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    Oceaneering Reports First Quarter 2018 Results

    April 25, 2018

    HOUSTON , April 25, 2018 /PRNewswire/ -- Oceaneering International, Inc. (" Oceaneering ") (NYSE:OII) today reported a net loss of $49.1 million , or $(0.50) per share, on revenue of $416 million for the three months ended March 31, 2018. Excluding the impacts of $9.0 million of adjustments, comprised of foreign currency exchange losses and tax adjustments related to discrete tax items, adjusted net loss was $40.2 million , or $(0.41) per share.

    For the fourth quarter of 2017, Oceaneering reported net income of $174 million , or $1.76 per share, on revenue of $484 million . Adjusted net loss was $8.0 million , or $(0.08) per share, reflecting the impact of $182 million of adjustments, primarily a $189 million noncash tax benefit due to the United States tax reform.

    Adjusted operating income (loss), operating margin, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins and forecasted 2018 EBITDA) 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 EBITDA Margins, 2018 EBITDA Estimates, Free Cash Flow, Adjusted Operating Income and Margins by Segment, 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.

    Summary of Results

    (in thousands, except per share amounts)




    Three Months Ended




    Mar 31,


    Dec 31,








    2018


    2017


    2017










    Revenue


    $

    416,413



    $

    446,176



    $

    484,175



    Gross Margin


    18,828



    44,855



    41,299



    Income (Loss) from Operations


    (27,149)



    (150)



    (9,115)



    Net Income (Loss)


    (49,133)



    (7,534)



    173,568











    Diluted Earnings (Loss) Per Share (EPS)


    $

    (0.50)



    $

    (0.08)



    $

    1.76





    Roderick A. Larson , President and Chief Executive Officer of Oceaneering , stated, "Our consolidated first quarter operating results met our expectations, and reflected the seasonality and timing of projects within our energy services businesses. We are pleased that each of our operating segments generated positive EBITDA, and our consolidated adjusted EBITDA of $25.2 million was in line with consensus published estimates.

    "During the quarter, we generated $5.6 million of cash flow provided by operating activities, and utilized $25.7 million of cash to organically grow our portfolio of services and products. Our recent $68.4 million acquisition of Ecosse reflects our commitment to expand our service line capabilities, grow our market position within the offshore renewable energy market, and provide our customers with proven tools to optimize installation projects.

    "We recorded a $5.9 million tax provision during the quarter, that included $2.4 million of discrete items, primarily related to the accounting for share-based compensation. Our tax expense varied from our guidance primarily due to the geographic mix of operating revenues and results that generated taxes in certain jurisdictions that exceeded the tax benefit from losses and credits in other jurisdictions.

    "Operationally, compared to the adjusted fourth quarter of 2017, first quarter ROV operating income declined as expected. Excluding the impact of the fourth-quarter equipment sale, average ROV revenue per day on hire decreased, due primarily to a shift in geographic mix. Our average daily cost increased due to additional costs associated with reactivating and mobilizing ROVs. ROV adjusted EBITDA margin declined to 29%.

    "Days on hire increased 2% as our fleet utilization improved to 44% from 42%. At the end of March 2018 , our fleet size remained at 279 vehicles. Our fleet use mix during the quarter was 70% in drill support and 30% vessel-based activity. At the end of March, we had ROVs on 85, or 58%, of the 147 floating rigs under contract. This compares to having ROVs on 56% of the 147 floating rigs contracted at the end of December 2017 .

    "Compared to the fourth quarter, Subsea Products first quarter operating income declined less than expected on a 19% reduction in quarterly revenues. Our better-than-expected operating results were achieved by manufactured products being able to pull forward certain projects into the first quarter. Our Subsea Products backlog at March 31, 2018 was $240 million , compared to our December 31, 2017 backlog of $276 million . The backlog decline was largely attributable to manufactured products' low umbilical order intake. Our book-to-bill ratio for the first quarter was 0.71 and for the trailing twelve months was 0.72.

