Oceaneering reported stronger second-quarter 2026 results, with revenue of $768.2 million and operating income of $88.2 million, up 10% and 11% respectively versus Q2 2025. Net income attributable to Oceaneering rose to $65.0 million and adjusted EBITDA was $115.0 million. The company reiterated segment momentum across Offshore Projects, Subsea Robotics and ADTech while noting IMDS faced regional impacts.

Financial Highlights

  • Revenue: $768,184 thousand for the three months ended June 30, 2026 (10% increase vs Q2 2025).
  • Gross margin: $156,982 thousand (gross margin figure reported; gross profit and margin presented as disclosed).
  • Operating income: $88,237 thousand for the quarter (11% increase vs Q2 2025).
  • Net income attributable to Oceaneering: $65,015 thousand for the quarter (19% increase vs Q2 2025).
  • Adjusted EBITDA (non-GAAP): $114,512 thousand for the quarter; consolidated adjusted EBITDA guidance updated to $400 million–$440 million for full-year 2026.

Business Highlights

  • Subsea Robotics (SSR): Revenue increased to $232.0 million; operating income $66.3 million with ROV revenue per day utilized improving and ongoing survey activity as Ocean Intervention II began operations.
  • Manufactured Products: Revenue up modestly to $149.0 million; operating income rose and margin expanded driven by stronger umbilicals performance and mobility solutions; backlog at quarter-end $445 million.
  • Offshore Projects Group (OPG): Revenue rose 22% to $182.8 million, with operating income improving to $30.0 million due to favorable project mix, including additional international installation and intervention work.
  • Integrity Management & Digital Solutions (IMDS): Revenue declined (to $70.8 million) with operating income down materially, impacted by lower activity and cost absorption in West Africa and the Middle East and increased personnel-related costs.
  • Aerospace and Defense Technologies (ADTech): Revenue increased 22% to $133.5 million; operating income modestly improved while margin was affected by program cost mix and timing.
  • Liquidity and capital structure actions: Company initiated refinancing transactions including issuance of $500 million of senior notes due 2034, a tender offer for 2028 notes, and an amendment increasing the revolving credit facility to $345 million and extending maturity to July 2031.

Original SEC Filing:

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