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    Oceaneering Announces Realigned Reporting Segments

    September 24, 2020
    - Reorganized business units leverage common attributes to drive increased value

    HOUSTON, Sept. 24, 2020 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today announced that, beginning with results for the quarter ending September 30, 2020, it will be reporting financial results consistent with its newly realigned operating segments. This realignment reflects how Oceaneering now manages its businesses and supports its ongoing efforts to achieve greater cost efficiencies.

    Rod Larson, President and Chief Executive Officer of Oceaneering, stated, "An integral part of our cost-savings effort has focused on exploiting synergies within our businesses. As a result of this effort, we have reorganized our business units into segments that better leverage common attributes, which we believe will drive increased value for our customers and our shareholders. The new structure organizes the company's business units around five operating segments, as follows:

    • Subsea Robotics - Our Subsea Robotics ("SSR") segment consists of our prior Remotely Operated Vehicles ("ROV") segment, and ROV tooling (previously in our Subsea Products segment) and survey services (previously in our Subsea Projects segment). Senior Vice President, Martin J. McDonald is leading this segment.

    • Manufactured Products - Our Manufactured Products ("MP") segment consists of our manufactured products business (previously in our Subsea Products segment), and theme park entertainment systems and automated guided vehicles ("AGV") (previously in our Advanced Technologies segment). The alignment of entertainment systems and AGV with our manufactured products business allows us to leverage our manufacturing and project management expertise in these commercial businesses. Senior Vice President, Shaun R. Roedel is leading this segment.

    • Offshore Projects Group - Our Offshore Projects Group ("OPG") segment consists of our prior Subsea Projects segment, less survey services and global data solutions, and our service and rental business, less ROV tooling (previously in our Subsea Products segment). This combination brings together business units that frequently work together and promotes increased efficiency in bidding, project management, and the use of offshore technicians. Senior Vice President, Benjamin M. Laura is leading this segment.

    • Integrity Management & Digital Solutions - Our Integrity Management & Digital Solutions ("IMDS") segment consists of our prior Asset Integrity segment and our global data solutions business ("GDS") (previously in our Subsea Projects segment). The inclusion of GDS in this segment facilitates optimized digital and software solutions to our integrity management services. Senior Vice President, Kishore Sundararajan is leading this segment.

    • Aerospace and Defense Technologies - Our Aerospace and Defense Technologies ("ADTech") segment consists of our government business (previously in our Advanced Technologies segment), focused on defense subsea technologies, marine services, and space systems. Senior Vice President, Philip G. Beierl is leading this segment.

    "We are confident that this realignment will promote increased efficiencies and contribute meaningfully to our previously announced cost-reduction objectives."

    A table depicting Oceaneering's realigned reporting segments follows. The impact on Oceaneering's 2020 first half reported financial results is detailed in the attached tables as well.

    Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking. The forward-looking statements in this press release include the statements concerning Oceaneering's beliefs that its realigned business segments will: drive increased value; leverage expertise; and promote increased efficiencies and cost-reduction objectives. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions affecting Oceaneering's business, including risks typically attendant to changes in management and reporting structures. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering's latest annual report on Form 10-K and its other periodic filings 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


    NEW SEGMENTS


    Subsea
    Robotics (SSR)

    Manufactured
    Products (MP)

    Offshore
    Projects Group
    (OPG)

    Integrity
    Management &
    Digital Solutions
    (IMDS)

    Aerospace and
    Defense
    Technologies
    (ADTech)






    ROV 

    ROV Tooling

    Survey Services (survey, positioning, and geoscience)

    Distribution Systems

    Connection Systems

    Entertainment Systems (theme parks)

    AGV Solutions

    Vessels

    Offshore Services

    Route clearance & trenching
     

    Service & Rental (well intervention, Installation Workover Control Systems (IWOCS), large work packages)

     

    Non-destructive Testing (NDT)
     

    Inspection
     

    Integrity Management
     

    Digital Solutions: Maritime Shipping and GDS

     

