,154 shares of the oil and gas company’s stock worth $1,312,000 after acquiring an additional 2,633 shares during the period. Empowered Funds LLC raised its stake in shares of Oceaneering International by 1.9% in the first quarter. Empowered Funds LLC now owns 120,776 shares of the oil and gas company’s stock valued at $2,634,000 after buying an additional 2,310 shares during the period. Strs Ohio bought a new stake in shares of Oceaneering International in the first quarter valued at $168,000. Norges Bank bought a new stake in shares of Oceaneering International in the second quarter valued at $1,485,000. Finally, Invesco Ltd. raised its stake in shares of Oceaneering International by 8.0% in the second quarter. Invesco Ltd. now owns 650,188 shares of the oil and gas company’s stock valued at $13,472,000 after buying an additional 48,382 shares during the period. 93.93% of the stock is currently owned by institutional investors.
Oceaneering International Company Profile (Get Free Report)
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.
Further Reading Five stocks we like better than Oceaneering International
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Key Takeaways OII is set to report Q1 results on April 22 with an EPS of 35 cents and $664M revenue estimates.OII sees strength from 7% ROV pricing gains, $3.7B orders and 1.33 book-to-bill, boosting visibility.OII faces headwinds from weak energy demand, lower vessel use and working capital outflows. Oceaneering International, Inc. (OII - Free Report) is set to report first-quarter 2026 earnings on April 22, after the closing bell. The Zacks Consensus Estimate for earnings is pegged at 35 cents per share and the same for revenues is pinned at $664 million.
Let us delve into the factors that might have influenced OII’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.
Highlights of OII’s Q4 EarningsIn the last reported quarter, the Houston, TX-based oil and gas equipment and services company’s earnings beat the consensus mark. OII reported an adjusted profit of 45 cents per share, beating the Zacks Consensus Estimate of 44 cents. This was driven by strong year-over-year operating income from its Subsea Robotics, Manufactured Products and Aerospace and Defense Technologies segments. However, revenues of $668.6 million missed the Zacks Consensus Estimate of $711 million.
OII’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average positive surprise of 17.3%.
This is depicted in the graph below:
OII Stock’s Trend in Estimate RevisionThe Zacks Consensus Estimate for first-quarter 2026 earnings has remained unchanged in the past 30 days. The estimated figure indicates an 18.6% year-over-year decrease. However, the Zacks Consensus Estimate for revenues implies a decrease of 1.6% from the year-ago period’s actual.
Factors to Consider Ahead of OII’s Q1 ResultsOceaneering International enters the first quarter of 2026 with strong operational momentum and improved pricing across key segments, particularly in Subsea Robotics, where remotely operated vehicle (ROV) pricing rose by about 7% and margins expanded. The company’s record $3.7 billion order intake and solid 1.33 book-to-bill ratio provide strong revenue visibility. Growth in the high-margin ADTech segment, backed by robust defense spending and a multiyear backlog, is expected to lift revenues. Additionally, continued backlog conversion in Manufactured Products and margin improvements across segments support profitability. Strong cash generation and a healthy $689 million cash balance enhance financial flexibility, positioning the company well to outperform expectations despite seasonal softness in the quarter to be reported.
Despite underlying strength, OII’s first quarter faces notable headwinds that could pressure results. Management expects consolidated revenues to decline sequentially due to weaker energy market activity early in the year, with offshore demand remaining subdued. A significant cash flow drag is anticipated from working capital outflows, as prior early customer payments in the fourth quarter of 2025 reduce first-quarter inflows. Offshore Projects Group is expected to see sharp declines in both revenues and operating income due to lower vessel utilization and a shift away from high-margin installation work. Additionally, flat-to-lower utilization in ROV operations and geographic mix impacts could weigh on margins. Elevated unallocated expenses and seasonal softness may further limit earnings upside.
What Does Our Model Predict for OII?Our proven model does not predict an earnings beat for Oceaneering International this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that is not the case here.
OII’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
OII’s Zacks Rank: OII currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to ConsiderHere are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Liberty Energy Inc. (LBRT - Free Report) currently has an Earnings ESP of +3.85% and a Zacks Rank of 3.
LBRT is scheduled to release first-quarter 2026 earnings on April 22. The Zacks Consensus Estimate for LBRT’s 2026 revenues indicates 0.2% year-over-year growth.Valued at around $4.3 billion, the company’s shares have surged 127.9% in a year.
