Oceaneering International, Inc. · NYSE:OII

Oceaneering International — Q1 2026 Earnings Presentation

54 slides from Oceaneering International's earnings presentation, 2026

  1. Slide 1: Investor Presentation 2026 First Quarter

    NYSE: OII Investor Presentation 2026 First Quarter © 2026 Oceaneering International, Inc. All rights reserved.

  2. Slide 2: Contents

    Submarine Rescue Diving and Recompression System (SRDRS) Contents  Who We Are  Results and Guidance  Appendix and Disclaimers  Non-GAAP Reconciliations About the cover: Row 1, Orion capsule splashdown; Row 2 left, Umbilical cross-section; Row 2 right, Momentum ROV; Row 3 left , MaxMover forklift

  3. Slide 3: Who We Are

    Who We Are  We are a global technology delivery company that adapts and applies proven technology that requires high levels of uptime and utilization in high-consequence environments, including offshore, subsea, and space.  We focus on markets where our capabilities and expertise in robotics, soft

  4. 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 includes our

  5. 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

  6. Slide 6: Energy Market Drivers

    Energy Market Drivers All phases of the Offshore Oilfield Life Cycle Phase Exploration Development Production Decommissioning % of Oceaneering Revenue* 5% 45% 45% 5% Market Drivers and FIDs and Working FIDs and Subsea Tree Customer Opex Budgets Field Abandonments and Key Market Indicators Floating R

  7. 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 and Key Market Indicators Commercial Space Companies ADTech Product and Service Oceaneering Technologies Revenue Strea

  8. 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

  9. 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 market MOBILITY CAGRs SOLUTIONS autonomous offerings collection, and analysis Achieve operational segment status based on • Le

  10. Slide 10: Results and Guidance

    Results and Guidance

  11. Slide 11: First Quarter 2026 Highlights

    First Quarter 2026 Highlights 2026 Q1 2025 Q4 2025 Q1 Results as Anticipated with Consolidated Revenue $692M $669M $675M Strong Commercial Momentum Consolidated Adjusted • Consolidated order intake of approximately $83.7M $90.5M $96.7M $1 billion. EBITDA Consolidated Adjusted • Consolidated adjusted

  12. Slide 12: 2nd Quarter 2026 Guidance Compared to 2nd Quarter 2025

    2nd Quarter 2026 Guidance Compared to 2nd Quarter 2025 • Revenue to increase Consolidated • EBITDA in the range of $100 million to $110 million • Revenue to increase and operating income to be flat Subsea Robotics • EBITDA margin is projected to exceed 32% Manufactured • Revenue and operating income

  13. Slide 13: FY 2026 Guidance Compared to FY 2025 Results

    FY 2026 Guidance Compared to FY 2025 Results • Net income in the range of $178 million to $203 million Consolidated • Free cash flow in the range $100 million to $120 million • EBITDA in the range $390 million to $440 million • Revenue and operating income to increase based on stable pricing in ROV,

  14. Slide 14: Liquidity and Free Cash Flow

    Liquidity and Free Cash Flow Liquidity on March 31, 2026 Liquidity Forecast for December 31, 2026 • Cash and cash equivalents: $607 million • Cash and cash equivalents: $789 million to $809 million • $215 million unused commitment through senior • $215 million unused commitment through senior secure

  15. Slide 15: Final Thoughts

    Final Thoughts  2026 Forecast for Incremental Growth in Consolidated Revenue and EBITDA compared to 2025  Midpoint of 2026 consolidated EBITDA guidance implies modest growth  Revenue growth in ADTech, SSR, and IMDS  EBITDA growth in SSR, Manufactured Products, IMDS, and ADTech  Continued focus

  16. Slide 16: Appendix

    Appendix ee

  17. Slide 17: 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

  18. Slide 18: Subsea Robotics Revenue and Margin

    Subsea Robotics Revenue and Adjusted EBITDA Margin $225 SSR ROV Revenue SSR Tooling/Survey SSR Adjusted EBITDA Margin 50% $200 38% 40% $175 35% 32% Revenue (in millions) $150 30% Margin $125 $100 20% $75 $50 10% $25 78% of 78% of 77% of 77% of 79% of 79% of 77% of 78% of 79% of SSR Revenue SSR Reven

  19. Slide 19: Subsea Robotics ROV Days Utilized and Revenue per Day

    Subsea Robotics ROV - Days Utilized, Average Revenue per Day Utilized, and Utilization Rates Average Revenue Days Per Day Utilized Utilized Rate Drill Support % $13,000 ROV Days Utilized $12,401 20,000 100% Vessel-based % $12,000 ROV Revenue / Day Utilized $11,550 ROV Fleet Utilization % $10,788 17,

  20. Slide 20: Contracted Floating Rigs at Period End

    Subsea Robotics ROV Drill Support Market Share: 58% on March 31, 2026 200 Contracted Floaters (Working) Contracted Floaters (Not Working) Contracted Floating Rigs at Period End 58% OII % of Floating Rigs 150 27% 25 32 36 28 26 37 26 28 36 100 15% 124 116 114 50 109 105 110 108 106 95 Oceaneering Clo

  21. Slide 21: Subsea Robotics ROV Fleet Location

    Subsea Robotics ROV Fleet Location - 250 ROVs, March 2026 100 In transit Vessel-based Drilling Support 80 66 ROV Count 60 43 45 41 40 29 26 20 0 Americas, excl Brazil Africa/MidEast Europe Norway Asia Pacific Brazil 21

