Q2 2026 Oceaneering International Inc Earnings Call Transcript

Jul 23, 2026 / 03:00 PM GMT

Release Date Price: €42.2 (+7.11%)

Transcript 10-Q8-K

Key Points

Positve

Oceaneering International Inc (OII) exceeded the high end of their EBITDA guidance range, achieving their highest quarterly adjusted EBITDA since Q3 2015.
The Offshore Projects Group (OPG) led year-over-year improvements, contributing significantly to the second-quarter EBITDA outperformance.
Subsea Robotics (SSR) saw improved results with increased survey activity and higher average ROV revenue per day.
The company secured new contract awards across various segments, including a significant award for ROV services in Brazil, enhancing future demand visibility.
Oceaneering International Inc (OII) strengthened its capital structure by extending debt maturities and increasing the size of its credit facility, providing additional financial flexibility.

Negative

Integrity Management and Digital Solutions (IMDS) experienced a decrease in revenue and operating income due to lower activity levels and increased personnel-related costs.
Free cash flow decreased year-over-year, primarily due to the timing of project milestones, customer receipts, and vendor payments.
ROV utilization slightly decreased to 66% from 67% in the same period last year, with lower activity in the U.S. Gulf.
The backlog for manufactured products decreased to $445 million, reflecting the execution of previously awarded work.
AdTech's operating income margin declined to 12%, reflecting changes in program mix and timing in the Oceaneering Technologies (OTECH) business line.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

OII.N - Oceaneering International Inc
Q2 2026 Oceaneering International Inc Earnings Call
Jul 23, 2026 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to Oceanearings' second quarter 2026 earnings conference call. My name is Rob, 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 Frisby, Oceanearings' Senior Director of Investor Relations.

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Unidentified_2 [2]
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Thanks, Rob.

Good morning, and welcome to Oceaneering's second-quarter 2026 results conference call. Today's call is being webcast, and

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