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    Oceaneering Reports Second Quarter 2019 Results

    July 24, 2019

    HOUSTON, July 24, 2019 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported a net loss of $35.2 million, or $(0.36) per share, on revenue of $496 million for the three months ended June 30, 2019.  During the prior quarter ended March 31, 2019, Oceaneering reported a net loss of $24.8 million, or $(0.25) per share, on revenue of $494 million, and an adjusted net loss of $23.9 million, or $(0.24) per share.

    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


    Six Months Ended



    Jun 30,


    Mar 31,


    Jun 30,



    2019


    2018


    2019


    2019


    2018












    Revenue


    $

    495,781



    $

    478,674



    $

    493,886



    $

    989,667



    $

    895,087


    Gross Margin


    41,983



    29,728



    27,587



    69,570



    48,556


    Income (Loss) from Operations


    (9,635)



    (19,637)



    (21,714)



    (31,349)



    (46,786)


    Net Income (Loss)


    (35,182)



    (33,076)



    (24,827)



    (60,009)



    (82,209)













    Diluted Earnings (Loss) Per Share


    $

    (0.36)



    $

    (0.34)



    $

    (0.25)



    $

    (0.61)



    $

    (0.83)







    Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Overall, the sequential improvement in our second quarter 2019 operating results met our expectations.  Our energy segments, as a whole, performed well, while our non-energy segment, Advanced Technologies, fell short of our expectations.  Unallocated Expenses were lower than forecast.  For the second quarter, consolidated EBITDA of $40.3 million was in line with consensus estimates, and we generated $12.7 million of free cash flow.

    "Sequentially, ROV operating income improved as expected, resulting from higher seasonal activity for vessel-based services and an increase in the number of working floating rigs for which we provide drill support.  Our fleet use during the quarter was 63% in drill support and 37% in vessel-based activity, compared to 69% and 31%, respectively, during the prior quarter.  Revenue grew 20%, principally due to the 19% increase in ROV days on hire.  ROV EBITDA margin improved by 23 basis points to 30%.

    "At the end of June 2019, our ROV fleet size was 276 vehicles, utilization improved to 62% from 53% in the first quarter, and we had ROV contracts on 101 of the 161 floating rigs under contract, resulting in a drill support market share of 63%.

    "Subsea Products operating income improved during the second quarter of 2019 on a modest sequential increase in quarterly revenue.  These operating results were better than expected due to a substantial increase in revenue within our manufactured products business and an exceptional operating margin within our service and rental business.  Our Subsea Products backlog at June 30, 2019 was $596 million, compared to our March 31, 2019 backlog of $464 million.  This includes the recently announced award for umbilicals, hardware and aftermarket services related to the Mozambique LNG project.  Our book-to-bill ratio for the trailing twelve months was 1.65.

    "The second quarter 2019 Subsea Projects operating income was sequentially lower than forecast as the expected increase in call-out work did not materialize, and operational issues on a couple of projects caused cost overruns.  We continue to believe that pricing for diving and deepwater vessel services in our international and U.S. Gulf of Mexico markets has generally stabilized.  We are pleased to report that the Ocean Evolution was put to work on her first project in June.

    "The second quarter 2019 Asset Integrity operating results decreased slightly on flat revenue compared to the first quarter, as pricing for inspection services remains very competitive.

    "For our non-energy segment, Advanced Technologies, second quarter 2019 operating income declined sequentially, predominantly due to our not securing a large anticipated U.S. Navy contract and production timing associated with certain theme park projects.  Unallocated Expenses were lower quarter over quarter, as we deferred expenditures into the second half of 2019.

    "For the third quarter of 2019, compared to the second quarter, we are expecting a slight improvement in our overall operating results on moderately higher revenue.  For our energy segments, we expect declines in operating contribution from our ROV segment on flat activity levels due to a change in operating mix, a decline in profitability in Subsea Products, due to a greater proportion of segment revenue coming from manufacturing, and relatively flat results in our Subsea Projects and Asset Integrity segments.  For our non-energy segment, Advanced Technologies, we expect revenue to increase and operating margins to improve to the low double-digit range.  Unallocated Expenses are expected to be in the mid-$30 million range.

    "For the first half of 2019, we generated $70.7 million of adjusted EBITDA.  Based on our first half results and our expectations for the remainder of the year, we are narrowing our EBITDA guidance by lowering the top end of our guidance range from $180 million to $170 million, due primarily to project call-out work not materializing to the degree necessary to achieve the high end of our prior guidance.  We now expect our 2019 adjusted EBITDA to be between $150 million and $170 million.