Patterson-UTI Energy, Inc. (PTEN - Free Report) presently has an Earnings ESP of +11.1% and a Zacks Rank #1. The firm is scheduled to release first-quarter 2026 earnings on April 22.
PTEN’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one, delivering a positive average surprise of 43%. Valued at around $3.6 billion, PTEN’s shares have jumped 60.2% in a year.
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +1.91% and a Zacks Rank of 2. It is scheduled to release its first-quarter 2026 earnings on April 28.
The Zacks Consensus Estimate for EPD’s 2026 earnings per share indicates 7.1% year-over-year growth. Valued at around $79.3 billion, EPD’s shares have gained 22% in a year.
Oceaneering International, Inc. (NYSE:OII – Get Free Report)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $39.49 and last traded at $38.4940, with a volume of 1537470 shares changing hands. The stock had previously closed at $37.82.
Analysts Set New Price Targets OII has been the subject of a number of recent analyst reports. Weiss Ratings upgraded Oceaneering International from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Wall Street Zen cut shares of Oceaneering International from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Barclays boosted their target price on shares of Oceaneering International from $23.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Monday, February 23rd. Zacks Research cut shares of Oceaneering International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, TD Cowen boosted their target price on shares of Oceaneering International from $28.00 to $34.00 and gave the stock a “hold” rating in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $33.67.
Read Our Latest Analysis on OII
Oceaneering International Price Performance The company has a quick ratio of 1.72, a current ratio of 1.99 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $3.84 billion, a PE ratio of 11.00 and a beta of 1.18. The company has a 50-day moving average of $35.64 and a 200 day moving average of $29.12.
Oceaneering International (NYSE:OII – Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.05). Oceaneering International had a return on equity of 21.58% and a net margin of 12.71%.The firm had revenue of $692.43 million for the quarter, compared to analysts’ expectations of $671.35 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Oceaneering International, Inc. will post 1.93 EPS for the current year.
Insider Activity at Oceaneering International In related news, COO Benjamin Laura sold 5,106 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $36.88, for a total transaction of $188,309.28. Following the completion of the sale, the chief operating officer owned 40,805 shares of the company’s stock, valued at approximately $1,504,888.40. This represents a 11.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Earl Childress sold 22,518 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $37.41, for a total transaction of $842,398.38. Following the sale, the senior vice president directly owned 35,577 shares of the company’s stock, valued at approximately $1,330,935.57. This represents a 38.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,689 shares of company stock worth $4,204,360 in the last 90 days. 1.30% of the stock is owned by insiders.
Institutional Trading of Oceaneering International Large investors have recently bought and sold shares of the business. Salomon & Ludwin LLC acquired a new stake in shares of Oceaneering International in the 3rd quarter worth $26,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Oceaneering International in the 3rd quarter worth $28,000. EverSource Wealth Advisors LLC increased its stake in shares of Oceaneering International by 335.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 1,111 shares during the last quarter. Quarry LP acquired a new stake in shares of Oceaneering International in the 3rd quarter worth $30,000. Finally, SBI Securities Co. Ltd. increased its stake in shares of Oceaneering International by 255.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,392 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.
About Oceaneering International (Get Free Report)
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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Key Takeaways Oceaneering reported Q1 EPS of 30 cents, missing estimates, while revenues rose 2.7% to $692.4M.OII saw profit pressure from weaker Offshore Projects and IMDS despite growth in key segments.Oceaneering expects stronger Q2, with higher revenue and EBITDA forecast at $100M-$110M. Oceaneering International, Inc. (OII - Free Report) reported an adjusted profit of 30 cents per share for the first quarter of 2026, missing the Zacks Consensus Estimate of 35 cents. Moreover, the bottom line decreased from 43 cents in the year-ago quarter. This was due to lower operating income from its Offshore Projects Group and Integrity Management & Digital Solutions segments.
Total revenues were $692.4 million, which beat the Zacks Consensus Estimate of $664 million and increased approximately 2.7% from the year-ago quarter’s $674.5 million, driven by higher revenues in the company’s Subsea Robotics, Manufactured Products and Aerospace and Defense Technologies segments. In the first quarter of 2026, the Houston, TX-based oil and gas equipment and services company reported adjusted EBITDA of $83.7 million, a 13.4% decrease year over year.
