Oceaneering International, Inc. (OII) SEC Filings & Earnings Calls

Backlog decline in Manufactured Products

“Our Manufactured Products backlog was $435 million as of September 30, 2026 compared to $568 million as of September 30, 2025, with the decrease reflecting the timing of awards.” · word for word

Middle East conflict impact on IMDS

“Our IMDS segment, which was partially impacted by the ongoing Middle East conflict”

ADTech contract dispute accrual

“In the first quarter of 2026, we recorded $6.8 million in expense and recognized related current and long‑term liabilities based on the proposed repayment schedule.” · word for word

Book-to-bill ratio below 1.0 (0.77) in Manufactured Products may signal near-term revenue headwind.

“The book-to-bill ratio was 0.77 for the 12-month period ending on September 30, 2026.” · word for word

Net income declined 26% YoY despite revenue growth, indicating higher costs or non-operating charges.

“Net income attributable to Oceaneering decreased 26% to $52.6 million.” · word for word

Q4 2026 EBITDA guidance ($85-95M) implies sequential decline from Q3 ($119M), reflecting typical seasonality and project mix.

“Q4 2026 EBITDA expected in the range of $85 million to $95 million.”

Middle East Conflict Impact

“IMDS segment 'was partially impacted by the ongoing Middle East conflict' and 'operating results for the six-month period ended June 30, 2026... were lower... primarily due to lower activity levels... primarily in West Africa and the Middle East.'”

Backlog Decline

“Manufactured Products backlog decreased 14% YoY to $445M, reflecting timing of awards.”

IMDS segment facing headwinds from Middle East conflict and lower West Africa activity, with guidance for significant operating income decline.

“IMDS revenue decreased by 6% on lower volume in West Africa; IMDS operating income expected to decrease significantly with margin in low-single-digit percentage range”

Manufactured Products book-to-bill ratio below 1.0 at 0.88, indicating backlog may not fully replace revenue.

“Book-to-bill ratio was 0.88 for the 12-month period ending on June 30, 2026” · word for word

Increased leverage from new debt; notes are unsecured but effectively junior to secured revolver.

“The 2034 Notes are Oceaneering’s general unsecured obligations... Secured debt (including obligations with respect to Oceaneering’s senior secured revolving credit facility) will be effectively senior to the 2034 Notes.”

Increased leverage from new debt issuance, though proceeds used to retire existing notes.

“Item 1.01: Use of proceeds to fund purchase of 2028 Notes and general corporate purposes.”

Debt refinancing may indicate balance sheet management; tender offer conditioned on completion of debt financing.

“The tender offer is conditioned upon the satisfaction or waiver of certain conditions, including Oceaneering’s completion of one or more debt financing transactions on terms satisfactory to it.” · word for word

Middle East Conflict Impact

“our Integrity Management & Digital Solutions (IMDS) segment, which was impacted by the conflict in the Middle East.” · word for word

Tariff Risk

“increased costs and other effects of tariffs imposed by the United States (U.S.) government, and any effects on trading relationships among the U.S. and other countries” · word for word

Contract Dispute Liability

“recorded $6.8 million in expense and recognized related current and long-term liabilities based on the proposed repayment schedule” · word for word

Middle East conflict impacting IMDS segment volumes and growth expectations.

“IMDS... was impacted by the Middle East conflict... Activity in the Middle East, which was expected to grow, was flat in the first quarter due to the recent conflict.”

Contract dispute resolution in ADTech negatively impacted operating income and margins.

“ADTech operating income decreased 24% to $8.1 million and margin declined to 6% due to an accrual associated with the aforementioned resolution of a contract dispute.”

Decline in ROV fleet utilization from 67% to 61% impacting SSR margins.

“This was primarily attributable to a decline in ROV fleet utilization from 67% to 61%.” · word for word

Negative free cash flow of $(76.5) million in Q1.

“Free cash flow was $(76.5) million.” · word for word

Oil & Gas Demand Cyclicality

“Today, we generate the majority of our revenue from the oil and gas sector, so we carefully and continually study the impact and timing of energy transition on our business.” · word for word

Energy Transition Disruption

“Our outlook, and pace of increasing industry diversification, depends largely on the ongoing demand for oil and natural gas products and services.” · word for word

No material risk; standard executive compensation arrangements.

“No financial terms disclosed; management contracts or compensatory plans.”

Oil Market Oversupply Risk

“We expect 2026 financial results to reflect a global oil market that remains oversupplied through the early part of the year.” · word for word

Backlog Decline

“Manufactured Products backlog decreased 15% to $511M; book-to-bill ratio 0.84.”

ROV Utilization Decline

“ROV utilization decreased from 67% to 65% due to lower market activity.”

Energy market activity expected to be lower in early 2026, with improvement in H2.

“First quarter 2026 revenue expected to be lower; EBITDA guidance $80-90M vs Q1 2025.”

OPG segment volatility from project mix; Q4 2024 had unusually high international projects.

“OPG operating income -62% on -29% revenue; 'unusually high level of international intervention and installation projects in the prior year.'”