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    Oceaneering Reports First Quarter 2019 Results

    April 29, 2019

    HOUSTON, April 29, 2019 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) today reported a net loss of $24.8 million, or $(0.25) per share, on revenue of $494 million for the three months ended March 31, 2019.  Excluding the impacts of $0.9 million of adjustments, comprised of foreign currency exchange gains and tax adjustments related to discrete tax items, adjusted net loss was $23.9 million, or $(0.24) per share.

    For the fourth quarter of 2018, Oceaneering reported a net loss of $64.1 million, or $(0.65) per share, on revenue of $495 million.  Adjusted net income was $7.3 million, or $0.07 per share, reflecting the impact of $71.4 million of adjustments, primarily a $76.4 million pre-tax goodwill impairment in its Subsea Projects segment.

    Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins and forecasted 2019 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, 2019 EBITDA Estimates, Free Cash Flow, Adjusted Operating Income (Loss) 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,






    2019


    2018


    2018








    Revenue


    $

    493,886



    $

    416,413



    $

    495,095


    Gross Margin


    27,587



    18,828



    33,035


    Income (Loss) from Operations


    (21,714)



    (27,149)



    (97,144)


    Net Income (Loss)


    (24,827)



    (49,133)



    (64,139)









    Diluted Earnings (Loss) Per Share


    $

    (0.25)



    $

    (0.50)



    $

    (0.65)


    Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "We are very pleased that our first quarter results exceeded expectations.  Higher than expected activity and good execution within our energy-focused businesses were key factors in achieving this performance.  Each of our operating segments generated positive EBITDA, and our consolidated adjusted EBITDA of $30.4 million surpassed published consensus estimates.

    "Based on our first quarter results and our expectations for the remainder of 2019, we are narrowing our adjusted EBITDA guidance by raising the low end of the previous range, and now expect to generate between $150 million and $180 million of adjusted EBITDA in 2019.  We continue to project positive free cash flow for the year.

    "Sequentially, our first quarter ROV revenues and operating results increased.  ROV EBITDA margin increased to 29% and utilization increased to 53%.  Average ROV revenues per day on hire increased 5% due largely to reimbursement of costs associated with mobilizations and installations.  At the end of March, our ROV fleet count remained at 275 vehicles.  Our fleet use during the quarter was 69% in drill support and 31% in vessel-based activity.  At the end of March, we had ROV contracts on 97 of the 159 floating rigs under contract, resulting in a drill support market share of 61%.

    "Compared to the fourth quarter, Subsea Products first quarter operating results improved on flat quarterly revenues.  This improvement was largely due to higher levels of service and rental activity at improved margins achieved by good execution.  Our Subsea Products backlog at March 31, 2019 was $464 million, compared to our December 31, 2018 backlog of $332 million.  The backlog increase was largely attributable to umbilical and related hardware order intake.  Our book-to-bill ratio for the trailing twelve months was 1.4.

    "Sequentially, Subsea Projects operating results improved on flat revenue due to favorable project mix and good execution. Asset Integrity operating income was near breakeven on slightly lower revenue.

    "For our non-energy segment, Advanced Technologies, first quarter 2019 operating results declined sequentially, due primarily to a lower number of job completions and contract close-outs in our commercial businesses.  In addition, as anticipated, Unallocated Expenses were higher in the first quarter of 2019 compared to the fourth quarter of 2018.

    "During the quarter, we generated $19.1 million of cash flow provided by operating activities, and utilized $30.0 million of cash for maintenance and growth capital expenditures, resulting in a use of $10.8 million in cash during the quarter.

    "For the second quarter, compared to the first quarter, we anticipate quarterly operating profitability and improvement in our ROV, Subsea Projects, and Advanced Technologies segments and relatively flat quarter-to-quarter results in our Subsea Products and Asset Integrity segments.  Unallocated Expenses are forecast to be in the mid-$30 million range, consistent with the first quarter.  On a consolidated basis, we expect the sequential quarterly results to improve substantially, with EBITDA being in line with current published consensus estimates.

    "For the full year of 2019, at the segment level, we forecast overall ROV fleet utilization in the upper 50% range and ROV EBITDA margin to remain relatively flat. For Subsea Products, we continue to expect: good order intake during the first half of 2019 driving increased activity in the second half of 2019; a book-to-bill ratio in the range of 1.25 to 1.4 for the full year; and operating margins in the mid-single digit range.  We expect good activity levels in our Subsea Projects segment for the remainder of 2019.  For Asset Integrity, we expect a slight increase in activity during the second half of 2019 and operating margins in the low-single digit range.

    "Our outlook for the energy segments, along with projected improvement in Advanced Technologies' operating results, give us confidence to narrow our 2019 EBITDA guidance.  Our 2019 income tax payments are anticipated to be approximately $25 million, net."