    "Our confidence in our guidance for the second half of 2019 is based on our existing backlog and expected order intake in Subsea Products and Advanced Technologies, as well as our anticipation of an increase in the number of working floating drilling rigs.  We are affirming our expectation to generate positive free cash flow for the full year 2019."

    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 third quarter and full year of 2019; projected positive free cash flow; anticipated consolidated EBITDA and segment EBITDA contributions; expected segment contributions to periodic and full-year 2019 operating results; Subsea Products backlog; Subsea Products and Advanced Technologies order intake; forecasted Unallocated Expenses; and overall view of market conditions, including an anticipated increase in working floating drilling rigs. 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 10Q 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


































    Jun 30,
    2019


    Dec 31,
    2018














    (in thousands)

    ASSETS

















    Current assets (including cash and cash equivalents of $355,838 and $354,259)




    $

    1,195,193



    $

    1,244,889



    Net property and equipment







    947,787



    964,670



    Other assets










    795,655



    615,439





    Total Assets






    $

    2,938,635



    $

    2,824,998




















    LIABILITIES AND EQUITY






    Current liabilities










    $

    491,044



    $

    494,741



    Long-term debt










    795,639



    786,580



    Other long-term liabilities






    292,919



    128,379



    Equity










    1,359,033



    1,415,298





    Total Liabilities and Equity






    $

    2,938,635



    $

    2,824,998




















    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




























    For the Three Months Ended


    For the Six Months Ended










    Jun 30,
    2019


    Jun 30,
    2018


    Mar 31,
    2019


    Jun 30,
    2019


    Jun 30,
    2018










    (in thousands, except per share amounts)




















    Revenue






    $

    495,781



    $

    478,674



    $

    493,886



    $

    989,667



    $

    895,087



    Cost of services and products


    453,798



    448,946



    466,299



    920,097



    846,531




    Gross margin


    41,983



    29,728



    27,587



    69,570



    48,556



    Selling, general and administrative expense


    51,618



    49,365



    49,301



    100,919



    95,342




    Income (loss) from operations




    (9,635)



    (19,637)



    (21,714)



    (31,349)



    (46,786)



    Interest income






    1,848



    2,950



    2,604



    4,452



    5,542



    Interest expense, net of amounts capitalized


    (10,199)



    (8,802)



    (9,424)



    (19,623)



    (18,173)



    Equity in income (losses) of unconsolidated affiliates




    (737)



    (164)



    (164)



    (1,580)



    Other income (expense), net


    7



    (3,556)



    719



    726



    (12,030)




    Income (loss) before income taxes


    (17,979)



    (29,782)



    (27,979)



    (45,958)



    (73,027)



    Provision (benefit) for income taxes


    17,203



    3,294



    (3,152)



    14,051



    9,182




    Net Income (Loss)


    $

    (35,182)



    $

    (33,076)



    $

    (24,827)



    $

    (60,009)



    $

    (82,209)




















    Weighted average diluted shares outstanding


    98,929



    98,531



    98,714



    98,822



    98,457


    Diluted earnings (loss) per share


    $

    (0.36)



    $

    (0.34)



    $

    (0.25)



    $

    (0.61)



    $

    (0.83)




















    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 Six Months Ended







    Jun 30, 2019


    Jun 30, 2018


    Mar 31, 2019


    Jun 30, 2019


    Jun 30, 2018







    ($ in thousands)












    Remotely Operated Vehicles
















    Revenue



    $

    120,363



    $

    107,426



    $

    100,346



    $

    220,709



    $

    193,020



    Gross margin



    $

    17,360



    $

    12,176



    $

    9,421



    $

    26,781



    $

    17,131


    Operating income (loss)



    $

    8,688



    $

    4,542



    $

    1,418



    $

    10,106



    $

    2,144


    Operating income (loss) %



    7

    %


    4

    %


    1

    %


    5

    %


    1

    %


    Days available



    25,006



    25,386



    24,506



    49,512



    50,524



    Days utilized



    15,423



    13,654



    12,942



    28,365



    24,688



    Utilization



    62

    %


    54

    %


    53

    %


    57

    %


    49

    %
















    Subsea Products
















    Revenue



    $

    138,910



    $

    121,704



    $

    128,844



    $

    267,754



    $

    248,392



    Gross margin



    $

    21,029



    $

    16,075



    $

    12,315



    $

    33,344



    $

    31,080


    Operating income (loss)



