Oceaneering Reports Third Quarter 2026 Results

A $19.034 million debt-extinguishment loss accompanied the quarter’s financing transactions.

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HOUSTON--(BUSINESS WIRE)-- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported third quarter 2026 results.

Third Quarter 2026 Results

• As compared to the third quarter of 2025:
  • Revenue increased 6% to $785 million.
  • Operating income increased 7% to $92.2 million.
  • Net income attributable to Oceaneering decreased 26% to $52.6 million.
  • Adjusted EBITDA increased 7% to $119 million.

• Cash Generation
  • Cash flow provided by operating activities was $163 million.
  • Free cash flow was $142 million.

• Balance Sheet and Capital Allocation
  • Quarter-end cash and cash equivalents totaled $735 million, compared to $506 million at the end of the same period last year.
  • Shares repurchased were 101,038 for approximately $5.0 million.

Rod Larson, Oceaneering's President and Chief Executive Officer, commented, “Our third-quarter results were in line with our guidance and consensus estimates. Subsea Robotics (SSR) delivered improved year-over-year results, while Offshore Projects Group (OPG) continued to perform well. We generated significant free cash flow during the quarter as a result of improved operational cash and lower tax payments and capital spend. We expect free cash flow generation to moderate in the fourth quarter, but we remain on track to achieve the top end of our full-year guidance.

“As we look ahead, we expect to see typical seasonality and changes in geographic and project mix in the fourth quarter. Beyond the fourth quarter, we expect improved performance in 2027, with EBITDA increasing compared to 2026.

“Third-quarter bookings included meaningful awards across SSR, Manufactured Products, and Aerospace and Defense Technologies (ADTech). Together with our existing backlog and sales opportunities across our businesses, this provides a solid foundation as we enter 2027. Based on our current expectations, we are initiating full-year 2027 EBITDA guidance in the range of $430 million to $480 million.”

Third Quarter 2026 Segment Results

As compared to the third quarter of 2025:

• SSR revenue increased to $233 million, operating income rose 16% to $75.4 million, and EBITDA margin expanded to 39%. Higher ROV revenue per day utilized, increased Survey activity, and improved margins in ROV operations and in Survey contributed to the year-over-year improvements. ROV revenue per day utilized increased to $11,781, while ROV fleet utilization remained at 65%. Increased ROV activity in Europe, Guyana, and West Africa largely offset lower activity in the U.S. Gulf.
• Manufactured Products revenue increased 8%, while operating income was relatively flat at $25.1 million and margin decreased to 15%. Umbilical manufacturing activity was relatively stable compared with the prior year. Increased revenue was primarily attributable to the final resolution of a legacy mobility solutions contract, while lower activity and profitability in Grayloc Products affected operating results. As of September 30, 2026, backlog was $435 million. The book-to-bill ratio was 0.77 for the 12-month period ending on September 30, 2026.
• OPG revenue, operating income, and margin remained relatively flat. Results benefited from a favorable mix of installation projects, which more than offset lower activity in West Africa and a less favorable project mix in the U.S. Gulf.
• Integrity Management and Digital Solutions (IMDS) revenue increased 7% while operating income was relatively flat. Increased activity in the Middle East, Europe, and the U.S. Gulf was partially offset by lower activity in West Africa, a shift in project mix, and increased costs in the Middle East.
• ADTech revenue increased 7% to $135 million, operating income decreased to $14.7 million, and margin declined to 11%. The lower operating results reflect increases in pass-through activities and certain program costs.
• At the corporate level, Unallocated Expenses increased to $50.0 million, consistent with expectations.

Fourth Quarter 2026 Guidance

As compared to the fourth quarter of 2025:

Consolidated fourth quarter 2026 revenue is expected to increase and EBITDA is expected to be in the range of $85 million to $95 million.

