Oceaneering International Inc

Latest Results (20.05.2026):

Oceaneering International Inc reported results for the first quarter of 2026 (Q1 2026). Consolidated revenue was $692 million (+3% year-over-year) while operating income fell to $57.8 million (-21%) and net income declined to $36.1 million (-28%). Adjusted EBITDA was $83.7 million (-13%). Operating cash flow was negative $(59.1) million and free cash flow was $(76.5) million; quarter-end cash and cash equivalents were $607 million (vs. $382 million a year earlier).

Revenue and profitability

Q1 2026 revenue totaled $692.4M (+3% vs Q1 2025). Despite revenue growth, operating income declined to $57.8M and adjusted EBITDA fell to $83.7M, driven in part by a charge related to the resolution of an ADTech contract dispute.

Cash flow and liquidity

Cash used in operating activities was $(59.1)M and free cash flow was $(76.5)M for Q1 2026. Cash and cash equivalents at quarter-end were $607M, up materially from $382M at Q1 2025.

Segment — Subsea Robotics (SSR)

SSR revenue rose to $214.3M, but operating income decreased 7% to $55.5M and EBITDA margin declined to 32%. ROV utilization fell to 61% (from 67%), while ROV revenue per day utilized increased to $12,401.

Segment — Manufactured Products

Manufactured Products revenue increased ~6% to $143.6M and operating income improved to $26.1M (18% margin). Backlog was $492M and the 12‑month book‑to‑bill was 0.91.

Segment — Offshore Projects Group (OPG)

OPG revenue declined 18% to $135.4M with operating income of $18.3M (14% margin), reflecting more typical seasonality compared with an unusually strong Q1 2025.

Segment — Integrity Management & Digital Solutions (IMDS)

IMDS revenue fell 5% to $67.9M and operating income decreased by $4.5M, impacted by lower volumes in West Africa and Australia and flat Middle East activity due to the recent conflict.

Segment — Aerospace & Defense Technologies (ADTech)

ADTech revenue increased 35% to $131.2M (driven by a large 2025 contract and higher submarine work), but operating income dropped 24% to $8.1M because of an accrual tied to the contract dispute resolution.

Commercial wins and outlook

Oceaneering reported roughly $1 billion of total orders in Q1 2026, including >$300M in SSR awards (ROV contracts extending into 2031) and $175M in ADTech awards. The company reiterated full-year 2026 consolidated adjusted EBITDA guidance of $390M–$440M and Q2 2026 EBITDA guidance of $100M–$110M; it expects ADTech to be the primary growth driver and anticipates offshore activity improvement in H2.

Corporate items

Unallocated corporate expenses were $49.3M (+10%). No share repurchases were executed during Q1 2026. Management noted adjusted EBITDA would have been at the upper end of guidance excluding the ADTech dispute resolution item.