Oceaneering International, Inc. Price, Consensus and EPS SurpriseQ1 Segmental Information of OceaneeringSubsea 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 $214.3 million compared with the year-ago quarter’s $206 million.
The segment also reported an operating income of $55.5 million compared with $59.6 million a year ago.
The company’s segment delivered an EBITDA margin of 32% in the first quarter of 2026, decreasing from the prior-year period’s 35%. Revenue per day for remotely operated vehicles (“ROVs”) rose to $12,401, while ROV fleet utilization declined to 61%.
Manufactured Products: The segment focuses on the manufactured products business, theme park entertainment systems and automated guided vehicles.
Revenues totaled $143.6 million compared with the year-ago quarter’s $135 million.
The segment posted an operating profit of $26.1 million in the first quarter, up from the year-ago quarter’s $8.7 million.
The backlog totaled $492 million as of March 31, 2026, down 9.4% from the same time in 2025. For the 12 months ending March 31, 2026, the book-to-bill ratio was 0.91.
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 decreased about 17.9% to $135.4 million from $164.9 million in the year-ago quarter.
The unit’s operating income totaled $18.3 million compared with the prior-year quarter’s $35.7 million. The company’s operating income margin decreased to 14% from the prior-year quarter’s 22%.
Integrity Management & Digital Solutions (IMDS): This segment covers Oceaneering’s Asset Integrity unit, along with its global data solutions business.
Revenues of $67.9 million decreased from the year-ago quarter’s $71.4 million.
The segment reported an operating loss of $0.99 million, reversing the prior-year quarter’s operating profit of $3.5 million.
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 $131.2 million, up from $97.1 million recorded in the first quarter of 2025.
The operating income decreased to $8.1 million from $10.7 million in the year-ago quarter. Operating income margin decreased to 6%.
OII’s Capital Expenditure & Balance SheetThe capital expenditure in the first quarter, including acquisitions, totaled $24.4 million.
As of March 31, 2026, OII had cash and cash equivalents worth $607.5 million and $688.9 million, respectively, along with a long-term debt of about $488.8 million. The debt-to-capitalization was 30.5%.
Q2 Outlook by OceaneeringThis Zacks Rank #3 (Hold) company expects stronger overall performance in the second quarter of 2026 compared to the same period in 2025, with consolidated revenues projected to rise and EBITDA estimated between $100 million and $110 million. Segment-wise, SSR is likely to see revenue growth but stable operating income, while Manufactured Products is forecasted to deliver increases in both revenues and profitability. OPG revenues are anticipated to remain steady, though operating income may dip slightly due to project mix changes. IMDS is expected to face declines in both revenue and earnings due to lower volumes in West Africa and Australia, along with uncertain activity in the Middle East. Meanwhile, ADTech is projected to post strong gains in operating income, supported by significantly higher revenues. Unallocated expenses are expected to be around $50 million.
The company has reaffirmed its full-year 2026 guidance at both the consolidated and segment levels, as previously outlined in its fourth-quarter 2025 earnings release and conference call. However, IMDS operating income is now expected to grow year over year at a more modest pace than earlier projected. The Manufactured Products segment is anticipated to report a full-year book-to-bill ratio in the range of 0.9 to 1.0.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Earnings at a GlanceWhile we have discussed OII’s first-quarter results in detail, let us take a look at three other key reports in this space.
Halliburton Company (HAL - Free Report) reported first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents due to softer activity in the North American region and the negative impact of geopolitical conflict in the Middle East, which hurt both of the company’s segments.
Meanwhile, revenues of $5.4 billion were 0.3% lower year over year but beat the Zacks Consensus Estimate of $5.3 billion.
Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.
Range Resources Corporation (RRC - Free Report) reported first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents.
Total quarterly revenues of $1,018.3 million topped the Zacks Consensus Estimate of $919.3 million. The top line increased from the prior-year figure of $854 million.
Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.
At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.
EQT Corporation (EQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
Key Takeaways Solaris Energy Infrastructure posted Q1'26 adj EPS of $0.44, up 120% Y/Y, beating estimates.SEI Power Solutions revenues hit $128.5M, with some 910 MW earning revenues and strong contracting momentum.Solaris signed a 600 MW 10-year deal; pipeline $800M-$1B could add $160M-$200M recurring EBITDA. Solaris Energy Infrastructure (SEI - Free Report) posted first-quarter 2026 adjusted earnings of 44 cents per share, up 120% year over year and ahead of the Zacks Consensus Estimate by 69.2%. The oilfield equipment and mobile power solutions provider’s revenues were $196.2 million, up 55.3% from the year-ago quarter and above the consensus by 8.5%. Leasing revenues rose to $105.4 million, while service revenues were $90.9 million, reflecting higher scale across operations. By segment, Power Solutions revenues increased to $128.5 million, while Logistics Solutions delivered $67.7 million.