At the segment level, for the fourth quarter of 2026:

• SSR revenue is expected to increase and operating income is expected to decrease, reflecting lower ROV utilization as certain rigs transit from the U.S. Gulf to other regions, a shift in ROV geographic mix, and increased mobilization costs.
• Manufactured Products revenue and operating income are expected to increase.
• OPG revenue is expected to remain relatively flat and operating income is expected to decrease on changes in project mix.
• IMDS revenue and operating income are expected to increase.
• ADTech revenue and operating income are expected to increase.
• Unallocated Expenses are expected to be in the $50 million range.

Initial Full-Year 2027 Guidance

• Consolidated EBITDA is expected to be in the range of $430 million to $480 million.
• Free cash flow generation is expected to exceed the level forecasted for 2026.
• Share repurchase activity is expected to continue.

Oceaneering will provide more specific guidance on its expectations for 2027 in its fourth quarter 2026 earnings release and conference call.

Liquidity

During the third quarter, Oceaneering completed a series of financing transactions that strengthened its capital structure, including the issuance of $500 million aggregate principal amount of 6.875% Senior Notes due 2034 and the amendment and extension of its revolving credit facility, which increased commitments to $345 million and extended maturity to July 2031. These actions significantly extended Oceaneering's debt maturity profile, reduced refinancing risk, and enhanced long-term financial flexibility. As of September 30, 2026, Oceaneering held approximately $735 million of cash and, together with available borrowing capacity under its revolving credit facility, had more than $1.0 billion of liquidity to support ongoing operations, strategic investments, and future growth initiatives.

Non-GAAP Financial Measures

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2026 Consolidated EBITDA Estimate, 2026 Free Cash Flow Estimate, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Conference Call Details

Oceaneering has scheduled a conference call and webcast on Thursday, October 22, 2026 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), to discuss its results for the third quarter of 2026, guidance for the fourth quarter of 2026, and initial guidance for the full year of 2027. A link to the webcast is posted on Oceaneering's Investor Relations website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

Forward-Looking Statements

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: expectation that full-year free cash flow generation will be in line with prior guidance; fourth quarter 2026 guidance for consolidated revenue, consolidated EBITDA, revenue and operating income by segment, and Unallocated Expenses; implied full-year 2026 guidance for consolidated adjusted EBITDA; initial full-year 2027 guidance for consolidated EBITDA and free cash flow; the expectation that share repurchase activity will continue in 2027; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater).

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. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; future budgetary and fiscal constraints imposed by the United States government, including the risk of government shutdowns; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. 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 reports on Form 10-Q filed with the 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.

For more information, please visit www.oceaneering.com.

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
													Sep 30, 2026				Dec 31, 2025
													(in thousands)
ASSETS
Current assets (including cash and cash equivalents of $734,941 and $688,874)													$	1,691,204			$	1,512,400
Net property and equipment														440,711				451,693
Other assets														643,531				703,161
Total Assets													$	2,775,446			$	2,667,254
LIABILITIES AND EQUITY
Current liabilities													$	769,849			$	761,726
Long-term debt														491,417				487,417
Other long-term liabilities														287,298				341,448
Equity														1,226,882				1,076,663
Total Liabilities and Equity													$	2,775,446			$	2,667,254
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	For the Three Months Ended												For the Nine Months Ended
	Sep 30, 2026				Sep 30, 2025				Jun 30, 2026				Sep 30, 2026				Sep 30, 2025
	(in thousands, except per share amounts)
Revenue	$	784,554			$	742,898			$	768,184			$	2,245,167			$	2,115,582
Cost of services and products		619,996				590,166				611,202				1,796,357				1,679,412
Gross margin		164,558				152,732				156,982				448,810				436,170
Selling, general and administrative expense		72,405				66,224				68,745				210,632				197,001
Operating income (loss)		92,153				86,508				88,237				238,178				239,169
Interest income		5,789				3,704				4,904				15,754				10,365
Interest expense, net of amounts capitalized		(8,755	)			(9,381	)			(8,456	)			(26,316	)			(27,928	)
Equity in income (losses) of unconsolidated affiliates		357				97				1,210				1,844				770
Gain (loss) on extinguishment of debt		(19,034	)			—				—				(19,034	)			—
Other income (expense), net		(1,439	)			(1,021	)			182				(449	)			5,325
Income (loss) before income taxes		69,071				79,907				86,077				209,977				227,701
Provision (benefit) for income taxes		16,509				8,618				22,497				57,728				51,593
Net income (loss)		52,562				71,289				63,580				152,249				176,108
Net income (loss) attributable to noncontrolling interest		(56	)			—				(1,435	)			(1,491	)			—
Net income (loss) attributable to Oceaneering	$	52,618			$	71,289			$	65,015			$	153,740			$	176,108
Weighted average diluted shares outstanding		100,805				101,057				100,727				100,714				101,446
Diluted earnings (loss) per share	$	0.52			$	0.71			$	0.65			$	1.53			$	1.74
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