    Defense Subsea Technologies
     

    Marine Services
     

    Space Systems

     

    Business remains in renamed segment
    Business shifted from different segment






     

    SEGMENT INFORMATION (RECAST)
















    For the Three Months Ended


    For the Six Months Ended







    Jun 30, 2020


    Jun 30, 2019


    Mar 31, 2020


    Jun 30, 2020


    Jun 30, 2019







    ($ in thousands)












    Subsea Robotics














    Revenue



    $

    119,234



    $

    152,450



    $

    139,770



    $

    259,004



    $

    281,056



    Gross margin



    $

    21,324



    $

    25,458



    $

    19,473



    $

    40,797



    $

    39,046


    Operating income (loss)



    $

    11,662



    $

    14,714



    $

    (94,083)



    $

    (82,421)



    $

    17,820


    Operating income (loss) %



    10

    %


    10

    %


    (67)

    %


    (32)

    %


    6

    %


    ROV Days available



    22,750



    25,006



    22,750



    45,500



    49,512



    ROV Days utilized



    13,501



    15,423



    14,853



    28,354



    28,365



    ROV Utilization



    59

    %


    62

    %


    65

    %


    62

    %


    57

    %
















    Manufactured Products














    Revenue



    $

    100,570



    $

    116,964



    $

    166,534



    $

    267,104



    $

    220,001



    Gross margin



    $

    13,679



    $

    13,693



    $

    17,949



    $

    31,628



    $

    22,931


    Operating income (loss)



    $

    3,865



    $

    3,542



    $

    (66,138)



    $

    (62,273)



    $

    3,228


    Operating income (loss) %



    4

    %


    3

    %


    (40)

    %


    (23)

    %


    1

    %

    Backlog at end of period



    $

    380,000



    $

    570,000



    $

    427,000



    $

    380,000



    $

    570,000

















    Offshore Projects Group














    Revenue



    $

    73,840



    $

    84,585



    $

    74,254



    $

    148,094



    $

    200,078



    Gross margin



    $

    3,170



    $

    2,853



    $

    2,095



    $

    5,265



    $

    11,826


    Operating income (loss)



    $

    (4,135)



    $

    (5,027)



    $

    (79,323)



    $

    (83,458)



    $

    (2,758)


    Operating income (loss) %



    (6)

    %


    (6)

    %


    (107)

    %


    (56)

    %


    (1)

    %
















    Integrity Management & Digital Solutions














    Revenue



    $

    53,969



    $

    66,857



    $

    64,729



    $

    118,698



    $

    132,725



    Gross margin



    $

    5,455



    $

    7,773



    $

    9,792



    $

    15,247



    $

    14,882


    Operating income (loss)



    $

    (1,825)



    $

    (464)



    $

    (121,535)



    $

    (123,360)



    $

    (1,948)


    Operating income (loss) %



    (3)

    %


    (1)

    %


    (188)

    %


    (104)

    %


    (1)

    %
















    Aerospace and Defense Technologies














    Revenue



    $

    79,603



    $

    74,925



    $

    91,381



    $

    170,984



    $

    155,807



    Gross margin



    $

    17,313



    $

    13,893



    $

    17,485



    $

    34,798



    $

    27,274


    Operating income (loss)



    $

    13,430



    $

    9,362



    $

    12,971



    $

    26,401



    $

    18,505


    Operating income (loss) %



    17

    %


    12

    %


    14

    %


    15

    %


    12

    %















    Unallocated Expenses













    Gross margin



    $

    (18,404)



    $

    (21,687)



    $

    (20,042)



    $

    (38,446)



    $

    (46,389)


    Operating income (loss)



    $

    (28,179)



    $

    (31,762)



    $

    (32,649)



    $

    (60,828)



    $

    (66,196)















