Slides
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1 Investor Presentation 2025 First Quarter NYSE: OII
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Contents Who We Are Results and Guidance Appendix and Disclaimers Non-GAAP Reconciliations 2
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Who We Are We are a global technology delivery company that adapts and applies proven technology that require high levels of uptime and utilization in harsh environments, including offshore, subsea, and space. We focus on markets where our capabilities and expertise in robotics, software, and automation match the challenges our customers need to solve. We generate approximately 70% – 75% of our revenue from energy markets; 15% – 20% of our revenue from aerospace and defense markets; and 5% –10% of our revenue from other industrial markets. We have generated positive free cash flow in 14 of the last 15 years, invested in growth opportunities, and reinstated a share repurchase program. We are Oceaneers. 3
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Overview of Operating Segments 4 For further details, see segment slides in Appendix. Aerospace and Defense Technologies (ADTech) delivers robotics, engineering services, and customized products principally for the U.S. Department of Defense and NASA. We utilize ADTech engineering and manufacturing and leverage technology and capabilities from SSR and OPG. Aerospace and Defense Technologies Integrity Management & Digital Solutions (IMDS) utilizes software, analytics, and services to establish optimized inspection and maintenance programs that promote the safety, efficiency, and cost effectiveness of our customers’ programs and assets. Integrity Management & Digital Solutions Manufactured Products (MP) combines our expertise in advanced technology product development, manufacturing, and project management into three product lines supporting energy and industrial customers: Energy Products: •Distribution Systems •Connection Systems Industrial Products: •Material Handling and People Mover Equipment Manufactured Products Offshore Projects Group (OPG) provides a broad portfolio of integrated subsea solutions for completions, construction, well intervention, and inspection, maintenance, and repair activities that enhance the efficiency and capability of our customers’ assets. Offshore Projects Group Subsea Robotics (SSR) merges our underwater robotics and automation capabilities through our Remotely Operated Vehicles (ROVs), Survey, and ROV Tooling businesses. Subsea Robotics
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Robotics Expertise Serves Multiple Markets •Automotive, Healthcare, Other Manufacturing and Intralogistics Applications, Airports, and Campuses •Offshore Oil and Gas, Renewables, Carbon Capture, and Deep-Sea Mining Manufactured Products •Material Handling Equipment •People Movers Integrity Management and Digital Solutions •Robotic Asset Inspection •Oil and Gas, Renewables, Refining, Petrochemical, and Utilities Facilities Aerospace and Defense Technologies •Unique Maritime and Specialized Harsh Environment Systems •Space-based Robotics and Automation •U.S. Government, U.S. Navy, International Defense •NASA, Defense Space, and Commercial Space Subsea Robotics and Offshore Projects Group •Remotely Operated Vehicles (ROVs) •Autonomous Underwater Vehicles (AUVs) Business Segments / Applications Markets / Potential Markets 5
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All phases of the Offshore Oilfield Life Cycle Energy Market Drivers 6 * Based on four energy segments as of December 31, 2024. (1) Installation and Workover Control Systems (2) ROV Workover Control Systems Decommissioning 3% Production 42% Development 51% Exploration 4% Phase % of Oceaneering Revenue* Field Abandonments and Facilities Removal and Cleanup Customer Opex Budgets and Subsea Trees in Service FIDs and Subsea Tree Installations FIDs and Working Floating Rigs Market Drivers and Key Market Indicators •ROV Services •Tooling •Subsea Work Systems (OPG) •IWOCS and RWOCS Services •ROV Services •AUV Services •Tooling •IWOCS and RWOCS Services •Subsea Hardware •Vessel-based Intervention Services (OPG) •Inspection Services •ROV Services •Survey •Tooling •IWOCS(1) and RWOCS(2) Services (OPG) •Subsea Hardware (MP) •Umbilicals (MP) •Vessel-based Installation Services (OPG) •Inspection Services (IMDS) •ROV Services (SSR) •Survey (SSR) •AUV Services (SSR) •Tooling (SSR) Business Segment and Product and Service Revenue Streams
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7 Aerospace and Defense Market Drivers Aerospace and Defense Technologies (ADTech)Business Segment U.S. and International Government Defense and Aerospace Agencies Commercial Space Companies Market Drivers and Key Market Indicators Oceaneering Technologies Design, construction, and operation of marine and specialized harsh environment systems. Marine Services Repair services for submarines and deep submergence systems. Design, repair, maintenance, modification, and installation of hull, mechanical, and electrical systems. Space Systems Turnkey design, development, manufacturing, certification, maintenance, testing, and sustaining engineering services for space-based robotics and automation, human space flight systems, and thermal protection systems. ADTech Product and Service Revenue Streams Oceaneering’s contracts with the U.S. Department of Defense are typically “cost-plus” contracts and are dependent on annual Congressional appropriations bills. The sensitive and confidential nature of our ADTech work limits our ability to provide detailed information.