    $

    7,413



    $

    2,295



    $

    (476)



    $

    6,937



    $

    4,050


    Operating income (loss) %



    5

    %


    2

    %


    %


    3

    %


    2

    %

    Backlog at end of period



    $

    596,000



    $

    245,000



    $

    464,000



    $

    596,000



    $

    245,000

















    Subsea Projects
















    Revenue



    $

    75,104



    $

    78,036



    $

    89,728



    $

    164,832



    $

    134,896



    Gross margin



    $

    5,472



    $

    (5,145)



    $

    9,033



    $

    14,505



    $

    (4,028)


    Operating income (loss)



    $

    87



    $

    (10,358)



    $

    2,892



    $

    2,979



    $

    (12,717)


    Operating income (loss) %



    %


    (13)

    %


    3

    %


    2

    %


    (9)

    %
















    Asset Integrity
















    Revenue



    $

    61,156



    $

    67,422



    $

    60,689



    $

    121,845



    $

    128,710



    Gross margin



    $

    6,423



    $

    9,461



    $

    6,272



    $

    12,695



    $

    17,479


    Operating income (loss)



    $

    (1,302)



    $

    3,357



    $

    (713)



    $

    (2,015)



    $

    5,036


    Operating income (loss) %



    (2)

    %


    5

    %


    (1)

    %


    (2)

    %


    4

    %
















    Advanced Technologies
















    Revenue



    $

    100,248



    $

    104,086



    $

    114,279



    $

    214,527



    $

    190,069



    Gross margin



    $

    13,386



    $

    13,999



    $

    15,248



    $

    28,634



    $

    21,821


    Operating income (loss)



    $

    7,241



    $

    7,886



    $

    9,599



    $

    16,840



    $

    9,554


    Operating income (loss) %



    7

    %


    8

    %


    8

    %


    8

    %


    5

    %















    Unallocated Expenses















    Gross margin



    $

    (21,687)



    $

    (16,838)



    $

    (24,702)



    $

    (46,389)



    $

    (34,927)


    Operating income (loss)



    $

    (31,762)



    $

    (27,359)



    $

    (34,434)



    $

    (66,196)



    $

    (54,853)















    Total


















    Revenue



    $

    495,781



    $

    478,674



    $

    493,886



    $

    989,667



    $

    895,087



    Gross margin



    $

    41,983



    $

    29,728



    $

    27,587



    $

    69,570



    $

    48,556


    Operating income (loss)



    $

    (9,635)



    $

    (19,637)



    $

    (21,714)



    $

    (31,349)



    $

    (46,786)


    Operating income (loss) %



    (2)

    %


    (4)

    %


    (4)

    %


    (3)

    %


    (5)

    %
















     

    SELECTED CASH FLOW INFORMATION


















    For the Three Months Ended


    For the Six Months Ended







    Jun 30, 2019


    Jun 30, 2018


    Mar 31, 2019


    Jun 30, 2019


    Jun 30, 2018







    (in thousands)













    Capital Expenditures, including Acquisitions



    $

    40,898



    $

    27,798



    $

    29,964



    $

    70,862



    $

    121,928














    Depreciation and amortization:












    Energy Services and Products













    Remotely Operated Vehicles



    $

    26,871



    $

    28,269



    $

    27,990



    $

    54,861



    $

    55,911



    Subsea Products



    12,366



    14,914



    12,991



    25,357



    28,939



    Subsea Projects



    7,550



    13,053



    7,882



    15,432



    21,366



    Asset Integrity



    1,570



    1,836



    1,634



    3,204



    3,684


    Total Energy Services and Products



    48,357



    58,072



    50,497



    98,854



    109,900


    Advanced Technologies



    765



    737



    830



    1,595



    1,503


    Unallocated Expenses



    1,182



    1,034



    1,159



    2,341



    2,568


    Total Depreciation and Amortization



    $

    50,304



    $

    59,843



    $

    52,486



    $

    102,790



    $

    113,971

















    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 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






    Jun 30, 2019

    Jun 30, 2018

    Mar 31, 2019






    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


    $

    (35,182)



    $

    (0.36)



    $

    (33,076)



    $

    (0.34)



    $

    (24,827)



    $

    (0.25)


    Pre-tax adjustments for the effects of:














    Fixed asset write-offs






    4,233









    Intangible asset write-offs






    3,458









    Foreign currency (gains) losses


    (59)





    3,418





    (614)




