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
Website
CEO
M. Kevin McEvoy
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
SEC CIK
Corporate docs
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
News
Barclays Maintains Overweight on Oceaneering International, Lowers Price Target to $15
2 Aug 22
This Healthcare Stock Tumbled 43%; Here Are 88 Biggest Movers From Yesterday
29 Jul 22
Oceaneering International: Q2 Earnings Insights
27 Jul 22
Oceaneering International Q2 EPS $0.07 Misses $0.12 Estimate, Sales $524.03M Beat $521.02M Estimate
27 Jul 22
Earnings Scheduled For July 27, 2022
27 Jul 22
Analyst ratings and price targets
Calendar
29 Jul 22
11 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Jun 22 | Mar 22 | Dec 21 | Sep 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
88.5% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 219 |
Opened positions | 40 |
Closed positions | 22 |
Increased positions | 77 |
Reduced positions | 71 |
13F shares | Current |
---|---|
Total value | 1.35B |
Total shares | 88.72M |
Total puts | 28K |
Total calls | 137.3K |
Total put/call ratio | 0.2 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 18.72M | $283.83M |
Vanguard | 11.39M | $172.7M |
FMR | 6.64M | $100.7M |
Van Eck Associates | 5.04M | $76.42M |
STT State Street | 4.63M | $70.16M |
Dimensional Fund Advisors | 3.6M | $54.59M |
MS Morgan Stanley | 2.15M | $32.61M |
Sourcerock | 1.84M | $27.91M |
Charles Schwab Investment Management | 1.78M | $26.97M |
Geode Capital Management | 1.71M | $25.86M |
Financial report summary
?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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Legalese | ||
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Readability |
H.S. freshman Good
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New words:
add, exact, healthy, judicial, led, mentioned, missed, past, restated, resurgence, wholly
Removed:
carryback, charter, comparable, continuing, Exclusive, impacted, return, swapped
Financial reports
Current reports
8-K
Oceaneering Reports Second Quarter 2022 Results
27 Jul 22
8-K
Submission of Matters to a Vote of Security Holders
31 May 22
8-K
Regulation FD Disclosure
17 May 22
8-K
Oceaneering Reports First Quarter 2022 Results
27 Apr 22
8-K
Oceaneering Announces $215 million Sustainability-Linked Revolving Credit Facility
12 Apr 22
8-K
Regulation FD Disclosure
21 Mar 22
8-K
Departure of Directors or Certain Officers
1 Mar 22
8-K
Oceaneering Reports Fourth Quarter and Full Year 2021 Results
24 Feb 22
8-K
Announces Fourth Quarter 2021 Contracts Exceeding $80 Million
6 Jan 22
8-K
Regulation FD Disclosure
20 Dec 21
Registration and prospectus
S-3ASR
Automatic shelf registration
24 Nov 21
S-8
Registration of securities for employees
15 May 20
424B5
Prospectus supplement for primary offering
1 Feb 18
FWP
Free writing prospectus
31 Jan 18
424B5
Prospectus supplement for primary offering
29 Jan 18
S-3ASR
Automatic shelf registration
29 Jan 18
S-8
Registration of securities for employees
4 May 17
424B5
Prospectus supplement for primary offering
18 Nov 14
424B5
Prospectus supplement for primary offering
17 Nov 14
FWP
Free writing prospectus
17 Nov 14
Other
SD
Conflict minerals disclosure
26 May 22
SD
Conflict minerals disclosure
28 May 21
SD
Conflict minerals disclosure
28 May 20
SD
Conflict minerals disclosure
28 May 19
SD
Conflict minerals disclosure
25 May 18
SD
Conflict minerals disclosure
29 May 17
SD
Conflict minerals disclosure
30 May 16
UPLOAD
Letter from SEC
25 Apr 16
CORRESP
Correspondence with SEC
14 Apr 16
UPLOAD
Letter from SEC
3 Apr 16
Ownership
4
OCEANEERING INTERNATIONAL / STEVEN A WEBSTER ownership change
23 Jun 22
11-K
Annual report of employee stock purchases
22 Jun 22
4
OCEANEERING INTERNATIONAL / Jon Erik Reinhardsen ownership change
1 Mar 22
4
OCEANEERING INTERNATIONAL / Kishore Sundararajan ownership change
1 Mar 22
4
OCEANEERING INTERNATIONAL / Shaun Roedel ownership change
1 Mar 22
4
OCEANEERING INTERNATIONAL / T JAY COLLINS ownership change
1 Mar 22
4
OCEANEERING INTERNATIONAL / Alan R Curtis ownership change
1 Mar 22
4
OCEANEERING INTERNATIONAL / Kavitha Velusamy ownership change
1 Mar 22
4
OCEANEERING INTERNATIONAL / Holly Kriendler ownership change
1 Mar 22
4
OCEANEERING INTERNATIONAL / MARTIN J MCDONALD ownership change
1 Mar 22
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.
Transcripts
2022 Q2
Earnings call transcript
28 Jul 22
2022 Q1
Earnings call transcript
30 Apr 22
2021 Q4
Earnings call transcript
25 Feb 22
2021 Q3
Earnings call transcript
28 Oct 21
2021 Q2
Earnings call transcript
29 Jul 21
2021 Q1
Earnings call transcript
30 Apr 21
2020 Q4
Earnings call transcript
25 Feb 21
2020 Q3
Earnings call transcript
29 Oct 20
2020 Q2
Earnings call transcript
1 Aug 20
2020 Q1
Earnings call transcript
14 May 20
Reddit threads
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