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8 Industrial Products Market Drivers Manufactured Products (Industrial Products) Autonomous mobile robotic technology for industrial, manufacturing, healthcare, and warehousing markets Business Segment Autonomous Transport Systems Delivery vehicles for people and products Industrial Material Handling Equipment For efficiencies in collection, manufacturing, and distribution of raw materials and finished products. Market Drivers and Key Market Indicators Autonomous PeopleMover (APM) Long-lead product for airports, universities, corporate campuses, theme parks, etc. Material Handling Equipment Logistics solutions to load carriers traveling the floor of a facility, without an onboard operator. Autonomous Mobile Robot (AMR): •MaxMover (counterbalance forklift) •CompactMover (fork over leg) •UniMover (omnidirectional underride) Product and Service Revenue Streams
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9 Targeted Growth Businesses MOBILITY SOLUTIONS Achieve operational segment status based on projected market growth•Enable data-driven risk mitigation •Reduce total cost of asset ownership •Pull through of revenue for SSR and OPG DIGITAL ASSET MANAGEMENT Automate inspection, data collection, and analysis •Enable human interface in low gravity or high-pressure, harsh, and unknown environments •Continue to leverage our offshore energy robotics expertise to meet our government customer needs •Pull through of revenue for SSR and OPG April 2025 Department of Defense contract award is largest initial contract value in Oceaneering history Acquired Global Design Innovation Ltd. (GDi), a UK-based and United Kingdom Accreditation Service (UKAS)-certified provider of digital and software services •Autonomously transport people and goods safely at low cost •Orchestrate real-time fleet operations •Continue to advance boundaries of autonomous robotics features •Personalize customer experiences AEROSPACE and DEFENSE SOLUTIONS Increase robotic and autonomous offerings MOBILITY SOLUTIONS Achieve growth based on market CAGRs
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11 First Quarter 2025 Highlights Surpassed guidance and consensus estimates on strong performances in the Gulf of Mexico and West Africa. •Seasonally strong utilization of ROVs and OPG vessels. •ADTech awarded largest initial contract in Oceaneering’s history. •Share repurchases of approximately $10 million. 2024 Q12024 Q42025 Q1 $599M$713M$675MConsolidated Revenue 11%14%14%EBITDA Margin $10,009$10,786$10,788ROV Revenue per Day Utilized (average) 31%36%35%SSR EBITDA Margin 64%66%67%ROV Utilization $739M$531M$1.2BConsolidated Bookings $597M$604M$543MMfd Products Backlog $(95)M$95M$(107)MFree Cash Flow
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31% 30% 31% 0 51% 53% 58% 20% 20% 22% 8% 5% 16%24% 26% 19% 29% 31% 7%11% 10% 12% 4% 3% 5% 14% 14% 16% 8% 8% 14% 0% 20% 40% 60% 80% 100% 2025 Q1 2024 Q4 2024 Q1 2025 Q1 2024 Q4 2024 Q1 12 Adjusted Operating EBITDA percentages exclude Unallocated Expenses and the effects of certain specified items. For reconciliations of Adjusted Operating EBITDA to Operating Income for the periods presented, see the Non-GAAP Reconciliations slides. Results, Overview by Quarter Revenue Adjusted Operating EBITDA $674.5M $713.5M $599.1M $96.7M $101.5M $61.7M SSR Mfd Products OPG ADTech IMDS
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13 •Revenue and EBITDA expected to increase. •EBITDA projected to be in the range of $95 million to $105 million. Consolidated Results •Revenue and operating profitability forecasted to increase. •EBITDA margin projected to be in mid-30% range. Subsea Robotics •Revenue forecasted to be relatively flat. •Operating profitability expected to improve. Manufactured Products •Revenue forecasted to be relatively flat. •Operating profitability forecasted to improve significantly. Offshore Projects Group •Revenue forecasted to be relatively flat. •Operating profitability expected to improve. Integrity Management and Digital Solutions •Revenue forecasted to increase. •Operating profitability projected to improve significantly. Aerospace and Defense Technologies •Approximately $45 million.Unallocated Expenses Second Quarter 2025 Guidance Compared to Q2 2024 Consolidated Results relate to Consolidated Adjusted EBITDA. Segment Operating Results relate to segment Operating Income.
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14 Full-Year 2025 Guidance Compared to 2024 Results Consolidated Results relate to Consolidated Adjusted EBITDA. Segment Operating Results relate to segment Adjusted Operating Income. •Consolidated EBITDA forecasted in the range of $380 million to $430 million. Year over year improvement led by SSR, ADTech, and Manufactured Products. •Free cash flow forecasted in the range of $110 million to $130 million. •Capital expenditures projected in the range of $130 million to $140 million, inclusive of $15 million to $20 million for implementation of a new ERP system. Consolidated Results •Revenue growth forecasted in high single-digit percentage range. EBITDA margin expected in mid-30% range. •Expected improvements based on sustained pricing improvement in ROV, stable overall demand for ROV days utilized, and improved results from Survey business. Subsea Robotics •Revenue growth expected to drive improved operating margins and significantly improved operating results. Expected improvements primarily based on conversion of existing energy products backlog, growth in Grayloc connectors business, and improvements in non-energy product lines. •Book-to-bill ratio is expected in range of 0.9 to 1.0. Manufactured Products •Revenue projected to increase slightly, driving improved operating results. •Expectation based on improved vessel utilization in the Gulf of Mexico and West Africa and increased activity in Brazil and Asia Pacific. •Operating income margin expected in mid-teens primarily due increased higher margin intervention work. Offshore Projects Group •Revenue increase expected to drive significantly improved operating results, with growth in digital and engineering services. •Operating income margin expected in the mid-to high-single digit range. •Improved results expected to reflect positive impact of GDi acquisition and absence of 2024 losses from maritime intelligence division. Integrity Management and Digital Solutions •Revenue and operating results expected to be significantly higher. •Operating income margin expected in the low teens. •Anticipated growth in all three government-focused businesses, led by Oceaneering Technologies and including recovery in Space Systems. Improved results largely due to Department of Defense contract award. Aerospace and Defense Technologies •Average approximately $45 million per quarter.Unallocated Expenses
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Liquidity and Free Cash Flow 15 Liquidity Outlook for December 31, 2025Liquidity on March 31, 2025 •Cash and cash equivalents: $608 million to $628 million •$215 million unused commitment through senior secured revolving credit agreement, available through April 2027 •$500 million of unsecured senior notes due February 2028 (nearest maturity) •Cash and cash equivalents: $382 million •$215 million unused commitment through senior secured revolving credit agreement, available through April 2027 •$500 million of unsecured senior notes due February 2028 (nearest maturity) Cash Flow Forecast for year ending December 31, 2025: Cash Flow for year ending December 31, 2024: •Cash taxes: $110 million to $120 million•Cash taxes: $95 million •Cash flow provided by operating activity: $225 million to $250 million •Cash flow provided by operating activity: $203 million •Capital expenditures: $115 million to $120 million, exclusive of $15 million to $20 million for implementation of new ERP system included in cash flow from operations •Capital expenditures: $134 million, including $27 million for business acquisition •Free cash flow: $110 million to $130 million, minus cost of possible share repurchases •Free cash flow: $96 million For reconciliation of Free Cash Flow estimate to estimate of cash flow provided by operating activity, see the Non-GAAP Reconciliation slides.