    Total


















    Revenue



    $

    427,216



    $

    495,781



    $

    536,668



    $

    963,884



    $

    989,667



    Gross margin



    $

    42,537



    $

    41,983



    $

    46,752



    $

    89,289



    $

    69,570


    Operating income (loss)



    $

    (5,182)



    $

    (9,635)



    $

    (380,757)



    $

    (385,939)



    $

    (31,349)


    Operating income (loss) %



    (1)

    %


    (2)

    %


    (71)

    %


    (40)

    %


    (3)

    %


    The above Segment Information does not include adjustments for non-recurring transactions. See the tables in our Reconciliations of Non-GAAP to GAAP Financial Information section for financial measures that management considers representative of our ongoing operations.
















     

    SELECTED CASH FLOW INFORMATION (RECAST)


















    For the Three Months Ended


    For the Six Months Ended







    Jun 30, 2020


    Jun 30, 2019


    Mar 31, 2020


    Jun 30, 2020


    Jun 30, 2019







    (in thousands)













    Capital Expenditures, including Acquisitions



    $

    10,631



    $

    40,898



    $

    27,229



    $

    37,860



    $

    70,862














    Depreciation and amortization:












    Energy Services and Products













    Subsea Robotics



    $

    25,080



    $

    31,640



    $

    139,187



    $

    164,267



    $

    64,827



    Manufactured Products



    3,587



    4,987



    15,964



    19,551



    10,033



    Offshore Projects Group



    8,255



    9,826



    74,907



    83,162



    20,148



    Integrity Management & Digital Solutions



    757



    2,025



    124,343



    125,100



    4,083


    Total Energy Services and Products



    37,679



    48,478



    354,401



    392,080



    99,091


    Aerospace and Defense Technologies



    658



    644



    687



    1,345



    1,358


    Unallocated Expenses



    361



    1,182



    1,108



    1,469



    2,341


        Total Depreciation and Amortization



    $

    38,698



    $

    50,304



    $

    356,196



    $

    394,894



    $

    102,790

















    Goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $310 million in the three months ended March 31, 2020 and the six months ended June 30, 2020.
















     

    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 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 included disclosures by segment of Adjusted Operating Income and Margins, Earnings Before Interest, Taxes, Depreciation and Amortization (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 have included these disclosures in this press release because EBITDA and EBITDA Margins 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 and EBITDA Margins (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.

     

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION





    Adjusted Operating Income (Loss) and Margins by Segment (Recast)






    For the Three Months Ended June 30, 2020





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    11,662



    $

    3,865



    $

    (4,135)



    $

    (1,825)



    $

    13,430



    $

    (28,179)



    $

    (5,182)


    Adjustments for the effects of:















    Restructuring expenses and other


    1,380



    1,212



    1,405



    1,536





    175



    5,708




    Total of adjustments


    1,380



    1,212



    1,405



    1,536





    175



    5,708



















    Adjusted Operating Income (Loss)


    $

    13,042



    $

    5,077



    $

    (2,730)



    $

    (289)



    $

    13,430



    $

    (28,004)



    $

    526



















    Revenue


    $

    119,234



    $

    100,570



    $

    73,840



    $

    53,969



    $

    79,603





    $

    427,216


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


    10

    %


    4

    %


    (6)

    %


    (3)

    %


    17

    %




    (1)

    %

    Operating income (loss)% using adjusted amounts


    11

    %


    5

    %


    (4)

    %


    (1)

    %


    17

    %




    %






















    For the Three Months Ended June 30, 2019





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    14,714



    $

    3,542



    $

    (5,027)



    $

    (464)



    $

    9,362



    $

    (31,762)



    $

    (9,635)



















    Adjusted Operating Income (Loss)


    $

    14,714



    $

    3,542



    $

    (5,027)



    $

    (464)



    $

    9,362



    $

    (31,762)



    $

    (9,635)



















    Revenue


    $

    152,450



    $

    116,964



    $

    84,585



    $

    66,857



    $

    74,925





    $

    495,781


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


    10

    %


    3

    %


    (6)