    "Sequentially, Subsea Projects revenue and operating results decreased, resulting from timing of projects and lower seasonal U.S. Gulf of Mexico demand for vessels, offset somewhat by increased vessel activity offshore Angola. Asset Integrity operating income was near breakeven, as projected, on slightly lower revenue, due to seasonality.

    "For our non-energy segment, Advanced Technologies , first quarter 2018 operating income declined compared to the fourth quarter 2017 due to lower government related work, as expected. However, we did not achieve the improvement in operating income that we projected in the first quarter 2018 due to unanticipated costs in our automated guided vehicles commercial business. In addition, as expected, Unallocated Expenses were higher in the first quarter 2018, compared to the fourth quarter 2017.

    "For the second quarter, compared to the first quarter, we anticipate quarterly operating profitability and improvements from all of our business segments, with the exception of Subsea Products, due to the pull-forward of projects into the first quarter, as previously mentioned. Unallocated Expenses are expected to continue to be in the upper- $20 million range.

    "Based on our first quarter results, and our expectations for the remainder of the year, we are reaffirming our prior guidance for 2018. For the year, we anticipate generating $140 million to $180 million of EBITDA, with positive EBITDA contributions from each of our operating segments. While we expect our recent acquisition of Ecosse to be accretive to 2018 cash flow and earnings, we are maintaining our prior 2018 EBITDA guidance range. At the segment level, we still expect our overall ROV fleet utilization to improve to the low 50% range and ROV EBITDA margin to be in the low 30% range. For Subsea Products, we continue to project full-year operating margins in the low- to mid-single digit range.

    "We continue to project an increase in offshore activities and contract awards during the second half of 2018, which should result in a Subsea Products book-to-bill ratio exceeding 1.0 for the full year. This expectation, along with an improvement in Advanced Technologies commercial businesses, gives us confidence in maintaining our 2018 EBITDA guidance. However, we are no longer providing guidance as to our 2018 annual effective tax rate due to the short-term nature of much of our work and a continuous shifting of geographic mix of our operating revenues and results. These conditions do not allow for meaningful guidance on an effective tax rate."

    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 and future expected business, financial performance and prospects of Oceaneering . More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's : belief that the acquisition of Ecosse will help grow Oceaneering's market position within the renewable energy market and provide its customers with proven tools to optimize their offshore installation projects; expected contributions to cash flow and earnings from Ecosse; outlook and EBITDA guidance for the full year and second quarter of 2018; anticipated EBITDA, EBITDA contributions from each of its segments, expected contributions of its segments to 2018 operating results; expectations of ROV fleet utilization and EBITDA margins; expectations of Subsea Products margins and book-to-bill ratio; and overall view of the markets. The forward-looking statements included in this release are based on our 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. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry; supply and demand of drilling rigs; oil and natural gas demand and production growth; oil and natural gas prices; fluctuations in currency markets worldwide; future global economic conditions; the loss of major contracts or alliances; future performance under our customer contracts; and the effects of competition. 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 .

    Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.

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

    Contact:
    Suzanne Spera
    Director, Investor Relations
    Oceaneering International, Inc.
    713-329-4707
    investorrelations@oceaneering.com

     
















    OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

















    CONDENSED CONSOLIDATED BALANCE SHEETS




























    Mar 31, 2018


    Dec 31, 2017













    (in thousands)


    ASSETS














    Current Assets (including cash and cash equivalents of $334,910 and $430,316)


    $

    1,105,745



    $

    1,187,402




    Net Property and Equipment



    1,054,323



    1,064,204




    Other Assets






    768,613



    772,344






    TOTAL ASSETS


    $

    2,928,681



    $

    3,023,950


















    LIABILITIES AND EQUITY



    Current Liabilities






    $

    372,522



    $

    435,797




    Long-term Debt






    785,068



    792,312




    Other Long-term Liabilities


    132,888



    131,323




    Equity






    1,638,203



    1,664,518






    TOTAL LIABILITIES AND EQUITY


    $

    2,928,681



    $

    3,023,950


















    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

























    For the Three Months Ended











    Mar 31, 2018


    Mar 31, 2017


    Dec 31, 2017











    (in thousands, except per share amounts)


