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2025 Forecast for Growth in Revenue and Operating Profitability in all Operating Segments. Midpoint of 2025 EBITDA guidance implies >15% year-over-year growth. Continued focus on Growth: Developing solutions for existing energy markets and customers Advancing digital asset solutions Expanding presence in ADTech as a prime contractor and internationally Leveraging robotic technologies into new markets Market conditions support strong EBITDA and Free Cash Flow generation for the near term. Final Thoughts 16
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Subsea Robotics 18 Subsea Robotics (SSR) merges our underwater robotics and automation capabilities through our ROV, Survey, and ROV Tooling businesses. Remotely Operated Vehicles (ROV) Remotely operated, tethered submersible vehicles for drilling support, vessel-based services, and offshore wind, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair. ROV Tooling ROV skid-mounted tools to support well intervention, drilling, construction, field maintenance, and plugging and abandonment activities. Survey and Positioning Services Geoscience and Autonomous Underwater Vehicles (AUVs) and Survey Services for drilling rigs, pipeline lay and derrick barges, and dynamically positioned, multi‐purpose construction vessels during the placement and inspection of structures, templates, and platforms for the marine construction process, including offshore wind. Positioning Products and Services for a broad range of receiver options and subscription services, including receiver hardware, antennas, and marine monitoring software packages.
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Revenue and Adjusted EBITDA Margin 31% 36% 35% 0% 10% 20% 30% 40% $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 Margin Revenue (in millions) SSR ROV Revenue SSR Tooling/Survey SSR Adjusted EBITDA Margin 77% of SSR Revenue 19 For a reconciliation of this segment’s Adjusted EBITDA Margin to Operating Income, see the Non-GAAP Reconciliations slides. Subsea Robotics 78% of SSR Revenue 79% of SSR Revenue 77% of SSR Revenue 78% of SSR Revenue 76% of SSR Revenue 76% of SSR Revenue 78% of SSR Revenue 77% of SSR Revenue
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Subsea Robotics Days Utilized, Average Revenue per Day Utilized, and Utilization Rates 14,536 15,211 15,093 $10,009 $10,786 $10,788 5,000 7,500 10,000 12,500 15,000 17,500 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 Days Utilized ROV Days Utilized ROV Revenue / Day Utilized Average Revenue per Day Utilized 20 66% 64% 62% 34% 36% 38% 64% 66% 67% 0% 20% 40% 60% 80% 100% 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 Rate Drill Support % Vessel-based % ROV Fleet Utilization %
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ROV Drill Support Market Share: 60% on March 31, 2025 21 59% 59% 60% 0% 25% 50% 75% 100% 0 50 100 150 200 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 OII % of Floating Rigs Contracted Floating Rigs at Period End Contracted Floaters (Working) Contracted Floaters (Not Working) OII % of Contracted Floaters 60% 18% 22% Oceaneering Closest Competitor Other Competitors Sources: Rig data for Q2-Q4 2024 - Spinergie. Historical rig data - IHS Petrodata. Competitor market share data are OII internal estimates. Subsea Robotics
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ROV Fleet Location - 250 ROVs, March 31, 2025 22 0 20 40 60 80 100 Americas, excl Brazil Brazil Africa/MidEast Europe Norway Asia Pacific ROV Count In transit Vessel-based Drilling Support 70 42 48 26 38 26 Subsea Robotics
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Manufactured Products 23 Grayloc® Products Facilities Manufacturing Facilities Houston, Texas USA Houston, Texas USA Ontario Canada Panama City, Florida USA Aberdeen Scotland, UK Orlando, Florida USA Selangor Malaysia Niteroi Rio de Janeiro Brazil Rosyth Scotland, UK Utrecht The Netherlands Kristiansand Norway (Rotator) Luanda Angola Manufacturing sites for design, engineering, fabrication, manufacturing, and assembly, include testing facilities for design qualification and verification. Manufactured Products combines our expertise in advanced technology product development, manufacturing, and project management into three product lines supporting energy and industrial customers. Energy Products Distribution Systems Production control umbilicals supply electric and hydraulic power to subsea trees and inject chemicals into well streams. Connection Systems Connectors and valves for critical oil and gas systems, including production trees to umbilicals and flow lines (i.e., Grayloc® and Rotator); and Pipeline Connection & Repair Systems. Industrial Products Material Handling Equipment Autonomous logistics solutions to load carriers traveling the floor of a facility, without an onboard operator. PeopleMover Delivery vehicles for people and products.
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Manufactured Products $597 $604 $543 $129.5 $143.0 $135.0 1.30 0.97 0.90 0.00 0.40 0.80 1.20 1.60 2.00 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 $0 $150 $300 $450 $600 $750 Manufactured Products Book-to-Bill, ttm* Manufactured Products ($ in millions) Backlog Revenue Book-to-Bill, ttm* Backlog and Book-to-Bill 24 1.00 *”ttm” means trailing 12 months.
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Offshore Projects Group (OPG) provides a broad portfolio of integrated subsea solutions for completions, construction, well intervention, and inspection, maintenance, and repair activities that enhance the efficiency and capability of our customers’ assets. OPG solutions include: •Project management and engineering, •Subsea installation and intervention, •Inspection, maintenance, and repair (IMR) services, •IWOCS and RWOCS services, and •Large work packages, including riserless light well intervention (RLWI), hydrate remediation, and well stimulation. OPG project scopes are supported by our four owned vessels, chartered third-party vessels, and manned diving operations for special services. 25 Offshore Projects Group * For a reconciliation of this segment’s Adjusted EBITDA Margin to Operating Income, see the Supplemental Information slides. $489 $546 $0 2022 2023 2024F Revenue ($ in millions) EBITDA Margin* 16% 17%
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26 * Jones Act Vessel Oceaneering owned and chartered vessels Offshore Projects Group Forecasted Q2 Location Deepwater Multi-purpose Supply Vessels: Gulf of MexicoOwned Ocean Evolution* Global RegionsOwned Ocean Intervention* Gulf of MexicoCharteredBrandon Bordelon* Gulf of MexicoCharteredHarvey Blue Sea* Gulf of MexicoCharteredHarvey Deep Sea* Gulf of MexicoCharteredHarvey Intervention* North Sea/West AfricaCharteredIsland Frontier West AfricaCharteredNormand Superior Survey and Inspection Vessels: Gulf of MexicoOwned Ocean Intervention II* Gulf of Mexico Owned Ocean Project*
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27 Integrity Management & Digital Solutions * For a reconciliation of this segment’s Adjusted EBITDA Margin to Operating Income, see the Supplemental Information slides. Integrity Management & Digital Solutions (IMDS) utilizes software, analytics, and services to establish optimized inspection and maintenance programs that promote the safety, efficiency, and cost effectiveness of our customers’ programs and assets. Integrity Management IMDS delivers integrity services for energy customers throughout the lifecycle of their assets. We establish inspection and maintenance programs, plan and execute inspections, evaluate results, and report and make recommendations to facilitate customers’ decision-making. Through Global Design Innovation Ltd. (GDi), we provide a vision software solution that allows for remote assessment of external conditions, eliminating the necessity for frequent onsite physical inspections. These capabilities enable us to optimize the presence of personnel onsite and lead to cost savings and enhanced operational efficiency. Digital Solutions We supply software solutions that range from data collection, storage, organization, and reporting. We also deliver inspection, corrosion, vibration, coating, insulation, and maintenance management along with risk-based inspection planning.