SEGMENT INFORMATION
					For the Three Months Ended												For the Nine Months Ended
					Sep 30, 2026				Sep 30, 2025				Jun 30, 2026				Sep 30, 2026				Sep 30, 2025
				($ in thousands)
Subsea Robotics
			Revenue		$	232,995			$	218,767			$	232,016			$	679,284			$	643,529
Operating income (loss)					$	75,363			$	65,142			$	66,325			$	197,196			$	189,279
Operating income (loss) %						32	%			30	%			29	%			29	%			29	%
	ROV days available					23,000				23,000				22,750				68,250				68,250
	ROV days utilized					14,897				14,962				14,930				43,501				45,344
	ROV utilization					65	%			65	%			66	%			64	%			66	%
Manufactured Products
			Revenue		$	168,156			$	156,395			$	149,030			$	460,834			$	436,566
Operating income (loss)					$	25,066			$	24,651			$	21,935			$	73,086			$	52,090
Operating income (loss) %						15	%			16	%			15	%			16	%			12	%
Backlog at end of period					$	435,000			$	568,000			$	445,000			$	435,000			$	568,000
Offshore Projects Group
			Revenue		$	172,523			$	171,046			$	182,843			$	490,742			$	485,268
Operating income (loss)					$	24,222			$	23,692			$	30,019			$	72,585			$	81,021
Operating income (loss) %						14	%			14	%			16	%			15	%			17	%
Integrity Management & Digital Solutions
			Revenue		$	75,806			$	70,781			$	70,844			$	214,534			$	217,566
Operating income (loss)					$	2,752			$	2,756			$	100			$	1,854			$	10,865
Operating income (loss) %						4	%			4	%			—	%			1	%			5	%
Aerospace and Defense Technologies
			Revenue		$	135,074			$	125,909			$	133,451			$	399,773			$	332,653
Operating income (loss)					$	14,749			$	16,557			$	16,425			$	39,285			$	43,521
Operating income (loss) %						11	%			13	%			12	%			10	%			13	%
Unallocated Expenses
Operating income (loss)					$	(49,999	)		$	(46,290	)		$	(46,567	)		$	(145,828	)		$	(137,607	)
Total
			Revenue		$	784,554			$	742,898			$	768,184			$	2,245,167			$	2,115,582
Operating income (loss)					$	92,153			$	86,508			$	88,237			$	238,178			$	239,169
Operating income (loss) %						12	%			12	%			11	%			11	%			11	%
The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations.

SELECTED CASH FLOW INFORMATION
						For the Three Months Ended									For the Nine Months Ended
						Sep 30, 2026			Sep 30, 2025			Jun 30, 2026			Sep 30, 2026			Sep 30, 2025
						(in thousands)
Capital expenditures, including acquisitions						$	21,112		$	24,215		$	23,180		$	61,697		$	80,575
Capitalized cloud-based service contract costs							5,676			7,161			7,648			20,288			11,424
	Total Capital Expenditures					$	26,788		$	31,376		$	30,828		$	81,985		$	91,999
Depreciation and Amortization:
Energy Services and Products
	Subsea Robotics					$	14,342		$	13,283		$	14,220		$	42,280		$	37,404
	Manufactured Products						2,753			2,768			2,779			8,306			8,159
	Offshore Projects Group						4,731			4,290			4,679			14,165			13,642
	Integrity Management & Digital Solutions						2,077			1,830			1,966			5,985			5,399
Total Energy Services and Products							23,903			22,171			23,644			70,736			64,604
Aerospace and Defense Technologies							950			1,082			1,016			2,972			2,815
Unallocated Expenses							1,725			2,870			2,769			7,470			8,552
	Total Depreciation and Amortization					$	26,578		$	26,123		$	27,429		$	81,178		$	75,971