    %


    (1)

    %


    12

    %




    (2)

    %

    Operating income (loss)% using adjusted amounts


    10

    %


    3

    %


    (6)

    %


    (1)

    %


    12

    %




    (2)

    %























    For the Three Months Ended March 31, 2020





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (94,083)



    $

    (66,138)



    $

    (79,323)



    $

    (121,535)



    $

    12,971



    $

    (32,649)



    $

    (380,757)


    Adjustments for the effects of:
















    Long-lived assets impairments




    61,074



    7,522



    167







    68,763



    Long-lived assets write-offs


    7,328













    7,328



    Goodwill impairment


    102,118



    11,388



    66,285



    123,214







    303,005



    Restructuring expenses and other


    919



    1,984



    1,216



    2,231





    280



    6,630




    Total of adjustments


    110,365



    74,446



    75,023



    125,612





    280



    385,726


    Adjusted Operating Income (Loss)


    $

    16,282



    $

    8,308



    $

    (4,300)



    $

    4,077



    $

    12,971



    $

    (32,369)



    $

    4,969



















    Revenue


    $

    139,770



    $

    166,534



    $

    74,254



    $

    64,729



    $

    91,381





    $

    536,668


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


    (67)

    %


    (40)

    %


    (107)

    %


    (188)

    %


    14

    %




    (71)

    %

    Operating income (loss) % using adjusted amounts


    12

    %


    5

    %


    (6)

    %


    6

    %


    14

    %




    1

    %

     





    Adjusted Operating Income (Loss) and Margins by Segment (Recast)






    For the Six Months Ended June 30, 2020





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity
    Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (82,421)



    $

    (62,273)



    $

    (83,458)



    $

    (123,360)



    $

    26,401



    $

    (60,828)



    $

    (385,939)


    Adjustments for the effects of:















    Long-lived assets impairments




    61,074



    7,522



    167







    68,763



    Long-lived assets write-offs


    7,328













    7,328



    Goodwill impairment


    102,118



    11,388



    66,285



    123,214







    303,005



    Restructuring expenses and other


    2,299



    3,196



    2,621



    3,767





    455



    12,338




    Total of adjustments


    111,745



    75,658



    76,428



    127,148





    455



    391,434



















    Adjusted Operating Income (Loss)


    $

    29,324



    $

    13,385



    $

    (7,030)



    $

    3,788



    $

    26,401



    $

    (60,373)



    $

    5,495



















    Revenue


    $

    259,004



    $

    267,104



    $

    148,094



    $

    118,698



    $

    170,984





    $

    963,884


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


    (32)

    %


    (23)

    %


    (56)

    %


    (104)

    %


    15

    %




    (40)

    %

    Operating income (loss)% using adjusted amounts


    11

    %


    5

    %


    (5)

    %


    3

    %


    15

    %




    1

    %






















    For the Six Months Ended June 30, 2019





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity
    Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated
    Expenses


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    17,820



    $

    3,228



    $

    (2,758)



    $

    (1,948)



    $

    18,505



    $

    (66,196)



    $

    (31,349)



















    Adjusted Operating Income (Loss)


    $

    17,820



    $

    3,228



    $

    (2,758)



    $

    (1,948)



    $

    18,505



    $

    (66,196)



    $

    (31,349)



















    Revenue


    $

    281,056



    $

    220,001



    $

    200,078



    $

    132,725



    $

    155,807





    $

    989,667


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


    6

    %


    1

    %


    (1)

    %


    (1)

    %


    12

    %




    (3)

    %

    Operating income (loss)% using adjusted amounts


    6

    %


    1

    %


    (1)

    %


    (1)

    %


    12

    %




    (3)

    %































































     

    RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION





    EBITDA and Adjusted EBITDA and Margins by Segment (Recast)






    For the Three Months Ended June 30, 2020





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    11,662



    $

    3,865



    $

    (4,135)



    $

    (1,825)