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28 28 Aerospace and Defense Technologies * For a reconciliation of this segment’s Adjusted EBITDA Margin to Operating Income, see the Supplemental Information slides. Aerospace and Defense Technologies (ADTech) delivers robotics, engineering services, and customized products principally for the U.S. Department of Defense and NASA. We utilize ADTech engineering and manufacturing and leverage technology and capabilities from SSR and OPG. Oceaneering Technologies Through our Oceaneering Technologies business, ADTech designs, builds, and operates unique maritime and specialized harsh environment systems for government and commercial customers. Marine Services ADTech performs repair services for U.S. Navy submarines and deep submergence systems. These capabilities include design, repair, maintenance, modification, and installation of hull, mechanical, and electrical systems. Space Systems ADTech delivers turnkey design, development, manufacturing, certification, maintenance, testing, and sustaining engineering for space-based robotics and automation, human space flight systems, and thermal protection systems.
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2025 Q2F ($ in millions)2025 Q12024 Q42024 Q32024 Q22024 Q12023 Q4 $700 +$675 $713 $680 $669 $599 $655 Revenue $73 $78 $71 $60 $37 $47 Operating Income $78 $71 $60 $37 $47 Adjusted Operating Income ($19)($13)($27)($20)($17)($2)Taxes $50 $56 $41 $35 $15 $45 Net Income $95 - $105$98 $99 $99 $87 $64 $77 EBITDA 13% +14.5%13.8%14.5%13.0%10.7%11.8%EBITDA Margin $97 $102 $98 $86 $62 $75 Adjusted EBITDA 14.3%14.2%14.4%12.8%10.3%11.5%Adjusted EBITDA Margin $382 $498 $452 $383 $355 $462 Cash/cash equivalents ($28)($61)($25)($23)($26)($34)Capex ($81)$128 $92 $53 ($70)$153 Cash from Operations ($26)($34)($25)($23)($26)($34)Purchases, prop/equipment ($107)$95 $67 $30 ($95)$119 Free Cash Flow $483 $482 $481 $479 $478 $477 Long-term Debt $118 $2 $48 $117 $145 $38 Net Debt Consolidated Data by Quarter 29 Consolidated Results relate to Consolidated Adjusted EBITDA. Segment Operating Results relate to segment Operating Income. ($ in millions, except Share Price)
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2025F ($ in millions)202420232022202120202019 $2,800 - $2,900 $2,661 $2,425 $2,066 $1,869 $1,828 $2,048 Revenue $247 +$246 $181 $111 $40 ($446)($291)Operating Income $246 $181 $111 $72 $21 ($39)Adjusted Operating Income $(94) - $(105)($77)($64)($53)($44)$2 ($18)Taxes $160 - $190 $147 $97 $26 ($49)($497)($348)Net Income $348 $288 $233 $173 $71 ($34)EBITDA 13.1%11.9%11.3%9.3%3.9%(1.7)%EBITDA Margin $380 - $430$347 $289 $233 $211 $184 $165 Adjusted EBITDA 13.1% +13.0%11.9%11.3%11.3%10.1%8.0%Adjusted EBITDA Margin $498 $462 $569 $538 $452 $374 Cash /cash equivalents $(130) - $(140)($134)($101)($81)($50)($61)($148)Capex $225 - $250$203 $210 $121 $225 $137 $158 Cash from Operations $(115) - $(120)($107)($101)($81)($50)($61)($148)Purchases, prop/equipment $110 - $130$96 $109 $40 $175 $76 $10 Free Cash Flow $482 $477 $701 $702 $805 $797 Long-term Debt $2 $38 $131 $162 $348 $426 Net Debt Consolidated Data by Year 30 Consolidated Results relate to Consolidated Adjusted EBITDA. Segment Operating Results relate to segment Operating Income. ($ in millions, except Share Price)
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$10 $76 $175 $40 $109 $96 $0 $50 $100 $150 $200 2019 2020 2021 2022 2023 2024 2025F Operating Income (in millions) $165 $184 $211 $233 $289 $347 $0 $75 $150 $225 $300 $375 $450 2019 2020 2021 2022 2023 2024 2025F Revenue (in millions) $2,048 $1,828 $1,869 $2,066 $2,425 $2,661 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500Revenue (in millions) 31 For a reconciliation of Adjusted Operating Income and Adjusted EBITDA to Operating Income, see the Non-GAAP Reconciliation slides. ($39) $21 $72 $111 $181 $246 ($50) $0 $50 $100 $150 $200 $250 $300Operating Income (in millions) Consolidated Results, 2019 to 2025 Revenue Adjusted Operating Income Adjusted EBITDA Free Cash Flow $430 - $380 $130 - $110 Increase $2,900 - $2,800
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31% 31% 57% 53% 21% 20% 11% 11%22% 23% 20% 21%11% 11% 3% 4% 15% 15% 9% 11% 0% 20% 40% 60% 80% 100% 2024 2023 32 Adjusted Operating EBITDA percentages exclude Unallocated Expenses and the effects of certain specified items. For reconciliations of Adjusted Operating EBITDA to Operating Income for the periods presented, see the Non-GAAP Reconciliation slides. Results, Overview by Year $2.7B $2.4B $347M $289M 2024 2023 SSR Mfd Products OPG ADTech IMDS Revenue Adjusted Operating EBITDA
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58% 58% 53% 42% 42% 47% 79% 79% 81% 21% 21% 19% 85% 84% 83% 15% 16% 17% 0% 25% 50% 75% 100% 2024 2023 2022 2024 2023 2022 2024 2023 2022 Revenue Sources, Year over Year 33 Geographic Area Services and Products Industry Segments* *Manufactured Products includes the non-energy industrial products. $2.7B $2.4B $2.1B $2.7B $2.4B $2.1B $2.7B $2.4B $2.1B United States International Products Services Non-Energy Energy