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included adjusted net income (loss) and diluted earnings (loss) per share (EPS), each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of earnings before interest, taxes, depreciation, and amortization (EBITDA), EBITDA margins, 2025 consolidated adjusted EBITDA and free cash flow, third quarter of 2026 consolidated adjusted EBITDA, consolidated adjusted EBITDA margins, and free cash flow, fourth quarter of 2026 consolidated EBITDA estimate, full year 2026 free cash flow estimate, and full year 2027 consolidated EBITDA estimate, as well as the following by segment: EBITDA, EBITDA margins, adjusted EBITDA, and adjusted EBITDA margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and adjusted EBITDA margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the fourth quarter and full year of 2026 and for the full year of 2027, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. EBITDA and EBITDA margins, adjusted EBITDA and adjusted EBITDA margins, and related information by segment are each non-GAAP financial measures. We define free cash flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins, and free cash flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins, and free cash flow (and the adjusted amounts thereof) may not be comparable to similarly titled measures that other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)
	For the Three Months Ended
	Sep 30, 2026							Sep 30, 2025							Jun 30, 2026
	Net Income (Loss)				Diluted EPS			Net Income (Loss)				Diluted EPS			Net Income (Loss)				Diluted EPS
	(in thousands, except per share amounts)
Net income (loss) attributable to Oceaneering and diluted EPS (GAAP)	$	52,618			$	0.52		$	71,289			$	0.71		$	65,015			$	0.65
Net income (loss) attributable to noncontrolling interest (GAAP)		(56	)						—							(1,435	)
Adjustments, net of tax effect, for the effects of:
Foreign currency (gains) losses		1,012							97							(335	)
Total adjustments, net of tax effect		1,012							97							(335	)
Discrete tax items:
Share-based compensation		(4	)						(4	)						(16	)
Uncertain tax positions		(3,759	)						(1,106	)						736
Valuation allowances		(1,815	)						(6,279	)						(748	)
Other		2,030							(8,236	)						(99	)
Total discrete tax adjustments		(3,548	)						(15,625	)						(127	)
Total of adjustments		(2,536	)						(15,528	)						(462	)
Adjusted Net Income (Loss) (non-GAAP)	$	50,026			$	0.50		$	55,761			$	0.55		$	63,118			$	0.63
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) (GAAP)						100,805							101,057							100,727

	For the Nine Months Ended
	Sep 30, 2026							Sep 30, 2025
	Net Income (Loss)				Diluted EPS			Net Income (Loss)				Diluted EPS
	(in thousands, except per share amounts)
Net income (loss) attributable to Oceaneering and diluted EPS (GAAP)	$	153,740			$	1.53		$	176,108			$	1.74
Net income (loss) attributable to noncontrolling interest (GAAP)		(1,491	)						—
Adjustments, net of tax effect, for the effects of:
Foreign currency (gains) losses		(1,986	)						(246	)
Total adjustments, net of tax effect		(1,986	)						(246	)
Discrete tax items:
Share-based compensation		(2,189	)						(1,109	)
Uncertain tax positions		(3,596	)						(3,526	)
Valuation allowances		(2,140	)						(11,993	)
		892							(9,665	)
Total discrete tax adjustments		(7,033	)						(26,293	)
Total of adjustments		(9,019	)						(26,539	)
Adjusted Net Income (Loss) (non-GAAP)	$	143,230			$	1.42		$	149,569			$	1.47
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss) (GAAP)						100,714							101,446

