Oceaneering International, Inc. (OII) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Oceaneering's third quarter 2025 earnings conference call. Today's call is being webcast and a replay will be available on Oceaneering's website. Joining us on the call are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments, Alan Curtis, Senior Vice President and Chief Financial Officer, and Mike Summerald, Senior Vice President of Finance. After Rod's remarks, we will open the call up for questions. Before we begin, I would like to remind participants that statements we make during this call regarding our future financial performance, business strategy, plans for future operations, and industry conditions are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our third quarter press release, which is posted on our website. I'll now turn the call over to Rod. Thanks for joining the call today. In the third quarter, we surpassed the high end of our guidance range, generating consolidated adjusted EBITDA of $111 million, marking our highest quarterly performance since the fourth quarter of 2015. These results were largely driven by the ongoing conversion of higher quality backlog in manufactured products, continued high activity levels and a favorable project mix in our offshore projects group, or OPG, progression in aerospace and defense technologies, or ADTEC, as they onboard personnel and subcontractors to support large-scale programs and sustained remotely operated vehicle or ROV pricing and performance. Today I'll focus my comments on our results fo...