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Disclaimers 34 Forward-Looking Statements This presentation contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. Forward-looking statements are generally accompanied by words such as “estimate,” “project,” “believe,” “expect,” “anticipate,” “could,” “should,” “would,” “target,“ “plan,” “forecast,” “budget,” “goal,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this presentation include statements about Oceaneering’s: full-year 2025 guidance ranges for net income, consolidated EBITDA (including implied year-over-year growth), free cash flow generation and uses, capital expenditures, cash and cash equivalents, taxes, operating segment revenues, operating results, operating profitability, segment activity levels, Unallocated Expenses, and expectations for improved financial performance and condition in 2025; second quarter 2025 guidance for consolidated revenue and EBITDA; second quarter 2025 guidance for revenue and profitability by operating segment, operating results, segment activity levels, and Unallocated Expenses; targeted growth businesses goals; expectations regarding increased costs and other effects of tariffs imposed by the U.S. government; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy, or significant (which is used herein to indicate a change of 20% or greater). The forward-looking statements in this presentation are based on Oceaneering’s current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; decisions about offshore developments to be made by offshore renewables companies; the use of subsea completions and our ability to capture associated market share; factors affecting the level of activity in our government businesses, including decisions on spending and funding by the U.S. Government; factors affecting our ability to achieve our growth expectations for our mobile robotics technology products; general economic and business conditions and industry trend and uncertainty, including the ongoing transition to alternative sources of energy to reduce worldwide emissions of carbon dioxide and other “greenhouse gases,” the effects of inflation and future monetary policies and actions of the Federal Reserve; the strength of the industry segments in which we are involved; cancellations of contracts, change orders, and other contractual modifications, and the resulting adjustments to our backlog; collections from our customers; the availability and increased costs of chartered vessels; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; our ability to comply with covenants in our credit agreements and other debt instruments and the availability, terms and deployment of capital; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with other laws and governmental regulations, including those relating to the environment (including pollution and climate change); the continued changes in data privacy and security laws, regulations, and standards; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; the risks associated with the use of complex information technology systems, including cybersecurity risks and the risks associated with failures to protect data privacy in accordance with applicable legal requirements and contractual provisions binding upon us; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement. Non-GAAP Information This presentation includes several “non-GAAP” financial measures, as defined under Regulation G promulgated under the U.S. Securities Exchange Act of 1934, as amended. Oceaneering reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”) but believes that certain non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of its ongoing operations and are useful for period-over-period comparisons of those operations. The non-GAAP measures in this presentation include EBITDA, Adjusted EBITDA, Adjusted Operating EBITDA, and Free Cash Flow. These non-GAAP financial measures should be considered as supplemental to, and not as substitutes for or superior to, the financial measures prepared in accordance with GAAP. The definitions of these non-GAAP financial measures and reconciliations to the most comparable GAAP measures are provided in the section of this presentation titled Supplemental Information. Market and Industry Data This presentation includes market and industry data and certain other statistical information based on third-party sources, including independent industry publications, government publications and other published independent sources, as content and figures provided by IHS Petrodata, and Spinergie. Although we believe these third-party sources are reliable as of the dates of their respective use, we have not independently verified the accuracy or completeness of this information. Some data is also based on our own good faith estimates, which are supported by our management's knowledge of and experience in the markets and business in which we operate.
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High EstimateLow Estimate For the 3-Month Period Ended 30-Jun-2531-Mar-2431-Dec-2431-Mar-25 (in millions)(in millions) $ 72.0$ 63.0Income(Loss) before income taxes$ 15.1$ 56.1$ 50.4Net Income (Loss) 26.025.0Depreciation & Amortization27.125.124.4Depreciation & Amortization $ 98.0$ 88.0Subtotal$ 42.2$ 81.2$ 74.8Subtotal 7.0 7.0Interest Expense/Income, Net6.26.35.4Interest Expense/Income, Net -1.5-1.5-1.5Amortization incl'd in Interest, Net 17.012.719.0Income Tax Expense $ 63.9$ 98.7$ 97.7EBITDA $ 105.0$ 95.0Adjusted EBITDA$ 61.70 $ 101.5$ 96.7Adjusted EBITDA* Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a non-GAAP financial measure. Oceaneering’s management uses EBITDA because we believe that this measurement is a widely accepted financial indicator used by investors and analysts to analyze and compare companies on the basis of operating performance, and that this measurement may be used by some investors and others to make investment decisions. You should not consider EBITDA in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles (GAAP) or as a measure of profitability or liquidity. EBITDA calculations by one company may not be comparable to EBITDA calculations made by another company. The following tables provide reconciliations between net income (loss) (a GAAP financial measure) and EBITDA (a non-GAAP financial measure) for Oceaneering’s historical and projected results on a consolidated basis for the periods indicated. Net Income (Loss) Reconciliation to EBITDA 36 For reconciliations of EBITDA to Adjusted EBITDA for the periods presented, see the schedules that follow.
