Oceaneering International, Inc. · NYSE:OII
Oceaneering International — Q1 2025 Earnings Presentation
54 slides from Oceaneering International's earnings presentation, Apr 24, 2025
Slide 1: Investor Presentation 2025 First Quarter
NYSE: OII Investor Presentation 2025 First Quarter 1
Slide 2: Contents
Contents Who We Are Results and Guidance Appendix and Disclaimers Non-GAAP Reconciliations 2
Slide 3: Who We Are
Who We Are We are a global technology delivery company that adapts and applies proven technology that require high levels of uptime and utilization in harsh environments, including offshore, subsea, and space. We focus on markets where our capabilities and expertise in robotics, software, and au
Slide 4: Overview of Operating Segments
Overview of Operating Segments Manufactured Offshore Projects Integrity Aerospace and Subsea Robotics Management & Defense Products Group Digital Solutions Technologies Subsea Robotics (SSR) Manufactured Products (MP) Offshore Projects Group Integrity Management & Aerospace and Defense merges our un
Slide 5: Robotics Expertise Serves Multiple Markets
Robotics Expertise Serves Multiple Markets Business Segments / Applications Markets / Potential Markets Subsea Robotics and • Remotely Operated Vehicles (ROVs) • Offshore Oil and Gas, Renewables, Offshore Projects Group • Autonomous Underwater Vehicles (AUVs) Carbon Capture, and Deep-Sea Mining • Au
Slide 6: Energy Market Drivers
Energy Market Drivers All phases of the Offshore Oilfield Life Cycle Phase Exploration Development Production Decommissioning % of Oceaneering Revenue* 4% 51% 42% 3% Market Drivers and FIDs and Working FIDs and Subsea Tree Customer Opex Budgets Field Abandonments and Key Market Indicators Floating R
Slide 7: Aerospace and Defense Market Drivers
Aerospace and Defense Market Drivers Business Aerospace and Defense Technologies (ADTech) Segment Market Drivers and U.S. and International Government Defense and Aerospace Agencies Key Market Indicators Commercial Space Companies ADTech Product and Service Oceaneering Technologies Revenue Streams D
Slide 8: Industrial Products Market Drivers
Industrial Products Market Drivers Business Manufactured Products (Industrial Products) Segment Autonomous mobile robotic technology for industrial, manufacturing, healthcare, and warehousing markets Market Drivers and Industrial Material Handling Equipment Autonomous Transport Systems Key Market In
Slide 9: Targeted Growth Businesses
Targeted Growth Businesses AEROSPACE and DEFENSE DIGITAL ASSET MOBILITY SOLUTIONS SOLUTIONS MANAGEMENT Achieve growth based on Increase robotic and Automate inspection, data autonomous offerings collection, and analysis MOBILITYmarket CAGRs SOLUTIONS Achieve operational segment status based on • Ena
Slide 10: Results and Guidance
Results and Guidance
Slide 11: First Quarter 2025 Highlights
First Quarter 2025 Highlights 2025 Q1 2024 Q4 2024 Q1 Consolidated Revenue $675M $713M $599M Surpassed guidance and consensus estimates EBITDA Margin 14% 14% 11% on strong performances in the Gulf of Mexico ROV Revenue per Day and West Africa. $10,788 $10,786 $10,009 Utilized (average) SSR EBITDA Ma
Slide 12: Results, Overview by Quarter
Results, Overview by Quarter Revenue Adjusted Operating EBITDA $674.5M $713.5M $599.1M $96.7M $101.5M $61.7M 100% 14% 14% 8% 8% 14% 16% 4% 3% 5% 80% 11% 10% 12% 7% ADTech 29% 31% IMDS 16% 24% 26% 19% 60% OPG 8% 5% Mfd Products 40% 20% 20% 22% SSR 53% 58% 51% 20% 31% 30% 31% 0% 0 2025 Q1 2024 Q4 2024
Slide 13: Second Quarter 2025 Guidance Compared to Q2 2024
Second Quarter 2025 Guidance Compared to Q2 2024 • Revenue and EBITDA expected to increase. Consolidated Results • EBITDA projected to be in the range of $95 million to $105 million. • Revenue and operating profitability forecasted to increase. Subsea Robotics • EBITDA margin projected to be in mid-
Slide 14: Full-Year 2025 Guidance Compared to 2024 Results