    Revenue






    $

    416,413



    $

    446,176



    $

    484,175




    Cost of services and products


    397,585



    401,321



    442,876





    Gross Margin


    18,828



    44,855



    41,299




    Selling, general and administrative expense


    45,977



    45,005



    50,414





    Income (loss) from Operations




    (27,149)



    (150)



    (9,115)




    Interest income






    2,592



    1,337



    1,976




    Interest expense






    (9,371)



    (6,268)



    (5,300)




    Equity earnings (losses) of unconsolidated affiliates


    (843)



    (980)



    (185)




    Other income (expense), net


    (8,474)



    (2,556)



    (2,154)





    Income (loss) before Income Taxes


    (43,245)



    (8,617)



    (14,778)




    Provision (benefit) for income taxes


    5,888



    (1,083)



    (188,346)





    Net Income (loss)


    $

    (49,133)



    $

    (7,534)



    $

    173,568


















    Weighted average diluted shares outstanding


    98,383



    98,138



    98,852



    Diluted Earnings (Loss) per Share


    $

    (0.50)



    $

    (0.08)



    $

    1.76


















    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












    Mar 31, 2018


    Mar 31, 2017


    Dec 31, 2017












    ($ in thousands)













    Remotely Operated Vehicles


    Revenue



    $

    85,594



    $

    94,022



    $

    91,584








    Gross Margin



    $

    4,955



    $

    13,022



    $

    9,154







    Operating Income (Loss)



    $

    (2,398)



    $

    5,925



    $

    1,056







    Operating Income (Loss)%



    (3)

    %


    6

    %


    1

    %







    Days available



    25,138



    25,219



    25,737








    Days utilized



    11,034



    11,488



    10,785








    Utilization



    44

    %


    46

    %


    42

    %


















    Subsea Products





    Revenue



    $

    126,688



    $

    150,639



    $

    156,398








    Gross Margin



    $

    15,005



    $

    24,991



    $

    24,384







    Operating Income



    $

    1,755



    $

    11,483



    $

    11,121







    Operating Income %



    1

    %


    8

    %


    7

    %






    Backlog at end of period



    $

    240,000



    $

    407,000



    $

    276,000



















    Subsea Projects





    Revenue



    $

    56,860



    $

    62,956



    $

    73,376








    Gross Margin



    $

    1,117



    $

    4,024



    $

    4,348







    Operating Income (Loss)



    $

    (2,359)



    $

    187



    $

    580







    Operating Income (Loss) %



    (4)

    %


    %


    1

    %


















    Asset Integrity





    Revenue



    $

    61,288



    $

    52,658



    $

    64,830








    Gross Margin



    $

    8,018



    $

    8,381



    $

    9,243







    Operating Income



    $

    1,679



    $

    2,267



    $

    2,159







    Operating Income %



    3

    %


    4

    %


    3

    %


















    Advanced Technologies



    Revenue



    $

    85,983



    $

    85,901



    $

    97,987








    Gross Margin



    $

    7,822



    $

    10,072



    $

    8,383







    Operating Income



    $

    1,668



    $

    5,026



    $

    2,779







    Operating Income %



    2

    %


    6

    %


    3

    %

















    Unallocated Expenses

















    Gross Margin



    $

    (18,089)



    $

    (15,635)



    $

    (14,213)







    Operating Income



    $

    (27,494)



    $

    (25,038)



    $

    (26,810)

















    TOTAL







    Revenue



    $

    416,413



    $

    446,176



    $

    484,175








    Gross Margin



    $

    18,828



    $

    44,855



    $

    41,299







    Operating Income (Loss)



    $

    (27,149)



    $

    (150)



    $

    (9,115)







    Operating Income (Loss) %



    (7)

    %


    %


    (2)