    Total pre-tax adjustments


    (59)





    11,109





    (614)




















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


    12





    (2,173)





    129




    Discrete tax items













        Share-based compensation


    1





    14





    986




        Uncertain tax positions


    1,268





    1,357





    1,022




        Valuation allowances










    1,539




        Other


    2,436





    (191)





    (2,141)





    Total discrete tax adjustments


    3,705





    1,180





    1,406





    Total of adjustments


    $

    3,658





    $

    10,116





    $

    921




    Adjusted Net Income (Loss)


    $

    (31,524)



    $

    (0.32)



    $

    (22,960)



    $

    (0.23)



    $

    (23,906)



    $

    (0.24)


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




    98,929





    98,531





    98,714




















    For the Six Months Ended



    Jun 30, 2019

    Jun 30, 2018



    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






    $

    (60,009)



    $

    (0.61)



    $

    (82,209)



    $

    (0.83)


    Pre-tax adjustments for the effects of:










    Fixed asset write-offs






    4,233





    Intangible asset write-offs










    3,458





    Foreign currency (gains) losses






    (673)





    11,733




    Total pre-tax adjustments






    (673)





    19,424




















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






    141





    (3,919)




















    Discrete tax items









        Share-based compensation






    987





    1,820




        Uncertain tax positions






    2,290





    1,261




        Valuation allowances






    1,539








        Other






    295





    499





    Total discrete tax adjustments






    5,111





    3,580





    Total of adjustments






    4,579





    19,085




    Adjusted Net Income (Loss)






    $

    (55,430)



    $

    (0.56)



    $

    (63,124)



    $

    (0.64)


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








    98,822





    98,457


















     

    EBITDA and EBITDA Margins
























    For the Three Months Ended


    For the Six Months Ended








    Jun 30, 2019


    Jun 30, 2018


    Mar 31, 2019


    Jun 30, 2019


    Jun 30, 2018








    ($ in thousands)

















    Net income (loss)




    $

    (35,182)



    $

    (33,076)



    $

    (24,827)



    $

    (60,009)



    $

    (82,209)


    Depreciation and amortization




    50,304



    59,843



    52,486



    102,790



    113,971



    Subtotal




    15,122



    26,767



    27,659



    42,781



    31,762


    Interest expense, net of interest income


    8,351



    5,852



    6,820



    15,171



    12,631


    Amortization included in interest expense


    (335)



    (333)



    (340)



    (675)



    (1,107)


    Provision (benefit) for income taxes




    17,203



    3,294



    (3,152)



    14,051



    9,182



    EBITDA




    $

    40,341



    $

    35,580



    $

    30,987



    $

    71,328



    $

    52,468


















    Revenue




    $

    495,781



    $

    478,674



    $

    493,886



    $

    989,667



    $

    895,087


















    EBITDA margin %




    8

    %


    7

    %


    6

    %


    7

    %


    6

    %

















     

    2019 EBITDA Estimates










    Low


    High




    (in thousands)

    Income (loss) before income taxes


    $

    (95,000)



    (75,000)


    Depreciation and amortization


    210,000



    210,000



    Subtotal


    115,000



    135,000


    Interest expense, net of interest income


    35,000



    35,000



    EBITDA


    $

    150,000



    $

    170,000














    Free Cash Flow










    For the Six Months Ended




    Jun 30, 2019


    Jun 30, 2018




    (in thousands)

    Net Income (loss)


    $

    (60,009)



    $

    (82,209)


    Depreciation and amortization


    102,790



    113,971


    Other increases (decreases) in cash from operating activities


    29,928



    (16,077)


    Cash flow provided by operating activities


    72,709



    15,685


    Purchases of property and equipment


    (70,862)



    (53,530)


    Free Cash Flow


    $

    1,847



    $

    (37,845)


     

    Adjusted Operating Income (Loss) and Margins by Segment






    For the Three Months Ended June 30, 2019





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    8,688



    $

    7,413



    $

    87



    $

    (1,302)



    $

    7,241



    $

    (31,762)



    $

    (9,635)


    Adjusted Operating Income (Loss)


    $

    8,688



    $

    7,413



    $

    87



    $

    (1,302)



    $

    7,241



    $

    (31,762)



    $

    (9,635)



















    Revenue


    $

    120,363



    $

    138,910



    $

    75,104



    $

    61,156



    $

    100,248





    $

    495,781


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


    7

    %


    5

    %


    %


    (2)

    %


    7

    %




    (2)