The quarter reflected stronger activity in both businesses, with Power Solutions averaging about 910 MW of capacity earning revenues and Logistics running 104 fully utilized systems. Management also highlighted continued contracting momentum tied to behind-the-meter data center power demand.
Net income was $32.1 million in the quarter. On a non-GAAP basis, adjusted EBITDA was $83.6 million, up from $46.9 million in the year-ago period, driven primarily by higher Power Solutions activity levels and a modest lift in Logistics profitability.
Solaris Expanded Power Footprint With Longer-Dated ContractsA central theme in the quarter was Solaris’ push toward longer-term behind-the-meter power arrangements for large technology customers. Subsequent to the quarter, on April 24, 2026, the company entered into an agreement to provide more than 600 MW of capacity, including balance of plant, for a 10-year term with a five-year extension option, with deployments expected to begin in late 2026 and scale through 2028.
In its investor materials, Solaris framed its contracted power base as exceeding 2,000 MW across multi-year partnerships with global technology leaders and highlighted a pro forma fleet of 3.1 GW expected to be delivered by the end of 2029.
Solaris Highlighted Balance-of-Plant Upside and Scope ExpansionBeyond just supplying power capacity, management highlighted a “turnkey” approach that includes not only generation but also supporting equipment and services. Recent long-term contracts cover a wider range of needs, such as distribution, storage and other infrastructure. This allows the company to invest more per project and potentially earn higher returns over the life of the contract.
Supporting this outlook, SEI has a strong pipeline of additional projects worth roughly $800 million to over $1 billion. If these are secured and completed, they could generate about $160 million to $200 million in recurring EBITDA.
SEI Raised Near-Term EBITDA Outlook and Updated Capital ItemsFor the second quarter of 2026, the Zacks Rank #3 (Hold) company raised total adjusted EBITDA guidance to $83-$93 million from $76-$84 million previously, and established third-quarter adjusted EBITDA guidance of $80-$95 million. Solaris also provided non-operational guideposts, including net interest expense of $5-$8 million for second-quarter 2026 and $12-$15 million for third-quarter 2026, and D&A of $32-$35 million for second-quarter 2026 and $35-$38 million for third-quarter 2026.
You can see the complete list of today’s Zacks #1 Rank stocks here.
On the capital and shareholder return front, Solaris approved a quarterly dividend of 12 cents per share payable June 12, 2026, and noted it upsized a previously announced $300 million credit facility to allow up to $500 million of commitments. At quarter-end, cash attributable to Solaris was $337.5 million, while long-term debt attributable to Solaris (net of current portion) was $395.4 million, with a debt-to-capitalization of 26.4%.
Some Key Oilfield Service EarningsWhile we have discussed SEI’s first-quarter results in detail, let’s see how some other oilfield service companies have fared this earnings season.
NOV Inc. (NOV - Free Report) reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents. NOV’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by 2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.
The lower-than-expected quarterly earnings of NOV were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs. In the first quarter, NOV repurchased approximately 3.5 million shares of common stock for a total of $67 million. The company also returned $33 million in dividends, resulting in a total of $100 million in capital to its shareholders during the quarter.
Oceaneering International (OII - Free Report) reported an adjusted profit of 30 cents per share for the first quarter of 2026, missing the Zacks Consensus Estimate of 35 cents. Moreover, the bottom line decreased from 43 cents in the year-ago quarter. This was due to lower operating income from its Offshore Projects Group and Integrity Management & Digital Solutions segments.
As of March 31, 2026, Oceaneering had cash and cash equivalents worth $607.5 million and $688.9 million, respectively, along with a long-term debt of about $488.8 million. The debt-to-capitalization was 30.5%. Oceaneering also reported adjusted EBITDA of $83.7 million, a 13.4% decrease year over year.
Liberty Energy (LBRT - Free Report) reported a first-quarter 2026 adjusted net profit of 6 cents per share, in contrast to the Zacks Consensus Estimate of a loss of 13 cents. The outperformance was driven by the company’s focus on technological innovation and strong operational execution. Moreover, Liberty Energy’s bottom line increased from the year-ago quarter’s profit of 4 cents.