Full-Year 2025 Guidance Compared to 2024 Results • Consolidated EBITDA forecasted in the range of $380 million to $430 million. Year over year improvement led by SSR, ADTech, and Manufactured Products. Consolidated Results • Free cash flow forecasted in the range of $110 million to $130 million. • C
Slide 15: Liquidity and Free Cash Flow
Liquidity and Free Cash Flow Liquidity on March 31, 2025 Liquidity Outlook for December 31, 2025 • Cash and cash equivalents: $382 million • Cash and cash equivalents: $608 million to $628 million • $215 million unused commitment through senior secured • $215 million unused commitment through senior
Slide 16: Final Thoughts
Final Thoughts 2025 Forecast for Growth in Revenue and Operating Profitability in all Operating Segments. Midpoint of 2025 EBITDA guidance implies >15% year-over-year growth. Continued focus on Growth: Developing solutions for existing energy markets and customers Advancing digital asset s
Slide 17: Appendix
Appendix ee
Slide 18: Subsea Robotics
Subsea Robotics Subsea Robotics (SSR) merges our underwater robotics and automation capabilities through our ROV, Survey, and ROV Tooling businesses. Remotely Operated Vehicles (ROV) Remotely operated, tethered submersible vehicles for drilling support, vessel-based services, and offshore wind, incl
Slide 19: Subsea Robotics Revenue and Adjusted EBITDA Margin
Subsea Robotics Revenue and Adjusted EBITDA Margin $225 SSR ROV Revenue 36% 40% 35% $200 SSR Tooling/Survey SSR Adjusted EBITDA Margin 31% $175 30% Revenue (in millions) $150 $125 Margin 20% $100 $75 $50 10% $25 77% of 78% of 76% of 76% of 78% of 78% of 77% of 77% of 79% of SSR Revenue SSR Revenue S
Slide 20: Subsea Robotics Days Utilized and Revenue per Day
Subsea Robotics Days Utilized, Average Revenue per Day Utilized, and Utilization Rates Average Revenue Days Rate per Day Utilized Utilized $10,788 Drill Support % $11,000 ROV Days Utilized 17,500 100% Vessel-based % ROV Revenue / Day Utilized $10,786 ROV Fleet Utilization % $10,009 $10,000 15,000 80
Slide 21: Contracted Floating Rigs at Period End
Subsea Robotics ROV Drill Support Market Share: 60% on March 31, 2025 200 100% Contracted Floaters (Working) Contracted Floating Rigs at Period End Contracted Floaters (Not Working) OII % of Contracted Floaters OII % of Floating Rigs 150 75% 22% 60% 60% 18% 100 59% 59% 50% 50 25% Oceaneering Closest
Slide 22: ROV Fleet Location
Subsea Robotics ROV Fleet Location - 250 ROVs, March 31, 2025 100 In transit Vessel-based Drilling Support 80 70 ROV Count 60 48 42 38 40 26 26 20 0 Americas, excl Brazil Africa/MidEast Europe Norway Asia Pacific Brazil 22
Slide 23: Manufactured Products
Manufactured Products Manufactured Products combines our expertise in advanced Manufacturing Facilities Grayloc® Products Facilities technology product development, manufacturing, and project Houston, Texas Houston, Texas management into three product lines supporting energy and USA Panama City, Flo
Slide 24: Manufactured Products Backlog and Book-to-Bill
Manufactured Products Backlog and Book-to-Bill $750 2.00 Backlog Manufactured Products Book-to-Bill, ttm* Manufactured Products ($ in millions) Revenue $597 $604 $600 Book-to-Bill, ttm* $543 1.60 $450 1.30 1.20 1.00 $300 0.97 0.90 0.80 $150 0.40 $129.5 $143.0 $135.0 $0 0.00 2023 Q1 2023 Q2 2023 Q3 2
Slide 25: Offshore Projects Group
Revenue ($ in millions) Offshore Projects Group $489 $546 Offshore Projects Group (OPG) provides a broad portfolio of integrated subsea solutions for completions, construction, well $0 intervention, and inspection, maintenance, and repair activities that 2022 2023 2024F enhance the efficiency and ca
Slide 26: Offshore Projects Group Owned and Chartered Vessels