    %


















     

    SELECTED CASH FLOW INFORMATION
















    For the Three Months Ended








    Mar 31, 2018


    Mar 31, 2017


    Dec 31, 2017








    (in thousands)











    Capital expenditures, including acquisitions



    $

    94,130



    $

    17,807



    $

    33,780












    Depreciation and Amortization:









    Oilfield











    Remotely Operated Vehicles



    $

    27,642



    $

    29,229



    $

    27,445




    Subsea Products



    14,025



    12,999



    13,437




    Subsea Projects



    8,313



    8,080



    8,127




    Asset Integrity



    1,848



    1,460



    2,336



    Total Oilfield




    51,828



    51,768



    51,345



    Advanced Technologies



    766



    797



    794



    Unallocated Expenses



    1,534



    1,098



    900




    Total depreciation and amortization




    $

    54,128



    $

    53,663



    $

    53,039















    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 SEC Regulation G). We have included Adjusted Net Income and Diluted Earnings per Share, 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, 2018 EBITDA Estimates and Free Cash Flow, as well as the following by segment: Adjusted Operating Income and Margins, EBITDA, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA margins, Adjusted EBITDA and Adjusted EBITDA margins, and Adjusted Operating Income and Margin 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 and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) 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 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.

     


















    Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)






















    For the Three Months Ended






    Mar 31, 2018

    Mar 31, 2017

    Dec 31, 2017






    Net Income


    Diluted EPS


    Net Income


    Diluted EPS


    Net Income


    Diluted EPS






    (in thousands, except per share amounts)








    Net Income (Loss) and Diluted EPS as reported in accordance with GAAP


    $

    (49,133)



    $

    (0.50)



    $

    (7,534)



    $

    (0.08)



    $

    173,568



    $

    1.76


    Pre-tax adjustments for the effects of:














    Charge related to prior year non-income related taxes










    700





    Foreign currency (gains) losses


    8,315





    2,153





    1,750




    Total pre-tax adjustments


    8,315





    2,153





    2,450




















    Tax effect on pre-tax adjustments at the statutory rate in effect for respective periods


    (1,746)





    (754)





    (858)




    Tax effect related to recent United States tax reform










    (189,117)




    Discrete tax items


    2,400





    2,100





    (7,350)




    Difference in tax provision on income before taxes in accordance with GAAP






    (167)





    13,294


















    Total of adjustments


    8,969





    3,332





    (181,581)




    Adjusted Net Income (Loss)


    $

    (40,164)



    $

    (0.41)



    $

    (4,202)



    $

    (0.04)



    $

    (8,013)



    $

    (0.08)


















    Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)




    98,383





    98,138





    98,279


















    Notes:






    Discrete items consist of share-based compensation for the three months ended March 31, 2018 and 2017, and a component of the foreign tax rate differential for the three months ended December 31, 2017.




    For consistency in presentation, the difference in tax provision on income before taxes is computed using the U.S. statutory rate of 35% for 2017, in determining Adjusted Net Income (Loss) for the respective periods. This is not calculated for the three months ended March 31, 2018 due to the change in U.S. tax law, effectively converting the U.S. to a territorial tax system.

















     
















    EBITDA and EBITDA Margins





















    For the Three Months Ended









    Mar 31, 2018


    Mar 31, 2017


    Dec 31, 2017









    ($ in thousands)














    Net Income (Loss)




    $

    (49,133)



    $

    (7,534)



    $

    173,568



    Depreciation and Amortization




    54,128



    53,663



    53,039




    Subtotal




    4,995



    46,129



    226,607



    Interest Expense, net of Interest Income




    6,779



    4,931



    3,324



    Amortization included in Interest Expense




    (774)



    (283)



    (283)



    Provision (Benefit) for Income Taxes




    5,888



    (1,083)



    (188,346)




    EBITDA




    $

    16,888



    $

    49,694



    $

    41,302
















    Revenue




    $

    416,413



    $

    446,176



    $

    484,175
















    EBITDA margin %




    4

    %


    11

    %


    9

    %















     