    $

    13,430



    $

    (28,179)



    $

    (5,182)


    Adjustments for the effects of:















    Depreciation and amortization


    25,080



    3,587



    8,255



    757



    658



    361



    38,698



    Other pre-tax












    (2,653)



    (2,653)



    EBITDA


    36,742



    7,452



    4,120



    (1,068)



    14,088



    (30,471)



    30,863


    Adjustments for the effects of:















    Restructuring expenses and other


    1,380



    1,212



    1,405



    1,536





    175



    5,708



    Foreign currency (gains) losses












    3,908



    3,908




    Total of adjustments


    1,380



    1,212



    1,405



    1,536





    4,083



    9,616


    Adjusted EBITDA


    $

    38,122



    $

    8,664



    $

    5,525



    $

    468



    $

    14,088



    $

    (26,388)



    $

    40,479



















    Revenue


    $

    119,234



    $

    100,570



    $

    73,840



    $

    53,969



    $

    79,603





    $

    427,216


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


    10

    %


    4

    %


    (6)

    %


    (3)

    %


    17

    %




    (1)

    %

    EBITDA Margin


    31

    %


    7

    %


    6

    %


    (2)

    %


    18

    %




    7

    %

    Adjusted EBITDA Margin


    32

    %


    9

    %


    7

    %


    1

    %


    18

    %




    9

    %







































    For the Three Months Ended June 30, 2019





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    14,714



    $

    3,542



    $

    (5,027)



    $

    (464)



    $

    9,362



    $

    (31,762)



    $

    (9,635)


    Adjustments for the effects of:















    Depreciation and amortization


    31,640



    4,987



    9,826



    2,025



    644



    1,182



    50,304



    Other pre-tax












    (328)



    (328)



    EBITDA


    46,354



    8,529



    4,799



    1,561



    10,006



    (30,908)



    40,341


    Adjustments for the effects of:















    Foreign currency (gains) losses












    (59)



    (59)




    Total of adjustments












    (59)



    (59)


    Adjusted EBITDA


    $

    46,354



    $

    8,529



    $

    4,799



    $

    1,561



    $

    10,006



    $

    (30,967)



    $

    40,282



















    Revenue


    $

    152,450



    $

    116,964



    $

    84,585



    $

    66,857



    $

    74,925





    $

    495,781


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


    10

    %


    3

    %


    (6)

    %


    (1)

    %


    12

    %




    (2)

    %

    EBITDA Margin


    30

    %


    7

    %


    6

    %


    2

    %


    13

    %




    8

    %

    Adjusted EBITDA Margin


    30

    %


    7

    %


    6

    %


    2

    %


    13

    %




    8

    %










    For the Three Months Ended March 31, 2020





    Subsea
    Robotics


    Manufactured Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (94,083)



    $

    (66,138)



    $

    (79,323)



    $

    (121,535)



    $

    12,971



    $

    (32,649)



    $

    (380,757)


    Adjustments for the effects of:















    Depreciation and amortization


    139,187



    15,964



    74,907



    124,343



    687



    1,108



    356,196



    Other pre-tax












    (6,264)



    (6,264)



    EBITDA


    45,104



    (50,174)



    (4,416)



    2,808



    13,658



    (37,805)



    (30,825)


    Adjustments for the effects of:















    Long-lived assets impairments




    61,074



    7,522



    167







    68,763



    Restructuring expenses and other


    919



    1,984



    1,216



    2,231





    280



    6,630



    Foreign currency (gains) losses












    7,050



    7,050




    Total of adjustments


    919



    63,058



    8,738



    2,398





    7,330



    82,443


    Adjusted EBITDA


    $

    46,023



    $

    12,884



    $

    4,322



    $

    5,206



    $

    13,658



    $

    (30,475)



    $

    51,618



















    Revenue


    $

    139,770



    $

    166,534



    $

    74,254



    $

    64,729



    $

    91,381





    $

    536,668


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


    (67)