LBRT's revenues totaled $1 billion, which beat the Zacks Consensus Estimate of $949 million. The top line also increased from the prior-year quarter’s $977 million by 4%, supported by elevated activity levels. Liberty Energy reported total costs and expenses of $998.9 million in the first quarter, increasing 4.1% from the year-ago quarter’s level.
Oceaneering International is rated a 'Buy', with a 13% upside driven by robust defense demand and service-based contract focus. ADTech segment revenues surged 35% YoY, now comprising nearly 20% of OII's Q1 2026 revenues, offsetting energy segment weakness. The company guides for FY 2026 revenue growth of 5% YoY and EBITDA of $415 million, with ROV daily revenue expected to reach ~$13,000.
HOUSTON--(BUSINESS WIRE)--Oceaneering's OPG has been awarded an integrated installation contract by Burullus Gas Company for the West Delta Deep Marine gas field development.
On May 14, 2026, Archon Capital Management disclosed a new position in Oceaneering International (OII 1.51%), acquiring 208,000 shares in a transaction estimated at $6.73 million based on quarterly average pricing.
What happenedAccording to a SEC filing dated May 14, 2026, Archon Capital Management initiated a new position in Oceaneering International by purchasing 208,000 shares. The estimated transaction value, based on average share pricing during the first quarter, was $6.73 million. The quarter-end value of the stake reached $7.38 million, a figure that incorporates both share acquisition and subsequent price appreciation.
What else to knowTop five holdings after this filing:NASDAQ:BAND: $10.39 million (5.87% of AUM)NASDAQ:APYX: $10.30 million (5.8% of AUM)NYSE:SVV: $9.65 million (5.45% of AUM)NASDAQ:BRZE: $9.51 million (5.37% of AUM)NASDAQ:OMDA: $9.11 million (5.1% of AUM)As of Thursday, Oceaneering International shares were priced at $38.48, up nearly 105% over the past year and well outperforming the S&P 500, which is instead up about 27% in the same period.Company OverviewMetricValueRevenue (TTM)$2.80 billionNet Income (TTM)$339.49 millionMarket Capitalization$4 billionPrice (as of market close 2026-05-14)$38.48Company SnapshotOceaneering International provides engineered services, subsea robotics, manufactured products, and digital solutions for the offshore energy, defense, aerospace, manufacturing, and entertainment sectors.The firm generates revenue through subsea robotics operations, manufactured products for energy and industrial clients, offshore project services, and asset integrity management and digital solutions.It serves global energy companies, government agencies, aerospace and defense contractors, and industrial clients with a focus on offshore and subsea applications.Oceaneering International, Inc. operates at scale with a diversified portfolio spanning subsea robotics, engineered products, and digital solutions, supporting critical operations in the offshore energy and defense sectors. The company leverages advanced robotics and engineering expertise to deliver integrated solutions for complex subsea and industrial challenges. Its broad customer base and technological capabilities provide a competitive edge in servicing high-specification, mission-critical projects worldwide.
What this transaction means for investorsOceaneering's stock has already more than doubled over the past year, and last quarter alone, shares skyrocketed nearly 50%. However, prices are still down nearly 50% from highs over a decade ago, suggesting Archon believes Oceaneering can add back at least some of that upside going forward. Fundamentally, the latest quarter was mixed on the surface. Revenue rose 3% year over year to $692 million, but net income fell 28% to $36 million, and adjusted EBITDA declined 13% to $83.7 million. Still, management pointed to roughly $1 billion in new orders during the quarter, including more than $300 million of Subsea Robotics awards extending as far as 2031 and $175 million of Aerospace and Defense Technologies awards.
What's especially interesting is where future growth may come from. Management continues to highlight its aerospace and defense business as its primary growth driver for 2026 while also expecting offshore activity to improve in the second half of the year. The company maintained full-year EBITDA guidance of $390 million to $440 million despite ongoing geopolitical disruptions in parts of its energy business.
For long-term investors, the story is increasingly about this diversification. The firm’s growing exposure to defense, robotics, and autonomous systems could give investors multiple ways to win if those markets continue expanding. And Archon seems a part of that camp.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Braze, Omada Health, and Savers Value Village. The Motley Fool recommends Bandwidth. The Motley Fool has a disclosure policy.