    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:  outlook and EBITDA guidance for the full year and second quarter of 2019; projected positive free cash flow; anticipated consolidated EBITDA and segment EBITDA contributions; expected segment contributions to 2019 operating results; forecasted ROV fleet utilization and EBITDA margins; Subsea Products backlog and expectations of Subsea Products margins and book-to-bill ratio; forecasted Unallocated Expenses; 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, 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; 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; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; cancellations of contracts, change orders and other contractual modifications 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 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 10K and 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:
    Mark Peterson
    Vice President, Corporate Development and Investor Relations
    Oceaneering International, Inc.
    713-329-4507
    investorrelations@oceaneering.com 

    OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES


    CONDENSED CONSOLIDATED BALANCE SHEETS


























    Mar 31, 2019


    Dec 31, 2018












    (in thousands)

    ASSETS






    Current Assets (including cash and cash equivalents of $341,763 and $354,259)


    $

    1,220,392



    $

    1,244,889



    Net Property and Equipment


    955,739



    964,670



    Other Assets


    795,387



    615,439





    TOTAL ASSETS


    $

    2,971,518



    $

    2,824,998
















    LIABILITIES AND EQUITY


    Current Liabilities


    $

    500,311



    $

    494,741



    Long-Term Debt


    790,969



    786,580



    Other Long-Term Liabilities


    288,738



    128,379



    Equity


    1,391,500



    1,415,298





    TOTAL LIABILITIES AND EQUITY


    $

    2,971,518



    $

    2,824,998
















    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
























    For the Three Months Ended










    Mar 31, 2019


    Mar 31, 2018


    Dec 31, 2018










    (in thousands, except per share amounts)
















    Revenue


    $

    493,886



    $

    416,413



    $

    495,095



    Cost of services and products


    466,299



    397,585



    462,060




    Gross Margin


    27,587



    18,828



    33,035



    Selling, general and administrative expense


    49,301



    45,977



    53,730



    Goodwill impairment






    76,449




    Income (loss) from Operations


    (21,714)



    (27,149)



    (97,144)



    Interest income


    2,604



    2,592



    1,775



    Interest expense


    (9,424)



    (9,371)



    (9,684)



    Equity earnings (losses) of unconsolidated affiliates


    (164)



    (843)



    (519)



    Other income (expense), net


    719



    (8,474)



    (2,390)




    Income (loss) before Income Taxes


    (27,979)



    (43,245)



    (107,962)



    Provision (benefit) for income taxes


    (3,152)



    5,888



    (43,823)




    Net Income (loss)


    $

    (24,827)



    $

    (49,133)



    $

    (64,139)









    Weighted average diluted shares outstanding


    98,714



    98,383



    98,534


    Diluted Earnings (Loss) per Share


    $

    (0.25)



    $

    (0.50)



    $

    (0.65)



    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, 2019


    Mar 31, 2018


    Dec 31, 2018





    ($ in thousands)






    Remotely Operated Vehicles

    Revenue


    $

    100,346



    $

    85,594



    $

    96,736




    Gross Margin


    $

    9,421



    $

    4,955



    $

    6,764




    Operating Income (Loss)


    $

    1,418



    $

    (2,398)



    $

    (1,275)




    Operating Income (Loss)%


    1

    %


    (3)

    %


    (1)

    %



    Days available


    24,506



    25,138



    25,272




    Days utilized


    12,942



    11,034



    13,147




    Utilization


    53

    %


    44

    %


    52

    %











    Subsea Products

    Revenue


    $

    128,844



    $

    126,688



    $

    129,509




    Gross Margin


    $

    12,315



    $

    15,005



    $

    10,156




    Operating Income (Loss)


    $

    (476)



    $

    1,755



    $

    (3,803)




    Operating Income (Loss)%


    %


    1

    %


    (3)

    %



    Backlog at end of period


    $

    464,000



    $

    240,000



    $

    332,000












    Subsea Projects

    Revenue


    $

    89,728



    $

    56,860



    $

    89,295




    Gross Margin


    $

    9,033



    $

    1,117



    $

    2,795




    Operating Income (Loss)


    $

    2,892



    $

    (2,359)



    $

    (79,379)




    Operating Income (Loss) %


    3

    %


    (4)

    %


    (89)

    %











    Asset Integrity

     

    Revenue


    $

    60,689



    $

    61,288



    $

    62,830




    Gross Margin


    $

    6,272



    $

    8,018



    $

    8,086




    Operating Income (Loss)


    $

    (713)



    $

    1,679



    $

    1,349




    Operating Income (Loss)%


    (1)