EBITDA and Adjusted EBITDA and Margins
	For the Three Months Ended												For the Nine Months Ended
	Sep 30, 2026				Sep 30, 2025				Jun 30, 2026				Sep 30, 2026				Sep 30, 2025
	($ in thousands)
Net income (loss) attributable to Oceaneering (GAAP)	$	52,618			$	71,289			$	65,015			$	153,740			$	176,108
Net income (loss) attributable to noncontrolling interest (GAAP)		(56	)			—				(1,435	)			(1,491	)			—
Depreciation and amortization		26,578				26,123				27,429				81,178				75,971
Subtotal		79,140				97,412				91,009				233,427				252,079
Interest expense, net of interest income		2,966				5,677				3,552				10,562				17,563
Amortization included in interest expense		(443	)			(1,627	)			(1,433	)			(3,525	)			(4,773	)
Provision (benefit) for income taxes		16,509				8,618				22,497				57,728				51,593
EBITDA (non-GAAP)		98,172				110,080				115,625				298,192				316,462
Adjustments for the effects of:
(Gain) loss on extinguishment of debt		19,034				—				—				19,034				—
Foreign currency (gains) losses		2,156				999				(1,113	)			315				(5,481	)
Total of adjustments		21,190				999				(1,113	)			19,349				(5,481	)
Adjusted EBITDA (non-GAAP)	$	119,362			$	111,079			$	114,512			$	317,541			$	310,981
Revenue	$	784,554			$	742,898			$	768,184			$	2,245,167			$	2,115,582
EBITDA margin % (non-GAAP)		13	%			15	%			15	%			13	%			15	%
Adjusted EBITDA margin % (non-GAAP)		15	%			15	%			15	%			14	%			15	%

Free Cash Flow
	For the Three Months Ended												For the Nine Months Ended
	Sep 30, 2026				Sep 30, 2025				Jun 30, 2026				Sep 30, 2026				Sep 30, 2025
	(in thousands)
Net Income (loss) (GAAP)	$	52,562			$	71,289			$	63,580			$	152,249			$	176,108
Non-cash adjustments:
Depreciation and amortization		26,578				26,123				27,429				81,178				75,971
Other non-cash		20,749				(204	)			20,176				50,093				19,896
Other increases (decreases) in cash from operating activities		63,145				4,055				(55,979	)			(124,398	)			(174,243	)
Cash flow provided by (used in) operating activities (GAAP)		163,034				101,263				55,206				159,122				97,732
Purchases of property and equipment		(21,112	)			(24,215	)			(23,180	)			(61,697	)			(80,575	)
Free Cash Flow (non-GAAP)	$	141,922			$	77,048			$	32,026			$	97,425			$	17,157

2027 Consolidated EBITDA Estimate
	For the Year Ending
	December 31, 2027
	Low				High
	(in thousands)
Income (loss) before income taxes	$	310,000			$	347,000
Depreciation and amortization		105,000				114,000
Subtotal		415,000				461,000
Interest expense, net of interest income		21,000				26,000
Amortization included in interest expense		(6,000	)			(7,000	)
Consolidated EBITDA	$	430,000			$	480,000
2026 Consolidated EBITDA Estimate
	For the Three Months Ending
	December 31, 2026
	Low				High
	(in thousands)
Income (loss) before income taxes	$	50,000			$	67,000
Depreciation and amortization		29,000				25,000
Subtotal		79,000				92,000
Interest expense, net of interest income		7,000				5,000
Amortization included in interest expense		(1,000	)			(2,000	)
Consolidated EBITDA	$	85,000			$	95,000
2026 Free Cash Flow Estimate
	For the Year Ending
	December 31, 2026
	Low				High
	(in thousands)
Net income (loss)	$	183,000			$	194,000
Depreciation and amortization		110,000				106,000
Other increases (decreases) in cash from operating activities		(88,000	)			(65,000	)
Cash flow provided by (used in) operating activities		205,000				235,000
Purchases of property and equipment		(105,000	)			(115,000	)
Free Cash Flow	$	100,000			$	120,000

