Oceaneering International, Inc. · NYSE:OII
Oceaneering International — Q4 2025 Earnings Presentation
54 slides from Oceaneering International's earnings presentation, 2026
Slide 1: Investor Presentation 2025 Fourth Quarter
NYSE: OII Investor Presentation 2025 Fourth Quarter
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 requires 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 a
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* 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
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
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 • Lev
Slide 10: Results and Guidance
Results and Guidance
Slide 11: Full-Year 2025 Highlights
Full-Year 2025 Highlights Corporate Segments • Record low Total Recordable Incident Rate • Year-over-year revenue increases in SSR, (TRIR) of 0.22 Manufactured Products, OPG, and ADTech • Highest Consolidated Revenue since 2015 • Year-over-year EBTIDA increases in all operating • Adjusted Consolidat
Slide 12: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights 2025 Q4 2025 Q3 2024 Q4 Results as Anticipated Consolidated Revenue $669M $743M $713M • Manufactured Products, ADTech, and SSR Consolidated Adjusted reported improvements in quarterly and year- $90.5M $111M $102M EBITDA over-year operating income. Consolidated Adjusted
Slide 13: 1st Quarter 2026 Guidance Compared to 1st Quarter 2025
1st Quarter 2026 Guidance Compared to 1st Quarter 2025 • Revenue to decrease Consolidated • EBITDA in the $80 million to $90 million range • Revenue to increase slightly Subsea Robotics • Operating income to decrease due to changes in geographic mix Manufactured • Operating income to significantly i
Slide 14: 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 • Free cash flow in the range $100 million to $120 million Consolidated • EBITDA in the range $390 million to $440 million with significant growth in ADTech and stable results in energy-focused bus
Slide 15: Liquidity and Free Cash Flow
Liquidity and Free Cash Flow Liquidity on December 31, 2025 Liquidity Outlook for December 31, 2026 • Cash and cash equivalents: $689 million • Cash and cash equivalents: $789 million to $809 million • $215 million unused commitment through senior • $215 million unused commitment through senior secu
Slide 16: Final Thoughts
Final Thoughts 2026 Forecast for Incremental Growth in Consolidated Revenue and EBITDA Midpoint of 2026 consolidated EBITDA guidance implies modest year-over-year growth Revenue growth in ADTech, SSR, and IMDS EBITDA growth in SSR, Manufactured Products, IMDS, and ADTech Continued focus on
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 SSR Tooling/Survey SSR Adjusted EBITDA Margin 50% $200 36% 38% 40% $175 36% Revenue (in millions) $150 30% Margin $125 $100 20% $75 $50 10% $25 76% of 78% of 78% of 77% of 77% of 79% of 79% of 77% of 78% of SSR Revenue SSR Reven
Slide 20: 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 $13,000 ROV Days Utilized 20,000 100% Drill Support % ROV Revenue / Day Utilized $11,550 Vessel-based % $12,000 $11,254 17,500 ROV Fleet Utilization % 80%
Slide 21: Contracted Floating Rigs at Period End
Subsea Robotics ROV Drill Support Market Share: 60% on December 31, 2025 200 Contracted Floaters (Working) Contracted Floaters (Not Working) Contracted Floating Rigs at Period End 23% OII % of Floating Rigs 150 21 25 32 60% 36 28 26 26 28 36 17% 100 125 124 116 114 50 109 105 110 108 95 Oceaneering
Slide 22: ROV Fleet Location
Subsea Robotics ROV Fleet Location - 250 ROVs, December 2025 100 In transit Vessel-based 80 Drilling Support 67 ROV Count 60 43 45 38 40 31 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 $750 2.00 Manufactured Products Book-to-Bill, ttm* Manufactured Products ($ in millions) $604 $600 $568 1.60 $511 $450 1.20 0.97 1.00 $300 0.82 0.84 0.80 $150 $143.0 $156.4 $132.4 0.40 $0 0.00 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025
Slide 25: Offshore Projects Group
Revenue ($ in millions) Offshore Projects Group $489 $546 Offshore Projects Group (OPG) provides a broad portfolio of integrated subsea solutions for completions, construction, well $0 intervention, and inspection, maintenance, and repair activities that 2022 2023 2024F enhance the efficiency and ca
Slide 26: Offshore Projects Group Vessels
Offshore Projects Group Oceaneering owned and chartered vessels Forecasted Q1 Location Deepwater Multi-purpose Supply Vessels: Ocean Evolution* Owned Gulf of Mexico Ocean Intervention* Owned Global Regions Brandon Bordelon* Chartered Gulf of Mexico Harvey Blue Sea* Chartered Gulf of Mexico Juanita C
Slide 27: Integrity Management & Digital Solutions
Integrity Management & Digital Solutions Integrity Management & Digital Solutions (IMDS) utilizes software, analytics, and services to establish optimized inspection and maintenance programs that promote the safety, efficiency, and cost effectiveness of our customers’ programs and assets. Integrity
Slide 28: Aerospace and Defense Technologies
Aerospace and Defense Technologies Aerospace and Defense Technologies (ADTech) delivers integrated solutions in the harshest environments, from seafloor to space. By developing new or adapting proven commercial technologies, ADTech provides advanced subsea solutions, maritime operations, and space f
Slide 29: Consolidated Data by Quarter
Consolidated Data by Quarter 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1F ($ in millions) Revenue $599 $669 $680 $713 $675 $698 $743 $669 < $675 Operating Income $37 $60 $71 $78 $73 $79 $87 $65 $54 -$61 Adjusted Operating Income $37 $60 $71 $78 Taxes ($17) ($20) ($27) ($1
Slide 30: Consolidated Data by Year
Consolidated Data by Year 2020 2021 2022 2023 2024 2025 2026F ($ 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
Slide 31: Revenue Sources, Year over Year
Revenue Sources, Year over 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 Produc
Slide 32: 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
Slide 33: Results, Overview by Quarter
Results, Overview by Quarter Revenue Adjusted Operating EBITDA $669M $743M $713M $90.5M $111M $102M 100% 14% 11% 11% 8% 19% 17% 1% 3% 3% 80% 10% 10% 14% 18% 10% 31% ADTech IMDS 16% 19% 23% 26% 60% OPG 18% 5% Mfd Products SSR 40% 20% 21% 20% 58% 53% 50% 20% 32% 29% 30% 0% 0 2025 Q4 2025 Q3 2024 Q4 20
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) For the 12-Month Period Ended Low Estimate High Estimate Dec 31, Dec 31, Dec 31, 2026 2025 2024 (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.
Slide 38: 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 39: 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 thousands) Net Income (loss) $ 353,761 $ 147,468 $ 97,403 $ 25,941 $ (49,307)
Slide 40: 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 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
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 $
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 $
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
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
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 $
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 $
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,
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,
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,
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,
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,
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
Slide 54: Investor Relations Contact
NYSE: OII Investor Relations Contact Hilary Frisbie Senior Director, Investor Relations 713.329.4755 InvestorRelations@oceaneering.com
Oceaneering International — Q4 2025 Earnings Presentation on 6ix