    %


    3

    %


    2

    %











    Advanced Technologies

    Revenue


    $

    114,279



    $

    85,983



    $

    116,725




    Gross Margin


    $

    15,248



    $

    7,822



    $

    22,314




    Operating Income (Loss)


    $

    9,599



    $

    1,668



    $

    15,406




    Operating Income (Loss)%


    8

    %


    2

    %


    13

    %











    Unallocated Expenses










    Gross Margin


    $

    (24,702)



    $

    (18,089)



    $

    (17,080)




    Operating Income (Loss)


    $

    (34,434)



    $

    (27,494)



    $

    (29,442)












    TOTAL

     

    Revenue


    $

    493,886



    $

    416,413



    $

    495,095




    Gross Margin


    $

    27,587



    $

    18,828



    $

    33,035




    Operating Income (Loss)


    $

    (21,714)



    $

    (27,149)



    $

    (97,144)




    Operating Income (Loss) %


    (4)

    %


    (7)

    %


    (20)

    %


    SELECTED CASH FLOW INFORMATION






    For the Three Months Ended






    Mar 31, 2019


    Mar 31, 2018


    Dec 31, 2018






    (in thousands)








    Capital expenditures, including acquisitions


    $

    36,487



    $

    94,130



    $

    25,721









    Depreciation and Amortization:







    Energy Services and Products








    Remotely Operated Vehicles


    $

    27,990



    $

    27,642



    $

    27,972



    Subsea Products


    12,991



    14,025



    11,797



    Subsea Projects


    7,882



    8,313



    85,651



    Asset Integrity


    1,634



    1,848



    1,585


    Total Energy Services and Products


    50,497



    51,828



    127,005


    Advanced Technologies


    830



    766



    786


    Unallocated Expenses


    1,159



    1,534



    1,125


    Total depreciation and amortization


    $

    52,486



    $

    54,128



    $

    128,916


    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 (Loss) and Diluted Earnings (Loss) 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, 2019 EBITDA Estimates and Free Cash Flow, as well as the following by segment:  Adjusted Operating Income and Margins, EBITDA, EBITDA Margins, 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, 2019

    Mar 31, 2018

    Dec 31, 2018






    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


    $

    (24,827)



    $

    (0.25)



    $

    (49,133)



    $

    (0.50)



    $

    (64,139)



    $

    (0.65)


    Pre tax adjustments for the effects of:














    Goodwill impairment










    76,449





    Foreign currency (gains) losses


    (614)





    8,315





    2,559




    Total pre-tax adjustments


    (614)





    8,315





    79,008




















    Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods (1)


    129





    (1,746)





    (11,914)




    Discrete tax items













        Share-based compensation


    986





    1,806








        Uncertain tax positions


    1,022





    (96)





    7,811




        Tax reform










    560




        Valuation allowances


    1,539









    (3,784)




        Other


    (2,141)





    690





    (241)





    Total discrete tax adjustments


    1,406





    2,400





    4,346









    $

    921





    $

    8,969





    $

    71,440




    Adjusted Net Income (Loss)


    $

    (23,906)



    $

    (0.24)



    $

    (40,164)



    $

    (0.41)



    $

    7,301



    $

    0.07


















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




    98,714





    98,383





    99,331



    Notes:










    (1)

    For the three months ended December 31, 2018, $22.3 million of goodwill impairment is not deductible for tax purposes.

    EBITDA and EBITDA Margins





















    For the Three Months Ended









    Mar 31, 2019


    Mar 31, 2018


    Dec 31, 2018









    ($ in thousands)














    Net income (loss)

    $

    (24,827)



    $

    (49,133)



    $

    (64,139)



    Depreciation and amortization

    52,486



    54,128



    128,916




    Subtotal

    27,659



    4,995



    64,777



    Interest expense, net of interest income

    6,820



    6,779



    7,909



    Amortization included in interest expense

    (340)



    (774)



    (333)



    Provision (benefit) for income taxes

    (3,152)



    5,888



    (43,823)




    EBITDA

    $

    30,987



    $

    16,888



    $

    28,530
















    Revenue

    $

    493,886



    $

    416,413



    $

    495,095
















    EBITDA margin %

    6

    %


    4

    %


    6

    %


    2019 EBITDA Estimates























    Low


    High











    (in thousands)


    Income (loss) before income taxes


    $

    (100,000)



    (70,000)



    Depreciation and amortization

    212,000



    212,000





    Subtotal







    112,000



    142,000



    Interest expense, net of interest income


    38,000



    38,000





    EBITDA



    $

    150,000



    $

    180,000





























    Free Cash Flow






















    For the Three Months Ended











    Mar 31, 2019


    Mar 31, 2018









    (in thousands)


    Net Income (loss)


    $

    (24,827)



    $

    (49,133)