    2018 EBITDA Estimates























    Low


    High











    (in thousands)


    Loss before income taxes







    $

    (110,000)



    (80,000)



    Depreciation and amortization







    210,000



    220,000





    Subtotal







    100,000



    140,000



    Interest expense, net of interest income







    40,000



    40,000





    EBITDA







    $

    140,000



    $

    180,000





























    Free Cash Flow






















    For the Three Months Ended











    Mar 31, 2018


    Mar 31, 2017









    (in thousands)


    Net Income (Loss)







    $

    (49,133)



    $

    (7,534)



    Depreciation and amortization







    54,128



    53,663



    Other increases (decreases) in cash from operating activities







    623



    12,876



    Cash flow provided by operating activities







    5,618



    59,005



    Purchases of property and equipment







    (25,732)



    (17,807)



    Free Cash Flow







    $

    (20,114)



    $

    41,198



     





    Adjusted Operating Income and Margins by Segment






    For the Three Months Ended March 31, 2018





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    (2,398)



    $

    1,755



    $

    (2,359)



    $

    1,679



    $

    1,668



    $

    (27,494)



    $

    (27,149)



















    Adjusted operating income (loss)


    $

    (2,398)



    $

    1,755



    $

    (2,359)



    $

    1,679



    $

    1,668



    $

    (27,494)



    $

    (27,149)



















    Revenue


    $

    85,594



    $

    126,688



    $

    56,860



    $

    61,288



    $

    85,983





    $

    416,413





























    Operating income (loss) % as reported in accordance with GAAP


    (3)

    %


    1

    %


    (4)

    %


    3

    %


    2

    %




    (7)

    %






















    Operating income (loss)% using adjusted amounts


    (3)

    %


    1

    %


    (4)

    %


    3

    %


    2

    %




    (7)

    %







































    For the Three Months Ended March 31, 2017





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    5,925



    $

    11,483



    $

    187



    $

    2,267



    $

    5,026



    $

    (25,038)



    $

    (150)



    Adjusted operating income (loss)


    $

    5,925



    $

    11,483



    $

    187



    $

    2,267



    $

    5,026



    $

    (25,038)



    $

    (150)



















    Revenue


    $

    94,022



    $

    150,639



    $

    62,956



    $

    52,658



    $

    85,901





    $

    446,176





























    Operating income % as reported in accordance with GAAP


    6

    %


    8

    %


    %


    4

    %


    6

    %




    %






















    Operating income % using adjusted amounts


    6

    %


    8

    %


    %


    4

    %


    6

    %




    %


     



























    For the Three Months Ended December 31, 2017





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    1,056



    $

    11,121



    $

    580



    $

    2,159



    $

    2,779



    $

    (26,810)



    $

    (9,115)


    Adjustments for the effects of:
















    Charge related to prior year non-income related taxes


    600



    100











    700




    Total of adjustments


    600



    100











    700


    Adjusted operating income (loss)


    $

    1,656



    $

    11,221



    $

    580



    $

    2,159



    $

    2,779



    $

    (26,810)



    $

    (8,415)




































    Revenue


    $

    91,584



    $

    156,398



    $

    73,376



    $

    64,830



    $

    97,987





    $

    484,175


    Operating income (loss) % as reported in accordance with GAAP


    1

    %


    7

    %


    1

    %


    3

    %


    3

    %




    (2)

    %

    Operating income (loss) % using adjusted amounts


    2

    %


    7

    %


    1

    %


    3

    %


    3

    %




    (2)

    %







    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Three Months Ended March 31, 2018





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    (2,398)



    $

    1,755



    $

    (2,359)



    $

    1,679



    $

    1,668



    $

    (27,494)



    $

    (27,149)


    Adjustments for the effects of:















    Depreciation and amortization


    27,642



    14,025



    8,313



    1,848



    766



    1,534



    54,128



    Other pre-tax












    (10,091)