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High EstimateLow Estimate Dec 31, 2025 (in millions) $ 295.0$ 254.0Income(Loss) before income taxes 105.0100.0Depreciation & Amortization $ 400.0$ 354.0Subtotal 30.026.0Interest Expense/Income, Net $ 430.0$ 380.0Adjusted EBITDA Net Income (Loss) Reconciliation to EBITDA (continued) 37 Dec 31, 2023Dec 31, 2024For the 12-Month Period Ended (in millions) $ 97.4 $ 147.5 Net Income (Loss) 105.0103.4Depreciation & Amortization $ 202.4$ 250.9Subtotal 21.125.8Interest Expense/Income, Net 0.6(6.1)Amortization incl'd in Interest, Net 63.677.5Income Tax Expense $ 287.7$ 348.1EBITDA $ 289.0$ 347.2Adjusted EBITDA* For reconciliations of EBITDA to Adjusted EBITDA for the periods presented, see the schedules that follow.
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38 Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA Adjusted EBITDA excludes the effects of certain specified items, as set forth in the tables that follow. Adjusted Operating EBITDA is Adjusted EBITDA before Unallocated Expenses. We believe these are useful measurements for investors to review because they provide consistent measures of the underlying results of our ongoing business by individual business segment and on a consolidated basis. Furthermore, our management uses these measurements as measures of performance of our operations. Adjusted EBITDA and Adjusted Operating EBITDA are non-GAAP financial measures. The following tables provide reconciliations between operating income (loss) (a GAAP financial measure) and Adjusted EBITDA and Adjusted Operating EBITDA (non-GAAP financial measures) for Oceaneering’s historical results on a consolidated basis and by segment for the periods indicated. Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 3-Month Period Ended March 31, 2025 ($ in thousands) $ 73,472$ (44,620)$ 10,665$ 3,462$ 35,666$ 8,667$ 59,632 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 24,4482,8108331,7304,6892,65011,736Depreciation and amortization (219)(219)—————Other pre-tax 97,701(42,029)11,4985,19240,35511,31771,368EBITDA Adjustments for the effects of: (1,050)(1,050)—————Foreign currency (gains) losses (1,050)(1,050)—————Total of adjustments $ 96,651$ (43,079)$ 11,498$ 5,192$ 40,355$ 11,317$ 71,368Adjusted EBITDA $ 674,523$ 97,151$ 71,418$ 164,941$ 135,037$ 205,976Revenue 11%11%5%22%6%29% Operating income (loss) % as reported in accordance with GAAP 14%12%7%24%8%35%EBITDA Margin 14%12%7%24%8%35%Adjusted EBITDA Margin
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39 Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 3-Month Period Ended December 31, 2024 ($ in thousands) $ 77,880$ (41,077)$ 9,930$ 2,025$ 39,313$ 4,163$ 63,526 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 25,1422,7617051,6155,0332,97912,049Depreciation and amortization (4,275)(4,275)—————Other pre-tax 98,747(42,591)10,6353,64044,3467,14275,575EBITDA Adjustments for the effects of: 2,7892,789—————Foreign currency (gains) losses 2,7892,789—————Total of adjustments $ 101,536$ (39,802)$ 10,635$ 3,640$ 44,346$ 7,142$ 75,575Adjusted EBITDA $ 713,450$ 98,813$ 75,062$ 184,386$ 142,999$ 212,190Revenue 11%10%3%21%3%30% Operating income (loss) % as reported in accordance with GAAP 14%11%5%24%5%36%EBITDA Margin 14%11%5%24%5%36%Adjusted EBITDA Margin Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued)
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Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 3-Month Period Ended March 31, 2024 ($ in thousands) $ 36,693$ (38,001)$ 12,808$ 3,615$ 844$ 13,190$ 44,237 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 27,0582,7766031,2596,4353,17512,810Depreciation and amortization 170170—————Other pre-tax 63,921(35,055)13,4114,8747,27916,36557,047EBITDA Adjustments for the effects of: (2,197)(2,197)—————Foreign currency (gains) losses (2,197)(2,197)—————Total of adjustments $ 61,724$ (37,252)$ 13,411$ 4,874$ 7,279$ 16,365$ 57,047Adjusted EBITDA $ 599,092$ 97,963$ 69,690$ 115,054$ 129,453$ 186,932Revenue 6%13%5%1%10%24% Operating income (loss) % as reported in accordance with GAAP 11%14%7%6%13%31%EBITDA Margin 10%14%7%6%13%31%Adjusted EBITDA Margin 40 Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued)
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41 Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 3-Month Period Ended December 31, 2023 ($ in thousands) $ 47,450$ (37,949)$ 11,010$ 3,205$ 15,155$ 5,435$ 50,594 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 25,4976956199026,9213,09613,264Depreciation and amortization 4,4694,469—————Other pre-tax 77,416(32,785)11,6294,10722,0768,53163,858EBITDA Adjustments for the effects of: (2,275)(2,275)—————Foreign currency (gains) losses (2,275)(2,275)—————Total of adjustments $ 75,141$ (35,060)$ 11,629$ 4,107$ 22,076$ 8,531$ 63,858Adjusted EBITDA $ 654,629$ 94,914$ 65,977$ 161,239$ 132,994$ 199,505Revenue 7%12%5%9%4%25% Operating income (loss) % as reported in accordance with GAAP 12%12%6%14%6%32%EBITDA Margin 11%12%6%14%6%32%Adjusted EBITDA Margin Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued)
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42 Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 12-Month Period Ended December 31, 2024 ($ in thousands) $ 246,270$ (157,668)$ 42,201$ 9,827$ 73,699$ 43,000$ 235,211 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 103,44310,9792,6206,02522,45112,45248,916Depreciation and amortization (1,636)(1,636)—————Other pre-tax 348,077(148,325)44,82115,85296,15055,452284,127EBITDA Adjustments for the effects of: (866)(866)—————Foreign currency (gains) losses (866)(866)—————Total of adjustments $ 347,211$ (149,191)$ 44,821$ 15,852$ 96,150$ 55,452$ 284,127Adjusted EBITDA $ 2,661,161$ 392,936$ 291,866$ 591,037$ 555,500$ 829,822Revenue 9%11%3%12%8%28% Operating income (loss) % as reported in accordance with GAAP 13%11%5%16%10%34%EBITDA Margin 13%11%5%16%10%34%Adjusted EBITDA Margin