EBITDA and Adjusted EBITDA and Margins by Segment
			For the Three Months Ended September 30, 2026
			SSR				MP				OPG				IMDS				ADTech				Unallocated Expenses and other				Total
			($ in thousands)
Operating Income (Loss) (GAAP)			$	75,363			$	25,066			$	24,222			$	2,752			$	14,749			$	(49,999	)		$	92,153
Adjustments for the effects of:
	Depreciation and amortization			14,342				2,753				4,731				2,077				950				1,725				26,578
	Other pre-tax			—				—				—				—				—				(20,559	)			(20,559	)
	EBITDA (non-GAAP)			89,705				27,819				28,953				4,829				15,699				(68,833	)			98,172
Adjustments for the effects of:
	(Gain) loss on extinguishment of debt			—				—				—				—				—				19,034				19,034
	Foreign currency (gains) losses			—				—				—				—				—				2,156				2,156
		Total of adjustments		—				—				—				—				—				21,190				21,190
Adjusted EBITDA (non-GAAP)			$	89,705			$	27,819			$	28,953			$	4,829			$	15,699			$	(47,643	)		$	119,362
Revenue			$	232,995			$	168,156			$	172,523			$	75,806			$	135,074							$	784,554
Operating income (loss) % (GAAP)				32	%			15	%			14	%			4	%			11	%							12	%
EBITDA Margin (non-GAAP)				39	%			17	%			17	%			6	%			12	%							13	%
Adjusted EBITDA Margin (non-GAAP)				39	%			17	%			17	%			6	%			12	%							15	%
			For the Three Months Ended September 30, 2025
			SSR				MP				OPG				IMDS				ADTech				Unallocated Expenses and other				Total
			($ in thousands)
Operating Income (Loss) (GAAP)			$	65,142			$	24,651			$	23,692			$	2,756			$	16,557			$	(46,290	)		$	86,508
Adjustments for the effects of:
	Depreciation and amortization			13,283				2,768				4,290				1,830				1,082				2,870				26,123
	Other pre-tax			—				—				—				—				—				(2,551	)			(2,551	)
	EBITDA (non-GAAP)			78,425				27,419				27,982				4,586				17,639				(45,971	)			110,080
Adjustments for the effects of:
	Foreign currency (gains) losses			—				—				—				—				—				999				999
		Total of adjustments		—				—				—				—				—				999				999
Adjusted EBITDA (non-GAAP)			$	78,425			$	27,419			$	27,982			$	4,586			$	17,639			$	(44,972	)		$	111,079
Revenue			$	218,767			$	156,395			$	171,046			$	70,781			$	125,909							$	742,898
Operating income (loss) % (GAAP)				30	%			16	%			14	%			4	%			13	%							12	%
EBITDA Margin (non-GAAP)				36	%			18	%			16	%			6	%			14	%							15	%
Adjusted EBITDA Margin (non-GAAP)				36	%			18	%			16	%			6	%			14	%							15	%

				For the Three Months Ended June 30, 2026
				SSR				MP				OPG				IMDS				ADTech				Unallocated Expenses and other				Total
				($ in thousands)
Operating Income (Loss) (GAAP)				$	66,325			$	21,935			$	30,019			$	100			$	16,425			$	(46,567	)		$	88,237
Adjustments for the effects of:
	Depreciation and amortization				14,220				2,779				4,679				1,966				1,016				2,769				27,429
	Other pre-tax				—				—				—				—				—				(41	)			(41	)
	EBITDA (non-GAAP)				80,545				24,714				34,698				2,066				17,441				(43,839	)			115,625
Adjustments for the effects of:
	Foreign currency (gains) losses				—				—				—				—				—				(1,113	)			(1,113	)
		Total of adjustments			—				—				—				—				—				(1,113	)			(1,113	)
Adjusted EBITDA (non-GAAP)				$	80,545			$	24,714			$	34,698			$	2,066			$	17,441			$	(44,952	)		$	114,512
Revenue				$	232,016			$	149,030			$	182,843			$	70,844			$	133,451							$	768,184
Operating income (loss) % (GAAP)					29	%			15	%			16	%			—	%			12	%							11	%
EBITDA Margin (non-GAAP)					35	%			17	%			19	%			3	%			13	%							15	%
Adjusted EBITDA Margin (non-GAAP)					35	%			17	%			19	%			3	%			13	%							15	%

