Q1 2026 Oceaneering International Inc Earnings Call Transcript
Key Points
- Oceaneering International Inc (OII) reported consolidated revenue and adjusted EBITDA consistent with their guidance, indicating strong commercial momentum.
- The Aerospace and Defense Technologies (AdTech) segment posted significant year-over-year revenue growth, reflecting steady demand across the defense portfolio.
- The company secured a strong first-quarter order intake of approximately $1 billion, one of the healthiest since 2020, improving visibility into future utilization levels.
- Oceaneering International Inc (OII) introduced Momentum, a next-generation electric work-class ROV, expected to enhance supervised autonomy, endurance, and reliability.
- The company maintained a healthy balance sheet with a cash balance of $607 million and total liquidity of $822 million, providing flexibility for future operations.
- Operating income decreased by 21% and net income fell by 28% compared to the first quarter of 2025.
- The Subsea Robotics (SSR) segment experienced a decline in EBITDA margin to 32%, driven by lower ROV utilization and a shift to lower profitability regions.
- The Offshore Project Group (OPG) saw decreased results as activity returned to more typical seasonal levels compared to a record first quarter last year.
- Integrity Management and Digital Solutions (IMDS) faced lower activity in West Africa and Australia, with Middle East activity remaining uncertain due to geopolitical conflicts.
- The company reported negative free cash flow of $76.5 million, although this was an improvement compared to the first quarter of 2025.
Hello, welcome to Ocean Earings' First Quarter 2026 Earnings Conference Call. My name is Sarah, and I will be your conference operator. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speaker's remarks. With that, I will now turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations. Please go ahead.
Thanks, Sarah.
Good morning, and welcome to Oceaneering's first-quarter 2026 results conference call. Today's call is being webcast, and a replay will be available on our website.
With me today are Rod Larson, President and Chief Executive Officer, and Mike Sumerold, Senior Vice President and Chief Financial Officer.
Rod and Mike will provide our prepared remarks, and then we'll take your questions.
Before we begin, please note that statements made on this call about our future financial performance, business strategy, plans for future
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