Key Takeaways OII won an offshore Egypt gas project covering transport, installation and commissioning work.The contract includes a 2,000-meter TCP flowline system and refurbished subsea gear support.Accelerated offshore operations aim to restore WDDM output and speed project execution timelines. Oceaneering International, Inc. (OII - Free Report) has secured a new integrated offshore installation contract for the West Delta Deep Marine (WDDM) gas field development offshore Egypt. The award, granted by Burullus Gas Company, is expected to contribute meaningful revenues to Oceaneering in 2026 while reinforcing the company’s position in integrated subsea project execution.
The contract highlights growing demand for fast-track offshore solutions as operators seek to restore and maintain production efficiency in mature gas-producing regions.
Scope Covers Transportation, Installation and CommissioningUnder the agreement, Oceaneering will provide a fully integrated solution covering transportation, offshore installation and commissioning activities. The work includes deployment of a refurbished subsea umbilical along with a 2,000-meter thermoplastic composite pipe (TCP) flowline replacement system.
The company will also handle procurement and integration of the TCP infrastructure as part of the project scope. Refurbishment work for the subsea umbilical was completed at Oceaneering’s manufacturing facility in Rosyth, United Kingdom, demonstrating the company’s global operational capabilities.
In addition to installation services, Oceaneering will provide remotely operated vehicle (ROV) support and offshore survey services to assist field operations throughout the execution phase.
Accelerated Schedule Aims to Restore ProductionThe offshore operations are expected to begin on an accelerated timeline, reflecting the urgency associated with restoring production capacity at the WDDM development.
According to the senior vice president of Oceaneering’s Offshore Projects Group, the contract demonstrates the company’s ability to combine logistics management, refurbishment expertise, vessel operations and ROV services into a single integrated offering.
The project also underscores the industry’s increasing preference for end-to-end offshore solutions that reduce operational complexity and improve project execution speed.
Integrated Vessel Solutions Strengthen Market PositionThe award further strengthens Oceaneering’s offshore projects portfolio and reinforces its strategic focus on integrated vessel solutions. By combining engineering expertise with subsea installation and robotic capabilities, the company continues to position itself as a comprehensive offshore services provider for global energy operators.
Egypt’s offshore gas sector remains an important regional growth market, particularly in the Mediterranean basin, where continued infrastructure investments are supporting long-term energy development initiatives.
Oceaneering Continues Expanding Offshore CapabilitiesOceaneering continues to expand its presence across offshore energy markets through integrated engineering and subsea service offerings. The latest Egypt contract reflects the company’s broader strategy of leveraging its technology, vessel operations and robotics expertise to support complex offshore developments worldwide.
Beyond offshore energy, Oceaneering also provides engineered services and robotic solutions to the defense, aerospace and manufacturing industries, diversifying its operational footprint across multiple industrial sectors.
OII’s Zacks Rank & Key PicksHouston, TX-based Oceaneering is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. Currently, OII carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may consider some top-ranked stocks like APA Corporation (APA - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and California Resources Corporation (CRC - 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.
Houston, TX-based APA is one of the world's leading independent energy companies engaged in the exploration, development and production of natural gas, crude oil and natural gas liquids. The Zacks Consensus Estimate for APA’s 2026 earnings indicates 32.6% year-over-year growth.
Midland, TX-headquartered Diamondback Energy is an independent oil and gas exploration and production company with its primary focus on the Permian Basin. Its activities are concentrated in the Wolfcamp, Spraberry and Bone Spring formations. The Zacks Consensus Estimate for FANG’s 2026 earnings indicates 42.7% year-over-year growth.
California Resources is an independent energy and carbon management company focused primarily on California. The company operates two reportable segments: oil and natural gas, and carbon management, which it brands as Carbon TerraVault. The Zacks Consensus Estimate for CRC’s 2026 earnings indicates 35.3% year-over-year growth.
A month has gone by since the last earnings report for Oceaneering International (OII - Free Report) . Shares have added about 1.2% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Oceaneering International due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Oceaneering International, Inc. before we dive into how investors and analysts have reacted as of late.
Oceaneering Q1 Earnings Fall Short of Estimates, Revenues BeatOceaneering International reported an adjusted profit of 30 cents per share for the first quarter of 2026, missing the Zacks Consensus Estimate of 35 cents. Moreover, the bottom line decreased from 43 cents in the year-ago quarter. This was due to lower operating income from its Offshore Projects Group and Integrity Management & Digital Solutions segments.