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43 Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 12-Month Period Ended December 31, 2023 ($ in thousands) $ 181,328$ (151,438)$ 45,003$ 13,373$ 64,546$ 35,551$ 174,293 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 104,9604,3072,5043,60827,95612,22054,365Depreciation and amortization 1,3991,399—————Other pre-tax 287,687(145,732)47,50716,98192,50247,771228,658EBITDA Adjustments for the effects of: 1,3591,359—————Foreign currency (gains) losses 1,3591,359—————Total of adjustments $ 289,046$ (144,373)$ 47,507$ 16,981$ 92,502$ 47,771$ 228,658Adjusted EBITDA $ 2,424,706$ 376,845$ 255,282$ 546,366$ 493,692$ 752,521Revenue 7%12%5%12%7%23% Operating income (loss) % as reported in accordance with GAAP 12%13%7%17%10%30%EBITDA Margin 12%13%7%17%10%30%Adjusted EBITDA Margin
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44 Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 12-Month Period Ended December 31, 2022 ($ in thousands) $ 110,863$ (127,402)$ 44,168$ 14,901$ 49,256$ 11,692$118,248 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 120,9695,3272,8534,59928,56011,94667,684Depreciation and amortization 802802—————Other pre-tax 232,634(121,273)47,02119,50077,81623,638185,932EBITDA Adjustments for the effects of: 44—————Foreign currency (gains) losses 44—————Total of adjustments $ 232,638$ (121,269)$ 47,021$ 19,500$ 77,816$ 23,638$185,932Adjusted EBITDA $2,066,084$ 342,601$ 229,884$489,317$382,361$621,921Revenue 5%13%6%10%3%19% Operating income (loss) % as reported in accordance with GAAP 11%14%8%16%6%30%EBITDA Margin 11%14%8%16%6%30%Adjusted EBITDA Margin Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued)
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45 Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 12-Month Period Ended December 31, 2021 ($ in thousands) $ 39,799$ (131,960)$ 60,992$ 18,572$ 31,197$(15,876)$ 76,874 Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 139,7231,6594,7834,42028,17312,78887,900Depreciation and amortization (6,225)(6,225)—————Other pre-tax 173,297(136,526)65,77522,99259,370(3,088)164,774EBITDA Adjustments for the effects of: 29,549————29,549—Provision for Evergrande losses, net 1,4151,415—————Loss on sale of asset 1,308—10217149537395Restructuring expenses and other 5,0325,032—————Foreign currency (gains) losses 37,3046,4471021714930,086395Total of adjustments $210,601$ (130,079)$ 65,785$ 23,209$ 59,519$ 26,998$165,169Adjusted EBITDA $1,869,275$ 366,995$ 241,393$378,121$344,251$538,515Revenue 2%17%8%8%(5)%14% Operating income (loss) % as reported in accordance with GAAP 9%18%10%16%(1)%31%EBITDA Margin 11%18%10%16%8%31%Adjusted EBITDA Margin Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued)
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Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 12-month Period Ended December 31, 2020 ($ in thousands) (446,079)$(120,677)$56,023$(121,675)$(105,680)$(88,253)$(65,817)$ Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 528,8954,3272,666127,221115,28866,772212,621Depreciation and amortization (11,362)(11,362)—————Other pre-tax 71,454(127,712)58,6895,5469,608(21,481)146,804EBITDA Adjustments for the effects of: 70,445——5458,82661,074—Long-lived assets impairments 7,038—————7,038Inventory write-downs 21,2104555724,2728,5902,2665,055 Restructuring expenses and other 14,14014,140—————Foreign currency (gains) losses 112,83314,5955724,81717,41663,34012,093Total of adjustments 184,287$(113,117)$59,261$10,363$27,024$41,859$158,897$Adjusted EBITDA 1,827,889$341,073$226,938$289,127$477,419$493,332$Revenue (24)%16%(54)%(37)%(18)%(13)% Operating income (loss) % as reported in accordance with GAAP 4%17%2%3%(4)%30%EBITDA Margin 10%17%5%9%9%32%Adjusted EBITDA Margin 46 Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued)
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Total Unallocated Expenses and otherADTechIMDSOPGMPSSR For the 12-month Period Ended December 31, 2019* ($ in thousands) (290,713)$(128,104)$42,574$(52,527)$(170,013)$5,730$11,627$ Operating Income (Loss) as reported in accordance with GAAP Adjustments for the effects of: 263,4274,7602,64437,16058,04420,732140,087Depreciation and amortization (6,635)(6,635)—————Other pre-tax (33,921)(129,979)45,218(15,367)(111,969)26,462151,714EBITDA Adjustments for the effects of: 159,353——16,738142,615——Long-lived assets impairments 21,285—2557192,7712,10715,433Inventory write-downs 11,751561023,0823,5267574,228 Restructuring expenses and other 6,3206,320—————Foreign currency (gains) losses 198,7096,37635720,539148,9122,86419,661Total of adjustments 164,788$(123,603)$45,575$5,172$36,943$29,326$171,375$Adjusted EBITDA 2,048,124$319,070$266,086$380,966$498,350$583,652$Revenue (14)%13%(20)%(45)%1%2% Operating income (loss) % as reported in accordance with GAAP (2)%14%(6)%(29)%5%26%EBITDA Margin 8%14%2%10%6%29%Adjusted EBITDA Margin 47* Recast to reflect segment changes. Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued)
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Free Cash Flow 48 Free Cash Flow (FCF) is a non-GAAP financial measure. FCF represents cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). Oceaneering's management believes that this is an important measure because it represents funds available to reduce debt and pursue opportunities that enhance shareholder value, such as making acquisitions and returning cash to shareholders through share repurchases or dividends. For the Year Ending Dec 31, 2025 For the Year Ended For 3-Month Period Ended High EstimateLow EstimateDec 31, 2024Mar 31, 2025 (in thousands)(in thousands)(in thousands) $ 190,000$ 160,000$ 147,468$ 50,377Net Income (loss) Non-cash adjustments: 105,000100,000103,44324,448Depreciation and amortization 3,29114,429Other non-cash (45,000)(35,000)(50,988)(169,972) Other increases (decreases) in cash from operating activities 250,000225,000203,214(80,718) Cash flow provided by (used in) operating activities (120,000)(115,000)(107,136)(26,088)Purchases of property/equipment $ 130,000$ 110,000$ 96,078$ (106,806)Free Cash Flow
