Oceaneering Intl Stock Price, News & Analysis

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

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

Oceaneering International (NYSE: OII) announced its third quarter 2020 financial results will be reported on October 28, 2020, after market close. The earnings press release will be accessible on Oceaneering's website. A conference call is scheduled for October 29, 2020, at 10:00 a.m. Central Time, where interested parties can listen via a webcast. Oceaneering provides engineered services primarily to the offshore energy industry, along with serving defense, aerospace, and entertainment sectors.

Oceaneering International (NYSE:OII) announced a significant contract with the U.S. Navy's Naval Sea Systems Command on Sept. 29, 2020, valued at up to $119 million. The contract spans one year with four potential one-year extensions, focusing on the operation and maintenance of submarine rescue systems. Oceaneering has over 20 years of experience supporting the U.S. Navy's submarine rescue program, enhancing its capabilities. This contract underscores Oceaneering's commitment to safety and quality in defense technologies.

Oceaneering International (NYSE: OII) announced a realignment of its operating segments to enhance cost efficiencies starting with Q3 2020 results. This restructuring organizes its business units into five segments: Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies. The CEO, Rod Larson, emphasized that this change aims to leverage synergies across businesses to drive value for customers and shareholders, aligning with their cost-reduction goals.

Oceaneering International announced that President and CEO Roderick A. Larson will participate in a virtual fireside chat at the Barclays CEO Energy-Power Conference on September 9, 2020. The discussion will include investor meetings for institutional stakeholders. The company, listed under the ticker OII, specializes in engineered services for the offshore energy sector, leveraging technology for various industries including defense and aerospace. Further details can be found on Oceaneering's website.

Oceaneering International (NYSE:OII) announced a contract with Dynetics, a Leidos subsidiary, to develop critical components for NASA's Artemis Program. The work includes engineering for the Dynetics Human Landing Systems (HLS), integration of NASA's xEMU space suit, and astronaut crew training development. Dynetics is one of three teams selected to design a lunar landing system aimed at returning humans to the moon by 2024. CEO Rod Larson emphasized Oceaneering's expertise in spaceflight systems as a key factor in securing this contract.

Oceaneering reported a net loss of $24.8 million, or $(0.25) per share, on $427 million in revenue for Q2 2020. Adjusted EBITDA was $40.5 million, exceeding estimates, and free cash flow reached $26.9 million. Although revenue decreased by 20%, cost-reduction efforts sustained a 9% adjusted EBITDA margin. The ROV fleet utilization fell to 59%, while backlog declined to $486 million. The company maintains a cautious outlook due to ongoing uncertainties from COVID-19 and oil price volatility, with no segment guidance for Q3.

Oceaneering International, Inc. (NYSE:OII) has announced its schedule for reporting financial results for the second quarter of 2020. The earnings release will occur on July 29, 2020, after the market closes, and will be available on the company’s website. A conference call and webcast discussing the results will follow on July 30, 2020, at 10:00 a.m. Central Time. Oceaneering provides engineered services and products mainly for the offshore energy sector, as well as other industries including defense and aerospace.