    Depreciation and amortization


    52,486



    54,128



    Other increases (decreases) in cash from operating activities

    (8,535)



    623



    Cash flow provided by operating activities


    19,124



    5,618



    Purchases of property and equipment


    (29,964)



    (25,732)



    Free Cash Flow




    $

    (10,840)



    $

    (20,114)



    Adjusted Operating Income (Loss) and Margins by Segment






    For the Three Months Ended March 31, 2019





    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


    $

    1,418



    $

    (476)



    $

    2,892



    $

    (713)



    $

    9,599



    $

    (34,434)



    $

    (21,714)



















    Adjusted operating income (loss)


    $

    1,418



    $

    (476)



    $

    2,892



    $

    (713)



    $

    9,599



    $

    (34,434)



    $

    (21,714)



















    Revenue


    $

    100,346



    $

    128,844



    $

    89,728



    $

    60,689



    $

    114,279





    $

    493,886


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


    1

    %


    %


    3

    %


    (1)

    %


    8

    %




    (4)

    %

    Operating income (loss)% using adjusted amounts


    1

    %


    %


    3

    %


    (1)

    %


    8

    %




    (4)

    %







































    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 December 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


    $

    (1,275)



    $

    (3,803)



    $

    (79,379)



    $

    1,349



    $

    15,406



    $

    (29,442)



    $

    (97,144)


    Adjustments for the effects of:
















    Goodwill impairment






    76,449









    76,449




    Total of adjustments






    76,449









    76,449


    Adjusted operating income (loss)


    $

    (1,275)



    $

    (3,803)



    $

    (2,930)



    $

    1,349



    $

    15,406



    $

    (29,442)



    $

    (20,695)




































    Revenue


    $

    96,736



    $

    129,509



    $

    89,295



    $

    62,830



    $

    116,725





    $

    495,095


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


    (1)

    %


    (3)

    %


    (89)

    %


    2

    %


    13

    %




    (20)

    %

    Operating income (loss) % using adjusted amounts


    (1)

    %


    (3)

    %


    (3)

    %


    2

    %


    13

    %




    (4)

    %

    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Three Months Ended March 31, 2019





    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


    $

    1,418



    $

    (476)



    $

    2,892



    $

    (713)



    $

    9,599



    $

    (34,434)



    $

    (21,714)


    Adjustments for the effects of:















    Depreciation and amortization


    27,990



    12,991



    7,882



    1,634



    830



    1,159



    52,486



    Other pre-tax












    215



    215



    EBITDA


    29,408



    12,515



    10,774



    921



    10,429



    (33,060)



    30,987


    Adjustments for the effects of:















    Foreign currency (gains) losses












    (614)



    (614)




    Total of adjustments












    (614)



    (614)


    Adjusted EBITDA


    $

    29,408



    $

    12,515



    $

    10,774



    $

    921



    $

    10,429



    $

    (33,674)



    $

    30,373



















    Revenue


    $

    100,346



    $

    128,844



    $

    89,728



    $

    60,689



    $

    114,279





    $

    493,886


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


    1

    %


    %


    3

    %


    (1)

    %


    8

    %




    (4)

    %

    EBITDA Margin


    29

    %


    10

    %


    12

    %


    2

    %


    9

    %




    6

    %

    Adjusted EBITDA Margin


    29

    %


    10

    %


    12

    %


    2

    %


    9

    %




    6

    %






















    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 December 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


    $

    (1,275)



    $

    (3,803)



    $

    (79,379)



    $

    1,349



    $

    15,406



    $

    (29,442)



    $

    (97,144)


    Adjustments for the effects of:















    Depreciation and amortization


    27,972



    11,797



    85,651



    1,585



    786



    1,125



    128,916



    Other pre-tax












    (3,242)



    (3,242)



    EBITDA


    26,697



    7,994



    6,272



    2,934



    16,192



    (31,559)



    28,530


    Adjustments for the effects of:















    Foreign currency (gains) losses












    2,559



    2,559
















    2,559



    2,559


    Adjusted EBITDA


    $

    26,697



    $

    7,994



    $

    6,272



    $

    2,934



    $

    16,192



    $

    (29,000)



    $

    31,089



















    Revenue


    $

    96,736



    $

    129,509



    $

    89,295



    $

    62,830



    $

    116,725





    $

    495,095


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


    (1)

    %


    (3)

    %


    (89)

    %


    2

    %


    13

    %




    (20)

    %

    EBITDA Margin


    28

    %


    6

    %


    7

    %


    5

    %


    14

    %




    6

    %

    Adjusted EBITDA Margin


    28

    %


    6

    %


    7

    %


    5

    %


    14

    %




    6

    %

    SOURCE Oceaneering International, Inc.

    Related Links

    http://www.oceaneering.com

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