Total revenues were $692.4 million, which beat the Zacks Consensus Estimate of $664 million and increased approximately 2.7% from the year-ago quarter’s $674.5 million, driven by higher revenues in the company’s Subsea Robotics, Manufactured Products and Aerospace and Defense Technologies segments. In the first quarter of 2026, the Houston, TX-based oil and gas equipment and services company reported adjusted EBITDA of $83.7 million, a 13.4% decrease year over year.
Q1 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 $214.3 million compared with the year-ago quarter’s $206 million.
The segment also reported an operating income of $55.5 million compared with $59.6 million a year ago.
The company’s segment delivered an EBITDA margin of 32% in the first quarter of 2026, decreasing from the prior-year period’s 35%. Revenue per day for remotely operated vehicles (“ROVs”) rose to $12,401, while ROV fleet utilization declined to 61%.
Manufactured Products: The segment focuses on the manufactured products business, theme park entertainment systems and automated guided vehicles.
Revenues totaled $143.6 million compared with the year-ago quarter’s $135 million.
The segment posted an operating profit of $26.1 million in the first quarter, up from the year-ago quarter’s $8.7 million.
The backlog totaled $492 million as of March 31, 2026, down 9.4% from the same time in 2025. For the 12 months ending March 31, 2026, the book-to-bill ratio was 0.91.
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 decreased about 17.9% to $135.4 million from $164.9 million in the year-ago quarter.
The unit’s operating income totaled $18.3 million compared with the prior-year quarter’s $35.7 million. The company’s operating income margin decreased to 14% from the prior-year quarter’s 22%.
Integrity Management & Digital Solutions (IMDS): This segment covers Oceaneering’s Asset Integrity unit, along with its global data solutions business.
Revenues of $67.9 million decreased from the year-ago quarter’s $71.4 million.
The segment reported an operating loss of $0.99 million, reversing the prior-year quarter’s operating profit of $3.5 million.
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 $131.2 million, up from $97.1 million recorded in the first quarter of 2025.
The operating income decreased to $8.1 million from $10.7 million in the year-ago quarter. Operating income margin decreased to 6%.
Capital Expenditure & Balance SheetThe capital expenditure in the first quarter, including acquisitions, totaled $24.4 million.
As of March 31, 2026, OII had cash and cash equivalents worth $607.5 million and $688.9 million, respectively, along with a long-term debt of about $488.8 million. The debt-to-capitalization was 30.5%.
Q2 OutlookThe company expects stronger overall performance in the second quarter of 2026 compared to the same period in 2025, with consolidated revenues projected to rise and EBITDA estimated between $100 million and $110 million. Segment-wise, SSR is likely to see revenue growth but stable operating income, while Manufactured Products is forecasted to deliver increases in both revenues and profitability. OPG revenues are anticipated to remain steady, though operating income may dip slightly due to project mix changes. IMDS is expected to face declines in both revenue and earnings due to lower volumes in West Africa and Australia, along with uncertain activity in the Middle East. Meanwhile, ADTech is projected to post strong gains in operating income, supported by significantly higher revenues. Unallocated expenses are expected to be around $50 million.
The company has reaffirmed its full-year 2026 guidance at both the consolidated and segment levels, as previously outlined in its fourth-quarter 2025 earnings release and conference call. However, IMDS operating income is now expected to grow year over year at a more modest pace than earlier projected. The Manufactured Products segment is anticipated to report a full-year book-to-bill ratio in the range of 0.9 to 1.0.
How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
VGM ScoresAt this time, Oceaneering International has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the top 40% 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.
Outlook Oceaneering International has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerOceaneering International is part of the Zacks Oil and Gas - Field Services industry. Over the past month, Halliburton (HAL - Free Report) , a stock from the same industry, has gained 5.8%. The company reported its results for the quarter ended March 2026 more than a month ago.
Halliburton reported revenues of $5.4 billion in the last reported quarter, representing a year-over-year change of -0.3%. EPS of $0.55 for the same period compares with $0.60 a year ago.
Halliburton is expected to post earnings of $0.54 per share for the current quarter, representing a year-over-year change of -1.8%. Over the last 30 days, the Zacks Consensus Estimate has changed +4.9%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Halliburton. Also, the stock has a VGM Score of C.