    %

    Operating income (loss)% using adjusted amounts


    7

    %


    5

    %


    %


    (2)

    %


    7

    %




    (2)

    %







































    For the Three Months Ended June 30, 2018





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    4,542



    $

    2,295



    $

    (10,358)



    $

    3,357



    $

    7,886



    $

    (27,359)



    $

    (19,637)


    Adjustments for the effects of:















    Fixed asset write-offs


    617



    1,531



    2,085









    4,233



    Intangible assets write-offs






    3,458









    3,458




    Total of adjustments


    617



    1,531



    5,543









    7,691


    Adjusted Operating Income (Loss)


    $

    5,159



    $

    3,826



    $

    (4,815)



    $

    3,357



    $

    7,886



    $

    (27,359)



    $

    (11,946)



















    Revenue


    $

    107,426



    $

    121,704



    $

    78,036



    $

    67,422



    $

    104,086





    $

    478,674


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


    4

    %


    2

    %


    (13)

    %


    5

    %


    8

    %




    (4)

    %

    Operating income (loss)% using adjusted amounts


    5

    %


    3

    %


    (6)

    %


    5

    %


    8

    %




    (2)

    %


     

    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.


    Unallocated
    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)

    %


     

    Adjusted Operating Income and Margins by Segment






    For the Six Months Ended June 30, 2019





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    10,106



    $

    6,937



    $

    2,979



    $

    (2,015)



    $

    16,840



    $

    (66,196)



    $

    (31,349)


    Adjusted Operating Income (Loss)


    $

    10,106



    $

    6,937



    $

    2,979



    $

    (2,015)



    $

    16,840



    $

    (66,196)



    $

    (31,349)



















    Revenue


    $

    220,709



    $

    267,754



    $

    164,832



    $

    121,845



    $

    214,527





    $

    989,667


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


    5

    %


    3

    %


    2

    %


    (2)

    %


    8

    %




    (3)

    %

    Operating income (loss) % using adjusted amounts


    5

    %


    3

    %


    2

    %


    (2)

    %


    8

    %




    (3)

    %






















    For the Six Months Ended June 30, 2018





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    2,144



    $

    4,050



    $

    (12,717)



    $

    5,036



    $

    9,554



    $

    (54,853)



    $

    (46,786)


    Adjustments for the effects of:















    Fixed asset write-offs


    617



    1,531



    2,085









    4,233



    Intangible assets write-offs






    3,458









    3,458




    Total of adjustments


    617



    1,531



    5,543









    7,691


    Adjusted Operating Income (Loss)


    $

    2,761



    $

    5,581



    $

    (7,174)



    $

    5,036



    $

    9,554



    $

    (54,853)



    $

    (39,095)



















    Revenue


    $

    193,020



    $

    248,392



    $

    134,896



    $

    128,710



    $

    190,069





    $

    895,087


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


    1

    %


    2

    %


    (9)

    %


    4

    %


    5

    %




    (5)

    %

    Operating income (loss) % using adjusted amounts


    1

    %


    2

    %


    (5)

    %


    4

    %


    5

    %




    (4)

    %


     

    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Three Months Ended June 30, 2019





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    8,688



    $

    7,413



    $

    87



    $

    (1,302)



    $

    7,241



    $

    (31,762)



    $

    (9,635)


    Adjustments for the effects of:















    Depreciation and amortization


    26,871



    12,366



    7,550



    1,570



    765



    1,182



    50,304



    Other pre-tax












    (328)



    (328)



    EBITDA


    35,559



    19,779



    7,637



    268



    8,006



    (30,908)



    40,341


    Adjustments for the effects of:















    Foreign currency (gains) losses












    (59)



    (59)




    Total of adjustments












    (59)



    (59)


    Adjusted EBITDA


    $

    35,559



    $

    19,779



    $

    7,637



    $

    268



    $

    8,006



    $

    (30,967)



    $

    40,282



















    Revenue


    $

    120,363



    $

    138,910



    $

    75,104



    $

    61,156



    $

    100,248





    $

    495,781


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


    7

    %


    5

    %


    %


    (2)

    %


    7

    %




    (2)

    %

    EBITDA Margin


    30

    %


    14

    %


    10

    %


    %


    8

    %




    8

    %

    Adjusted EBITDA Margin


    30

    %


    14

    %


    10

    %


    %


    8

    %




    8

    %







































    For the Three Months Ended June 30, 2018





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    4,542



    $

    2,295



    $

    (10,358)