  22. Slide 22: 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

  23. Slide 23: Manufactured Products Backlog and Book-to-Bill

    Manufactured Products Backlog and Book-to-Bill Backlog Revenue Book-to-Bill, ttm* $750 2.00 Manufactured Products Book-to-Bill, ttm* Manufactured Products ($ in millions) $600 $543 1.60 $511 $492 $450 1.20 1.00 0.90 0.91 $300 0.84 0.80 $150 $135.0 $132.4 $143.6 0.40 $0 0.00 2024 Q1 2024 Q2 2024 Q3 2

  24. Slide 24: 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

  25. Slide 25: Offshore Projects Group Vessels

    Offshore Projects Group Oceaneering owned and chartered vessels Forecasted Q2 Location Deepwater Multi-purpose Supply Vessels: Ocean Evolution* Owned U.S Gulf Ocean Intervention* Owned Global Brandon Bordelon* Chartered U.S Gulf Harvey Blue Sea* Chartered U.S Gulf Juanita Candies*† Chartered U.S Gul

  26. Slide 26: 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

  27. Slide 27: Aerospace and Defense Technologies

    Aerospace and Defense Technologies Aerospace and Defense Technologies (ADTech) delivers integrated solutions in the harshest environments, from seafloor to space. By developing new or adapting proven commercial technologies, ADTech provides advanced subsea solutions, maritime operations, and space f

  28. Slide 28: Consolidated Data by Quarter

    Consolidated Data by Quarter 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2F ($ in millions) Revenue $669 $680 $713 $675 $698 $743 $669 $692 >$698 Operating Income $60 $71 $78 $73 $79 $87 $65 $58 $73 - $80 Adjusted Operating Income $60 $71 $78 Taxes $(20) $(27) $(13) $(19) $

  29. Slide 29: Consolidated Data by Year

    Consolidated Data by Year 2020 2021 2022 2023 2024 2025 2026F ($ in millions) Revenue $1,828 $1,869 $2,066 $2,425 $2,661 $2,784 >$2,784 – $2,962 Operating Income $(446) $40 $111 $181 $246 $ 305 $285 – $326 Adjusted Operating Income $21 $72 $111 $181 $246 $305 Taxes $2 $(44) $(53) $(64) $(77) $68 Net

  30. Slide 30: Results, Overview by Quarter

    Results, Overview by Quarter Revenue Adjusted Operating EBITDA $692M $669M $675M $83.7M $90.5M $96.7M 100% 7% 11% 8% 19% 19% 14% 1% 4% 1% 17% 80% 11% 14% 10% 10% 29% ADTech IMDS 22% 16% 19% 19% 24% 60% OPG Mfd Products 8% SSR 40% 21% 20% 20% 53% 58% 51% 20% 31% 32% 31% 0% 2026 Q1 2025 Q4 2025 Q1 202

  31. Slide 31: Results, Overview by Year

    Results, Overview by Year Revenue Adjusted Operating EBITDA $2.8B $2.7B $401M $347M 100% 15% 11% 9% 17% 3% 3% 80% 10% 11% 20% ADTech 19% IMDS 60% 22% 22% 14% 11% OPG Mfd Products 40% 20% 21% SSR 53% 57% 20% 31% 31% 0% 2025 2024 2025 2024 Adjusted Operating EBITDA percentages exclude Unallocated Expe

  32. Slide 32: Revenue Sources by Year

    Revenue Sources by Year Geographic Area Services and Products Industry Segments* $2.8B $2.7B $2.4B $2.8B $2.7B $2.4B $2.8B $2.7B $2.4B 100% 17% 15% 16% 21% 21% 21% 45% 42% 42% 75% 50% 83% 85% 84% 79% 79% 79% 55% 58% 58% 25% 0% 2025 2024 2023 2025 2024 2023 2025 2024 2023 United States Products Non-E

  33. Slide 33: Disclaimers

    Disclaimers Forward-Looking Statements The forward-looking statements included in this release are based on Oceaneering's 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 for

  34. Slide 34: Non-GAAP Reconciliations

    Non-GAAP Reconciliations

  35. Slide 35: 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

  36. Slide 36: Net Income (Loss) Reconciliation to EBITDA (continued)

    Net Income (Loss) Reconciliation to EBITDA (continued) For the 12-Month Period Ended Low Estimate High Estimate Dec 31, Dec 31, 2025 2024 Dec 31, 2026 (in millions) (in millions) Net Income (Loss) $ 353.8 $ 147.5 Income(Loss) before income taxes $ 270.0 $ 307.0 Depreciation & Amortization 102.2 103.

  37. Slide 37: 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

  38. Slide 38: Free Cash Flow (continued)

    Free Cash Flow (continued) For the Year For the Year For the Year For the Year For the Year For the Year Ended Ended Ended Ended Ended Ended Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 (in millions) Net Income (loss) $ 353.8 $ 147.5 $ 97.4 $ 25.9 $ (49.3) $ (496.7)

  39. Slide 39: 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

  40. 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 December 31, 2025 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 67,828 $ 20,37

  41. 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 September 30, 2025 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 65,142 $ 24,6

  42. Slide 42: 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 June 30, 2025 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 64,505 $ 18,772 $

  43. Slide 43: 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, 2025 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 59,632 $ 8,667 $

  44. Slide 44: 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

  45. Slide 45: 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 September 30, 2024 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 65,698 $ 11,2

  46. Slide 46: 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 June 30, 2024 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 61,750 $ 14,369 $

  47. Slide 47: 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 $

  48. Slide 48: 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, 2025 Expenses SSR MP OPG IMDS ADTech and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 257,107 $ 72,

  49. Slide 49: 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,

  50. Slide 50: 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,

  51. Slide 51: 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,

  52. Slide 52: 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,

  53. Slide 53: 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

  54. Slide 54: Investor Relations Contact

    NYSE: OII Investor Relations Contact Hilary Frisbie Senior Director, Investor Relations 713.329.4755 InvestorRelations@oceaneering.com

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