Oceaneering International Inc. reports developments in engineered services, products, and robotic solutions for the offshore energy, defense, aerospace, and manufacturing markets. News about OII commonly centers on quarterly results, segment guidance, customer orders, contract awards, backlog, and operating trends across Subsea Robotics, Integrity Management and Digital Solutions, Manufactured Products, Offshore Projects Group, and Aerospace and Defense Technologies.
Company updates also cover remotely operated vehicle activity, vessel-based services, underwater survey and tooling work, autonomous systems such as the Freedom platform, and dual-use technology serving energy and defense applications. Governance and investor-relations announcements include earnings calls, investor-conference participation, board changes, and finance leadership transitions.
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.