    %


    (40)

    %


    (107)

    %


    (188)

    %


    14

    %




    (71)

    %

    EBITDA Margin


    32

    %


    (30)

    %


    (6)

    %


    4

    %


    15

    %




    (6)

    %

    Adjusted EBITDA Margin


    33

    %


    8

    %


    6

    %


    8

    %


    15

    %




    10

    %

     





    EBITDA and Adjusted EBITDA and Margins by Segment (Recast)






    For the Six Months Ended June 30, 2020





    Subsea
    Robotics


    Manufactured
    Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    (82,421)



    $

    (62,273)



    $

    (83,458)



    $

    (123,360)



    $

    26,401



    $

    (60,828)



    $

    (385,939)


    Adjustments for the effects of:















    Depreciation and amortization


    164,267



    19,551



    83,162



    125,100



    1,345



    1,469



    394,894



    Other pre-tax












    (8,917)



    (8,917)



    EBITDA


    81,846



    (42,722)



    (296)



    1,740



    27,746



    (68,276)



    38


    Adjustments for the effects of:















    Long-lived assets impairments




    61,074



    7,522



    167







    68,763



    Restructuring expenses and other


    2,299



    3,196



    2,621



    3,767





    455



    12,338



    Foreign currency (gains) losses












    10,958



    10,958




    Total of adjustments


    2,299



    64,270



    10,143



    3,934





    11,413



    92,059


    Adjusted EBITDA


    $

    84,145



    $

    21,548



    $

    9,847



    $

    5,674



    $

    27,746



    $

    (56,863)



    $

    92,097



















    Revenue


    $

    259,004



    $

    267,104



    $

    148,094



    $

    118,698



    $

    170,984





    $

    963,884


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


    (32)

    %


    (23)

    %


    (56)

    %


    (104)

    %


    15

    %




    (40)

    %

    EBITDA Margin


    32

    %


    (16)

    %


    %


    1

    %


    16

    %




    %

    Adjusted EBITDA Margin


    32

    %


    8

    %


    7

    %


    5

    %


    16

    %




    10

    %






















    For the Six Months Ended June 30, 2019





    Subsea
    Robotics


    Manufactured
    Products


    Offshore
    Projects
    Group


    Integrity Management
    & Digital
    Solutions


    Aerospace
    and Defense Technologies


    Unallocated Expenses
    and other


    Total





    ($ in thousands)

    Operating Income (Loss) as reported in accordance with GAAP


    $

    17,820



    $

    3,228



    $

    (2,758)



    $

    (1,948)



    $

    18,505



    $

    (66,196)



    $

    (31,349)


    Adjustments for the effects of:















    Depreciation and amortization


    64,827



    10,033



    20,148



    4,083



    1,358



    2,341



    102,790



    Other pre-tax












    (113)



    (113)



    EBITDA


    82,647



    13,261



    17,390



    2,135



    19,863



    (63,968)



    71,328


    Adjustments for the effects of:















    Foreign currency (gains) losses












    (673)



    (673)




    Total of adjustments












    (673)



    (673)


    Adjusted EBITDA


    $

    82,647



    $

    13,261



    $

    17,390



    $

    2,135



    $

    19,863



    $

    (64,641)



    $

    70,655



















    Revenue


    $

    281,056



    $

    220,001



    $

    200,078



    $

    132,725



    $

    155,807





    $

    989,667


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


    6

    %


    1

    %


    (1)

    %


    (1)

    %


    12

    %




    (3)

    %

    EBITDA Margin


    29

    %


    6

    %


    9

    %


    2

    %


    13

    %




    7

    %

    Adjusted EBITDA Margin


    29

    %


    6

    %


    9

    %


    2

    %


    13

    %




    7

    %










































     

     

    Cision View original content:http://www.prnewswire.com/news-releases/oceaneering-announces-realigned-reporting-segments-301137879.html

    SOURCE Oceaneering International, Inc.

    Categories: Press Releases
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