    (10,091)



    EBITDA


    25,244



    15,780



    5,954



    3,527



    2,434



    (36,051)



    16,888


    Adjustments for the effects of:















    Foreign currency (gains) losses












    8,315



    8,315




    Total of adjustments












    8,315



    8,315


    Adjusted EBITDA


    $

    25,244



    $

    15,780



    $

    5,954



    $

    3,527



    $

    2,434



    $

    (27,736)



    $

    25,203



















    Revenue


    $

    85,594



    $

    126,688



    $

    56,860



    $

    61,288



    $

    85,983





    $

    416,413


    Operating income (loss) % as reported in accordance with GAAP


    (3)

    %


    1

    %


    (4)

    %


    3

    %


    2

    %




    (7)

    %

    EBITDA Margin


    29

    %


    12

    %


    10

    %


    6

    %


    3

    %




    4

    %

    Adjusted EBITDA Margin


    29

    %


    12

    %


    10

    %


    6

    %


    3

    %




    6

    %






















    For the Three Months Ended March 31, 2017





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    5,925



    $

    11,483



    $

    187



    $

    2,267



    $

    5,026



    $

    (25,038)



    $

    (150)


    Adjustments for the effects of:















    Depreciation and amortization


    29,229



    12,999



    8,080



    1,460



    797



    1,098



    53,663



    Other pre-tax












    (3,819)



    (3,819)



    EBITDA


    35,154



    24,482



    8,267



    3,727



    5,823



    (27,759)



    49,694


    Adjustments for the effects of:















    Foreign currency (gains) losses












    2,153



    2,153




    Total of adjustments












    2,153



    2,153


    Adjusted EBITDA


    $

    35,154



    $

    24,482



    $

    8,267



    $

    3,727



    $

    5,823



    $

    (25,606)



    $

    51,847



















    Revenue


    $

    94,022



    $

    150,639



    $

    62,956



    $

    52,658



    $

    85,901





    $

    446,176


    Operating income % as reported in accordance with GAAP


    6

    %


    8

    %


    %


    4

    %


    6

    %




    %

    EBITDA Margin


    37

    %


    16

    %


    13

    %


    7

    %


    7

    %




    11

    %

    Adjusted EBITDA Margin


    37

    %


    16

    %


    13

    %


    7

    %


    7

    %




    12

    %

     











    For the Three Months Ended December 31, 2017





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unalloc.
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    1,056



    $

    11,121



    $

    580



    $

    2,159



    $

    2,779



    $

    (26,810)



    $

    (9,115)


    Adjustments for the effects of:















    Depreciation and amortization


    27,445



    13,437



    8,127



    2,336



    794



    900



    53,039



    Other pre-tax












    (2,622)



    (2,622)



    EBITDA


    28,501



    24,558



    8,707



    4,495



    3,573



    (28,532)



    41,302


    Adjustments for the effects of:















    Charge related to prior year non-income related taxes


    600



    100











    700



    Foreign currency (gains) losses












    1,750



    1,750






    600



    100









    1,750



    2,450


    Adjusted EBITDA


    $

    29,101



    $

    24,658



    $

    8,707



    $

    4,495



    $

    3,573



    $

    (26,782)



    $

    43,752



















    Revenue


    $

    91,584



    $

    156,398



    $

    73,376



    $

    64,830



    $

    97,987





    $

    484,175


    Operating income (loss) % as reported in accordance with GAAP


    1

    %


    7

    %


    1

    %


    3

    %


    3

    %




    (2)

    %

    EBITDA Margin


    31

    %


    16

    %


    12

    %


    7

    %


    4

    %




    9

    %

    Adjusted EBITDA Margin


    32

    %


    16

    %


    12

    %


    7

    %


    4

    %




    9

    %


















     

    Cision View original content: http://www.prnewswire.com/news-releases/oceaneering-reports-first-quarter-2018-results-300636680.html

    SOURCE Oceaneering International, Inc.

    Categories: Press Releases
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