Oceaneering International reported second-quarter 2026 results with revenue of $768.2M and diluted EPS of $0.65, both up versus the year-ago quarter as improved project mix and execution supported higher profitability.
Financial Highlights
- Revenue was $768.2M, compared with $698.2M in the prior-year quarter; YoY change 10%.
- Net income was $65M, compared with $54.4M in the prior-year quarter; YoY change 19.4%.
- Diluted EPS was $0.65, compared with $0.54 in the prior-year quarter; YoY change 20.4%.
Business Highlights
- Energy revenue rose 10% sequentially, driven by gains in Subsea Robotics and ADTech while IMDS was softer due to conditions in the Middle East and West Africa.
- Oceaneering Production Group (OPG) benefited from favorable project mix and execution, boosting quarter profitability; Manufactured Products saw higher‑margin backlog conversion.
- The Subsea ROV fleet (about 250 ROVs) maintained roughly 66% quarterly utilization, though year‑to‑date utilization has declined because of shifts in U.S. Gulf activity.
- Seasonal U.S. Gulf patterns and increased survey activity supported stronger Subsea Robotics pricing; Manufactured Products book‑to‑bill improved to 0.88.
- Company continues to invest in assets and operations (ROV upgrades, mobility solutions); 2026 organic capital expenditure guidance remains $105–115M to support growth.
Original SEC Filing:
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