    $

    3,357



    $

    7,886



    $

    (27,359)



    $

    (19,637)


    Adjustments for the effects of:















    Depreciation and amortization


    28,269



    14,914



    13,053



    1,836



    737



    1,034



    59,843



    Other pre-tax












    (4,626)



    (4,626)



    EBITDA


    32,811



    17,209



    2,695



    5,193



    8,623



    (30,951)



    35,580


    Adjustments for the effects of:















    Foreign currency (gains) losses












    3,418



    3,418




    Total of adjustments












    3,418



    3,418


    Adjusted EBITDA


    $

    32,811



    $

    17,209



    $

    2,695



    $

    5,193



    $

    8,623



    $

    (27,533)



    $

    38,998



















    Revenue


    $

    107,426



    $

    121,704



    78,036



    $

    67,422



    $

    104,086





    $

    478,674


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


    4

    %


    2

    %


    (13)

    %


    5

    %


    8

    %




    (4)

    %

    EBITDA Margin


    31

    %


    14

    %


    3

    %


    8

    %


    8

    %




    7

    %

    Adjusted EBITDA Margin


    31

    %


    14

    %


    3

    %


    8

    %


    8

    %




    8

    %

     

    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.


    Unallocated
    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

    %

     

    EBITDA and Adjusted EBITDA and Margins by Segment






    For the Six Months Ended June 30, 2019





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    10,106



    $

    6,937



    $

    2,979



    $

    (2,015)



    $

    16,840



    $

    (66,196)



    $

    (31,349)


    Adjustments for the effects of:















    Depreciation and amortization


    54,861



    25,357



    15,432



    3,204



    1,595



    2,341



    102,790



    Other pre-tax












    (113)



    (113)



    EBITDA


    64,967



    32,294



    18,411



    1,189



    18,435



    (63,968)



    71,328


    Adjustments for the effects of:















    Foreign currency (gains) losses












    (673)



    (673)




    Total of adjustments












    (673)



    (673)


    Adjusted EBITDA


    $

    64,967



    $

    32,294



    $

    18,411



    $

    1,189



    $

    18,435



    $

    (64,641)



    $

    70,655



















    Revenue


    $

    220,709



    $

    267,754



    $

    164,832



    $

    121,845



    $

    214,527





    $

    989,667


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


    5

    %


    3

    %


    2

    %


    (2)

    %


    8

    %




    (3)

    %

    EBITDA Margin


    29

    %


    12

    %


    11

    %


    1

    %


    9

    %




    7

    %

    Adjusted EBITDA Margin


    29

    %


    12

    %


    11

    %


    1

    %


    9

    %




    7

    %







































    For the Six Months Ended June 30, 2018





    Remotely
    Operated
    Vehicles


    Subsea
    Products


    Subsea
    Projects


    Asset
    Integrity


    Advanced
    Tech.


    Unallocated
    Expenses
    and other


    Total





    ($ in thousands)

    Operating income (loss) as reported in accordance with GAAP


    $

    2,144



    $

    4,050



    $

    (12,717)



    $

    5,036



    $

    9,554



    $

    (54,853)



    $

    (46,786)


    Adjustments for the effects of:















    Depreciation and amortization


    55,911



    28,939



    21,366



    3,684



    1,503



    2,568



    113,971



    Other pre-tax












    (14,717)



    (14,717)



    EBITDA


    58,055



    32,989



    8,649



    8,720



    11,057



    (67,002)



    52,468


    Adjustments for the effects of:















    Foreign currency (gains) losses












    11,733



    11,733




    Total of adjustments












    11,733



    11,733


    Adjusted EBITDA


    $

    58,055



    $

    32,989



    $

    8,649



    $

    8,720



    $

    11,057



    $

    (55,269)



    $

    64,201



















    Revenue


    $

    193,020



    $

    248,392



    $

    134,896



    $

    128,710



    $

    190,069





    $

    895,087


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


    1

    %


    2

    %


    (9)

    %


    4

    %


    5

    %




    (5)

    %

    EBITDA Margin


    30

    %


    13

    %


    6

    %


    7

    %


    6

    %




    6

    %

    Adjusted EBITDA Margin


    30

    %


    13

    %


    6

    %


    7

    %


    6

    %




    7

    %

     

    Cision View original content:http://www.prnewswire.com/news-releases/oceaneering-reports-second-quarter-2019-results-300889761.html

    SOURCE Oceaneering International, Inc.

    Categories: Press Releases
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