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Oceaneering International (OII)

Oceaneering International, Inc. is a global provider of engineered services and products to the offshore oil and gas industry. The Company offers services and products in remotely operated vehicles, mobile offshore production systems, engineering and product management, manned diving, and other deep water applications. Oceaneering also serves the defense and aerospace industries.

Company profile

Ticker
OII
Exchange
CEO
M. Kevin McEvoy
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Oceaneering Angola, S.A. • Oceaneering Australia • Marine Production Systems Do Brasil Ltda. • Grayloc Products Canada Ltd. • Marine Production Systems, Ltd. • Oceaneering Canada Limited • Oceaneering International Holdings LLC • Oceaneering Mobile Workforce LLC • Solus Ocean Systems, Inc. • Oceaneering Equatorial Guinea S.A.R.L. ...
IRS number
952628227

OII stock data

Analyst ratings and price targets

Last 3 months

Calendar

29 Jul 22
11 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 368.41M 368.41M 368.41M 368.41M 368.41M 368.41M
Cash burn (monthly) 23.2M 7.31M (no burn) (no burn) 14.66M (no burn)
Cash used (since last report) 32.62M 10.27M n/a n/a 20.61M n/a
Cash remaining 335.79M 358.14M n/a n/a 347.8M n/a
Runway (months of cash) 14.5 49.0 n/a n/a 23.7 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Jun 22 Webster Steven A Common Stock Buy Acquire P No No 8.7221 25,000 218.05K 99,208
28 Feb 22 David K Lawrence Common Stock Payment of exercise Dispose F No No 14.14 3,902 55.17K 133,654
28 Feb 22 Alan R Curtis Common Stock Payment of exercise Dispose F No No 14.14 10,503 148.51K 173,429
25 Feb 22 David K Lawrence Common Stock Grant Acquire A No No 0 21,645 0 137,556
25 Feb 22 T Jay Collins Common Stock Grant Acquire A No No 0 17,677 0 66,780
25 Feb 22 Alan R Curtis Common Stock Grant Acquire A No No 0 33,889 0 183,932
25 Feb 22 Kavitha Velusamy Common Stock Grant Acquire A No No 0 11,905 0 29,292
88.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 219 201 +9.0%
Opened positions 40 30 +33.3%
Closed positions 22 24 -8.3%
Increased positions 77 68 +13.2%
Reduced positions 71 69 +2.9%
13F shares Current Prev Q Change
Total value 1.35B 984.86M +36.8%
Total shares 88.72M 87.06M +1.9%
Total puts 28K 16.2K +72.8%
Total calls 137.3K 127.7K +7.5%
Total put/call ratio 0.2 0.1 +60.8%
Largest owners Shares Value Change
BLK Blackrock 18.72M $283.83M -0.5%
Vanguard 11.39M $172.7M +1.3%
FMR 6.64M $100.7M +6.5%
Van Eck Associates 5.04M $76.42M +7.8%
STT State Street 4.63M $70.16M +9.4%
Dimensional Fund Advisors 3.6M $54.59M +5.6%
MS Morgan Stanley 2.15M $32.61M +4.9%
Sourcerock 1.84M $27.91M -44.2%
Charles Schwab Investment Management 1.78M $26.97M +2.8%
Geode Capital Management 1.71M $25.86M -6.2%
Largest transactions Shares Bought/sold Change
Sourcerock 1.84M -1.46M -44.2%
Norges Bank 0 -1.02M EXIT
Cramer Rosenthal MCGLYNN 940.91K +940.91K NEW
Millennium Management 47.54K -763.09K -94.1%
Southpoint Capital Advisors 745.05K +745.05K NEW
Boothbay Fund Management 654.93K -689.57K -51.3%
Renaissance Technologies 264.2K -598.5K -69.4%
GS Goldman Sachs 756.02K +411.56K +119.5%
FMR 6.64M +405.15K +6.5%
STT State Street 4.63M +397.41K +9.4%