Offshore Projects Group Oceaneering owned and chartered vessels Forecasted Q2 Location Deepwater Multi-purpose Supply Vessels: Ocean Evolution* Owned Gulf of Mexico Ocean Intervention* Owned Global Regions Brandon Bordelon* Chartered Gulf of Mexico Harvey Blue Sea* Chartered Gulf of Mexico Harvey De
Slide 27: Integrity Management & Digital Solutions
Integrity Management & Digital Solutions Integrity Management & Digital Solutions (IMDS) utilizes software, analytics, and services to establish optimized inspection and maintenance programs that promote the safety, efficiency, and cost effectiveness of our customers’ programs and assets. Integrity
Slide 28: Aerospace and Defense Technologies
Aerospace and Defense Technologies Aerospace and Defense Technologies (ADTech) delivers robotics, engineering services, and customized products principally for the U.S. Department of Defense and NASA. We utilize ADTech engineering and manufacturing and leverage technology and capabilities from SSR a
Slide 29: Consolidated Data by Quarter
Consolidated Data by Quarter 2025 Q2F ($ in millions, except Share Price) 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 ($ in millions) Revenue $655 $599 $669 $680 $713 $675 $700 + Operating Income $47 $37 $60 $71 $78 $73 Adjusted Operating Income $47 $37 $60 $71 $78 Taxes ($2) ($17) ($20) ($27) (
Slide 30: Consolidated Data by Year
Consolidated Data by Year 2025F ($ in millions, except Share Price) 2019 2020 2021 2022 2023 2024 ($ in millions) Revenue $2,048 $1,828 $1,869 $2,066 $2,425 $2,661 $2,800 - $2,900 Operating Income ($291) ($446) $40 $111 $181 $246 $247 + Adjusted Operating Income ($39) $21 $72 $111 $181 $246 Taxes ($
Slide 31: Consolidated Results, 2019 to 2025
Consolidated Results, 2019 to 2025 $3,500 Revenue $300 Adjusted Operating Income $246 Operating Income (in millions) Increase $3,000 $2,900 - $250 $2,661 $2,800 $2,425 Revenue (in millions) $2,500 $200 $181 $2,048 $2,066 $2,000 $1,828 $1,869 $150 $111 $1,500 $100 $72 $1,000 $50 $21 $500 $0 $0 ($50)
Slide 32: Results, Overview by Year
Results, Overview by Year Revenue Adjusted Operating EBITDA $2.7B $2.4B $347M $289M 100% 15% 15% 9% 11% 3% 4% 80% 11% 11% 20% ADTech 21% IMDS 60% 22% 23% 11% OPG 11% Mfd Products 40% 21% 20% SSR 57% 53% 20% 31% 31% 0% 2024 2023 2024 2023 Adjusted Operating EBITDA percentages exclude Unallocated Expe
Slide 33: Revenue Sources, Year over Year
Revenue Sources, Year over Year Geographic Area Services and Products Industry Segments* $2.7B $2.4B $2.1B $2.7B $2.4B $2.1B $2.7B $2.4B $2.1B 100% 19% 15% 16% 17% 21% 21% 42% 42% 47% 75% 50% 81% 85% 84% 83% 79% 79% 58% 58% 53% 25% 0% 2024 2023 2022 2024 2023 2022 2024 2023 2022 United States Produc
Slide 34: Disclaimers
Disclaimers Forward-Looking Statements This presentation contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prosp
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations
Slide 36: Net Income (Loss) Reconciliation to EBITDA
Net Income (Loss) Reconciliation to EBITDA Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a non-GAAP financial measure. Oceaneering’s management uses EBITDA because we believe that this measurement is a widely accepted financial indicator used by investors and analysts t
Slide 37: Net Income (Loss) Reconciliation to EBITDA (continued)
Net Income (Loss) Reconciliation to EBITDA (continued) Low Estimate High Estimate For the 12-Month Period Ended Dec 31, 2024 Dec 31, 2023 Dec 31, 2025 (in millions) (in millions) Net Income (Loss) $ 147.5 $ 97.4 Income(Loss) before income taxes $ 254.0 $ 295.0 Depreciation & Amortization 103.4 105.0
Slide 38: Operating Income Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA Adjusted EBITDA excludes the effects of certain specified items, as set forth in the tables that follow. Adjusted Operating EBITDA is Adjusted EBITDA before Unallocated Expenses. We believe these are useful measu
Slide 39: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 3-Month Period Ended Unallocated December 31, 2024 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 63,526 $ 4,163
