The following is a summary of the Oceaneering International, Inc. (OII) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Oceaneering International reported Q2 2024 net income of $35 million or $0.34 per share on revenue of $669 million.

• Adjusted net income was $28.6 million or $0.28 per share, including impacts from foreign exchange gains and discrete tax expenses.

• Consolidated operating income up 23% year-over-year, and revenue up 12%.

• Adjusted EBITDA for Q2 2024 was $85.9 million, aligning with guidance and consensus estimates.

Business Progress:

• Remotely Operated Vehicles (ROV) average revenue per day utilized increased by 16% to $10,528, contributing to Subsea Robotics (SSR) EBITDA margins in the mid-30% range.

• Consolidated bookings exceeded $1 billion, led by the energy sector, with a manufactured products backlog at $713 million, providing visibility into 2026 and 2027.

• Notable operational improvements in SSR and Manufactured Products segments, with ROV fleet utilization stable and participation in 60% of floating rigs under contract.

Opportunities:

• Continued strong quotation activity in both Energy and Aerospace and Defense Technologies sectors suggests robust business prospects.

• Anticipation of sustained high activity levels in offshore businesses, and potential growth in energy markets and long-term non-energy sectors.

Risks:

• Potential impacts anticipated from lower ADTech results and the ongoing contractual dispute affecting the Space Systems business.

More details: Oceaneering International IR

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