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Free Cash Flow (continued) 49 For the Year Ended For the Year Ended For the Year Ended For the Year Ended For the Year Ended Dec 31, 2019Dec 31, 2020Dec 31, 2021Dec 31, 2022Dec 31, 2023 (in thousands) $ (348,444)$ (496,751)$ (49,307)$ 25,941$ 97,403Net Income (loss) Non-cash adjustments: 263,427528,895139,723120,969104,960 Depreciation and amortization, including goodwill impairment 159,35370,445−−− Long-lived assets impairments 16,4369,04735,2268,542(13,370)Other non-cash 66,79725,01199,672 (34,569)20,962 Other increases (decreases) in cash from operating activities 157,569136,647225,314120,883209,955 Cash flow provided by (used in) operating activities (147,684)(60,687)(50,199)(81,043)(100,726)Purchases of property/equipment $ 9,885$ 75,960$ 175,115$ 39,840$ 109,229Free Cash Flow
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Total Unallocated ExpensesADTechIMDSOPGMPSSR ($ in thousands) $ 110,863$ (127,402)$ 44,168$ 14,901$ 49,256$ 11,692$118,248 Operating Income (Loss) as reported in accordance w/ GAAP $ 110,863$ (127,402)$ 44,168$ 14,901$ 49,256$ 11,692$118,248Adjusted Operating Income (Loss) $ 2,066,084$ 342,601$ 229,884$489,317$382,361$621,921Revenue 5%13%6%10%3%19% Operating income (loss) % as reported in accordance w/ GAAP 5%13%6%10%3%19% Operating income (loss) % using adjusted amounts 50 For the 12-Month Period Ended December 31, 2022 Operating Income (Loss) Reconciliation to Adjusted Operating Income Adjusted Operating Income (Loss) excludes the effects of certain specified items, as set forth in the tables that follow. We believe Adjusted Operating Income (Loss) is a useful measurement for investors to review because it provides a consistent measure of the underlying results of our ongoing business by individual business segment and on a consolidated basis. Furthermore, our management uses Adjusted Operating Income (Loss) to measure the performance of our operations. Adjusted Operating Income (Loss) and the Adjusted Operating Income (Loss) percentages set forth below are non-GAAP financial measures. The following tables provide reconciliations between Operating Income (Loss) (a GAAP financial measure) and Adjusted Operating Income (Loss) and the associated percentages (non- GAAP financial measures) for Oceaneering’s historical results on a consolidated basis and by segment for the periods indicated.
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Total Unallocated ExpensesADTechIMDSOPGMPSSR ($ in thousands) $ 39,799$ (131,960)$ 60,992$ 18,572$31,197$(15,876)$ 76,874 Operating Income (Loss) as reported in accordance w/ GAAP Adjustments for the effects of: 29,549————29,549—Provision for Evergrande losses,net 1,4151,415—————Loss on sale of asset 1,308—10217149537395Restructuring expenses and other 32,2721,4151021714930,086395Total of adjustments $ 72,071$ (130,545)$ 61,002$ 18,789$31,346$ 14,210$ 77,269Adjusted Operating Income (Loss) $1,869,275$ 366,995$ 241,393$378,121$344,251$538,515Revenue 2%17%8%8%(5)%14% Operating income (loss) % as reported in accordance w/ GAAP 4%17%8%8%4%14% Operating income (loss) % using adjusted amounts 51 For the 12-Month Period Ended December 31, 2021 Operating Income (Loss) Reconciliation to Adjusted Operating Income (continued)
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Total Unallocated ExpensesADTechIMDSOPGMPSSR ($ in thousands) (446,079)$(120,677)$56,023$(121,675)$(105,680)$(88,253)$(65,817)$ Operating Income (Loss) as reported in accordance w/ GAAP Adjustments for the effects of: 70,445——5458,82661,074—Long-lived assets impairments 24,142——17016,644—7,328Long-lived assets write-offs 7,038—————7,038Inventory write-downs 343,880——123,21466,28552,263102,118Goodwill impairment 21,2104555724,2728,5902,2665,055Restructuring expenses and other 466,715455572128,201100,345115,603121,539Total of adjustments 20,636$(120,222)$56,595$6,526$(5,335)$27,350$55,722$Adjusted Operating Income (Loss) 1,827,889$341,073$226,938$289,127$477,419$493,332$Revenue (24)%%16%(54)%(37)%(18)%(13) Operating income (loss) % as reported in accordance w/ GAAP 1%%17%3%(2)%6%11 Operating income (loss)% using adjusted amounts 52 For the 12-Month Period Ended December 31, 2020 Operating Income (Loss) Reconciliation to Adjusted Operating Income (continued)
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For the 12-Month Period Ended December 31, 2019* TotalUnallocated ExpensesADTechIMDSOPGMPSSR ($ in thousands) (290,713)$(128,104)$42,574 $(52,527)$(170,013)$5,730 $11,627$ Operating Income (Loss) as reported in accordance w/ GAAP Adjustments for the effects of: 159,353——16,738142,615——Long-lived assets impairments 44,653——14,10818,72348211,340Long-lived assets write-offs 21,285—2557192,7712,10715,433Inventory write-downs 14,713——14,713———Goodwill impairment 11,751561023,0823,5267574,228Restructuring expenses and other 251,7555635749,360167,6353,34631,001Total of adjustments (38,958)$(128,048)$42,931$(3,167)$(2,378)$9,076 $42,628$Adjusted Operating Income (Loss) 2,048,124$319,070$266,086$380,966$498,350 $583,652$Revenue (14)%13%(20)%(45)%1%2% Operating income (loss) % as reported in accordance w/ GAAP (2)%13%(1)%(1)%2%7% Operating income (loss)% using adjusted amounts 53 Operating Income (Loss) Reconciliation to Adjusted Operating Income (continued) * Recast to reflect segment changes.
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54 Investor Relations Contact Hilary Frisbie Senior Director, Investor Relations 713.329.4755 InvestorRelations@oceaneering.com NYSE: OII