Slide 40: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 3-Month Period Ended Unallocated March 31, 2024 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 44,237 $ 13,190 $
Slide 41: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 3-Month Period Ended Unallocated December 31, 2023 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 50,594 $ 5,435
Slide 42: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 12-Month Period Ended Unallocated December 31, 2024 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 235,211 $ 43,
Slide 43: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 12-Month Period Ended Unallocated December 31, 2023 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 174,293 $ 35,
Slide 44: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 12-Month Period Ended Unallocated December 31, 2022 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 118,248 $ 11,
Slide 45: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 12-Month Period Ended Unallocated December 31, 2021 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 76,874 $ (15,
Slide 46: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 12-month Period Ended Unallocated December 31, 2020 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ (65,817) $ (8
Slide 47: Operating Income Reconciliation to Adjusted EBITDA (continued)
Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) For the 12-month Period Ended Unallocated December 31, 2019* Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 11,627 $ 5,7
Slide 48: Free Cash Flow
Free Cash Flow Free Cash Flow (FCF) is a non-GAAP financial measure. FCF represents cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). Oceaneering's management believes that this is an im
Slide 49: Free Cash Flow (continued)
Free Cash Flow (continued) For the Year For the Year For the Year For the Year For the Year Ended Ended Ended Ended Ended Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 (in thousands) Net Income (loss) $ 97,403 $ 25,941 $ (49,307) $ (496,751) $ (348,444) Non-cash adjustments: Depre
Slide 50: Operating Income Reconciliation to Adjusted Operating Income
Operating Income (Loss) Reconciliation to Adjusted Operating Income Adjusted Operating Income (Loss) excludes the effects of certain specified items, as set forth in the tables that follow. We believe Adjusted Operating Income (Loss) is a useful measurement for investors to review because it provide
Slide 51: Operating Income Reconciliation to Adjusted Operating Income (continued)
Operating Income (Loss) Reconciliation to Adjusted Operating Income (continued) For the 12-Month Period Ended Unallocated December 31, 2021 SSR MP OPG IMDS ADTech Expenses Total ($ in thousands) Operating Income (Loss) as reported in accordance w/ GAAP $ 76,874 $ (15,876) $ 31,197 $ 18,572 $ 60,992
Slide 52: Operating Income Reconciliation to Adjusted Operating Income (continued)
Operating Income (Loss) Reconciliation to Adjusted Operating Income (continued) For the 12-Month Period Ended Unallocated December 31, 2020 SSR MP OPG IMDS ADTech Expenses Total ($ in thousands) Operating Income (Loss) as reported in accordance w/ GAAP $ (65,817) $ (88,253) $ (105,680) $ (121,675) $
Slide 53: Operating Income Reconciliation to Adjusted Operating Income (continued)
Operating Income (Loss) Reconciliation to Adjusted Operating Income (continued) For the 12-Month Period Ended December 31, 2019* Unallocated SSR MP OPG IMDS ADTech Expenses Total ($ in thousands) Operating Income (Loss) as reported in accordance w/ GAAP $ 11,627 $ 5,730 $ (170,013) $ (52,527) $ 42,5
Slide 54: Investor Relations Contact
NYSE: OII Investor Relations Contact Hilary Frisbie Senior Director, Investor Relations 713.329.4755 InvestorRelations@oceaneering.com 54
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