EBITDA and Adjusted EBITDA and Margins by Segment
				For the Nine Months Ended September 30, 2026
				SSR				MP				OPG				IMDS				ADTech				Unallocated Expenses and other				Total
				($ in thousands)
Operating Income (Loss) (GAAP)				$	197,196			$	73,086			$	72,585			$	1,854			$	39,285			$	(145,828	)		$	238,178
Adjustments for the effects of:
	Depreciation and amortization				42,280				8,306				14,165				5,985				2,972				7,470				81,178
	Other pre-tax				—				—				—				—				—				(21,164	)			(21,164	)
	EBITDA (non-GAAP)				239,476				81,392				86,750				7,839				42,257				(159,522	)			298,192
Adjustments for the effects of:
	(Gain) loss on extinguishment of debt				—				—				—				—				—				19,034				19,034
	Foreign currency (gains) losses				—				—				—				—				—				315				315
		Total of adjustments			—				—				—				—				—				19,349				19,349
Adjusted EBITDA (non-GAAP)				$	239,476			$	81,392			$	86,750			$	7,839			$	42,257			$	(140,173	)		$	317,541
Revenue				$	679,284			$	460,834			$	490,742			$	214,534			$	399,773							$	2,245,167
Operating income (loss) % (GAAP)					29	%			16	%			15	%			1	%			10	%							11	%
EBITDA Margin (non-GAAP)					35	%			18	%			18	%			4	%			11	%							13	%
Adjusted EBITDA Margin (non-GAAP)					35	%			18	%			18	%			4	%			11	%							14	%
				For the Nine Months Ended September 30, 2025
				SSR				MP				OPG				IMDS				ADTech				Unallocated Expenses and other				Total
				($ in thousands)
Operating Income (Loss) (GAAP)				$	189,279			$	52,090			$	81,021			$	10,865			$	43,521			$	(137,607	)		$	239,169
Adjustments for the effects of:
	Depreciation and amortization				37,404				8,159				13,642				5,399				2,815				8,552				75,971
	Other pre-tax				—				—				—				—				—				1,322				1,322
	EBITDA (non-GAAP)				226,683				60,249				94,663				16,264				46,336				(127,733	)			316,462
Adjustments for the effects of:
	Foreign currency (gains) losses				—				—				—				—				—				(5,481	)			(5,481	)
		Total of adjustments			—				—				—				—				—				(5,481	)			(5,481	)
Adjusted EBITDA (non-GAAP)				$	226,683			$	60,249			$	94,663			$	16,264			$	46,336			$	(133,214	)		$	310,981
Revenue				$	643,529			$	436,566			$	485,268			$	217,566			$	332,653							$	2,115,582
Operating income (loss) % (GAAP)					29	%			12	%			17	%			5	%			13	%							11	%
EBITDA Margin (non-GAAP)					35	%			14	%			20	%			7	%			14	%							15	%
Adjusted EBITDA Margin (non-GAAP)					35	%			14	%			20	%			7	%			14	%							15	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261021046121/en/

Hilary Frisbie
Senior Director, Investor Relations
Oceaneering International, Inc.
713-329-4755
investorrelations@oceaneering.com

Source: Oceaneering International, Inc.

Key Terms

ebitda financial

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

free cash flow financial

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

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book-to-bill financial

The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

revolving credit facility financial

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.