Financial report summary

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Risks
  • Business and Operational Risks
  • We derive most of our revenue from companies in the offshore oil and gas industry, a historically cyclical industry with levels of activity that are significantly affected by the levels and volatility of oil and gas prices.
  • The impacts and effects of the ongoing COVID-19 pandemic have adversely affected, and could continue to adversely affect, our business, financial condition and results of operations.
  • Our international operations involve additional risks not associated with domestic operations.
  • Our backlog is subject to unexpected adjustments and cancellations and is, therefore, an uncertain indicator of our future revenue and earnings.
  • Our offshore oilfield operations involve a variety of operating hazards and risks that could cause losses.
  • Legal and Regulatory Risks
  • Climate change, climate change legislation and regulatory initiatives and the ongoing “energy transition” could result in increased operating costs and capital expenditures and decreased demand for the services and products of our Energy Services business.
  • Our operations could be adversely impacted by the effects of new regulations.
  • Employee, agent or partner misconduct or our overall failure to comply with laws or regulations could weaken our ability to win contracts, which could result in reduced revenue and profits.
  • Laws and governmental regulations may add to our costs or adversely affect our operations.
  • Environmental laws and regulations can increase our costs, and our failure to comply with those laws and regulations can expose us to significant liabilities.
  • Foreign exchange risks and fluctuations may affect our profitability on certain projects.
  • Maintaining adequate letter of credit and bonding capacity is necessary for us to successfully bid on and win various contracts.
  • Significant inflation and higher interest rates could adversely affect our business and financial condition.
  • Changes in the method of determining the U.S. Dollar London Interbank Offered Rate (“LIBOR”), or the replacement of LIBOR with an alternative reference rate, may adversely affect interest rates and increase our cost of capital.
  • A global financial crisis could impact our business and financial condition in ways that we currently cannot predict.
  • Strategic Risks Related to our Business
  • Our business strategy contemplates future acquisitions. Acquisitions of other businesses or assets present various risks and uncertainties.
  • Our business strategy also includes development and commercialization of new technologies to support our growth. The development and commercialization of new technologies require capital investment and involve various risks and uncertainties.
  • The loss of the services of one or more of our key personnel, or our failure to attract, assimilate and retain trained personnel in the future, could disrupt our operations and result in loss of revenue.
  • We may not be able to compete successfully against current and future competitors.
  • Risks Related to Intellectual Property, Information Technology and Data Privacy
  • We rely on intellectual property law and confidentiality agreements to protect our intellectual property. We also rely on intellectual property we license from third parties. Our failure to protect our intellectual property rights, or our inability to obtain or renew licenses to use intellectual property of third parties, could adversely affect our business.
  • Our information technology systems are subject to interruption and cybersecurity risks that could adversely impact our operations.
  • Changes in data privacy laws, regulations and standards may cause our business to suffer.
  • Risks Related to our Organization and Structure
  • We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.
  • Provisions in our corporate documents and Delaware law could delay or prevent a change in control of our company, even if that change would be beneficial to our shareholders.
  • Our internal controls may not be sufficient to achieve all stated goals and objectives.
  • The use of estimates could result in future adjustments to our assets, liabilities and results of operations.
Management Discussion
  • We operate in five business segments. Our segments are contained within two businesses—services and products provided primarily to the oil and gas industry, and to a lesser extent, the offshore renewables industry (“Energy Services and Products”), and services and products provided to non-energy industries (ADTech). Our four business segments within the Energy Services and Products business are Subsea Robotics, Manufactured Products, OPG and Integrity Management & Digital Solutions (“IMDS”). We report our ADTech business as one segment. Our Unallocated Expenses are those not associated with a specific business segment.
  • We generate a material amount of our consolidated revenue from contracts for services in the U.S. Gulf of Mexico in our OPG segment, which is usually more active in the second and third quarters, as compared to the rest of the year. The European operations of our IMDS segment are also seasonally more active in the second and third quarters. Revenue in our Subsea Robotics segment is subject to seasonal variations in demand, with our first quarter generally being the low quarter of the year. The level of our Subsea Robotics seasonality depends on the number of Remotely Operated Vehicles (“ROVs”) we have engaged in vessel-based subsea infrastructure inspection, maintenance, repair and installation, which is more seasonal than drilling support. Revenue in each of our Manufactured Products and ADTech segments generally has not been seasonal.
  • We had operating income in the three- and six-month periods ended June 30, 2022 of $23 million and $22 million, respectively, and $23 million and $37 million, respectively, in the corresponding periods of the prior year. Included in our operating income (losses) for the three- and six-month periods ended June 30, 2021 were charges of $1.4 million and $2.7 million for loss on sale of an asset and other costs we recognized as we adapted our geographic footprint and staffing levels to the conditions of the markets we serve. There were no such charges of a similar nature during the three- and six-month periods ended June 30, 2022. Charges included in the three- and six-month periods ended June 30, 2021 are summarized as follows:

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Good
New words: add, exact, healthy, judicial, led, mentioned, missed, past, restated, resurgence, wholly
Removed: carryback, charter, comparable, continuing, Exclusive, impacted, return, swapped

Patents

Utility
Versatile flying lead (VFL) termhead system
2 Aug 22
A versatile flying lead (VHL) termination head system comprises an underwater vehicle interface, an interface plate, a termination frame, and an adjuster, disposed proximate the termination frame's connection end, which is configured to provide a configurable declination angle which sets a hang-off angle of a device connected to the interface plate with respect to the underwater vehicle interface.
Utility
Automated guided vehicle and method of use
21 Jun 22
A storage system comprises one or more automated guided vehicles, one or more centralized supervisory systems, one or more parts container storage spaces disposed within a defined two dimensional space comprising one or more addressable parts container spaces and parts bins which comprise a part identifier and which are configured to fit at least partially within the parts container storage space.
Utility
Electro oxidation membrane evaporator
21 Jun 22
Electro oxidation membrane evaporator 1 comprises sweep air handler 60; fluid tank 20 defining a fluid container; fluid contactor/separator 30; oxidation cell 40; and scrubber 80.
Utility
Subsea Flowline Blockage Remediation Using External Heating Device
14 Apr 22
External heating assembly 1 is usable to heat subsea flowline 100 and remediate a blockage in subsea flowline 100 and comprises a predetermined set of heaters 10; one or more conductive layers 20 configured to uniformly distribute heat over an exterior of subsea flowline 100; one or more insulating layers 30 adapted to shield subsea flowline 100, the predetermined set of heaters 10, and conductive layers 20 from ambient seawater temperature; an anchor; and a strength member.
Utility
Methods for subsea vehicles supervised control
5 Apr 22
Multiple systems and methods for providing supervised control of subsea vehicles for offshore asset management as well as supplemental autonomous control behaviors are described herein.