Slides
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© 2026 Oceaneering International, Inc. All rights reserved. NYSE: OII Gabelli 32nd Annual Aerospace & Defense Symposium September 10, 2026 Rod Larson President and CEO
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Who We Are A global technology delivery company providing innovative solutions in high-consequence environments, backed by 60 years of subsea expertise. Strategically focused on growth in robotics, software, and automation, delivering what our customers need, where they need it. Recognized for solving complex challenges in dynamic environments while improving safety, reliability, and efficiency. Revenue by Market Energy Markets Other Industrial Markets Defense and Aerospace Markets 70%-75% 15%-20% 5%-10% 31% 20%22% 17% 10% 2025 Revenue by Segment SSR MP OPG ADTech IMDS 2025 Revenue by Operating Area USA International 45% 55% SSR - Subsea Robotics; MP - Manufactured Products; OPG - Offshore Projects Group; IMDS - Integrity Management and Digital Solutions; ADTech - Aerospace and Defense Technologies
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Subsea Robotics (SSR) Subsea robotics and automation services delivered through our fleet of Remotely Operated Vehicles (ROVs), Autonomous Underwater Vehicles (AUVs), and other surface and subsea autonomous vehicles. Solutions also include Survey services and ROV Tooling. Offshore Projects Group (OPG) Integrated subsea solutions primarily for offshore energy, supporting construction, well intervention, and IMR (inspection, maintenance, and repair) activities that enhance asset efficiency and operational capability. Manufactured Products (MP) Advanced technology product development, manufacturing, and project management supporting energy and non-energy customers. Products include subsea umbilicals and hardware, specialty connectors, autonomous material handling vehicles, and people movers. Integrity Management & Digital Solutions (IMDS) Software, analytics, and services that enable optimized inspection and maintenance programs, enhancing operational and asset safety, efficiency, and cost effectiveness. For further details, see segment slides in Appendix. Commercial Operating Segments
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Magnum® Plus 3000M & 4000M Millennium® Plus 3000M & 4000M NEXXUS 3000M eNovus 3000M Liberty 1000M Isurus 3000M Freedom 6000M O-Surveyor 3000M & 6000M ~ 12,000 Employees ~ 120 Nationalities ~ 50 Countries Worked In 99% ROV Uptime 59,000+ ROV Days Utilized 449,000+ ROV Dive Hours 600,000+ Kilometers Surveyed to Date Data based on full-year 2025 results for work-class ROV systems Total of 250 work class systems worldwide Recognized Global Services and Dual-Use Technologies A Worldwide Leader in Subsea Robotics Services
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For further details, see segment slides in Appendix. Advanced technology services and precision manufacturing delivered to U.S. defense and space customers for over 40 years, leveraging technology and capabilities from Oceaneering’s commercial businesses. ADTech business lines: Oceaneering Technologies (OTECH): Field-tested commercial-based technologies and mature processes in engineering, maintenance, logistics, and operations. Expertise in ROVs, AUVs, subsea habitats, and submarine rescue, as well as critical underwater infrastructure protection and monitoring services. Marine Services Division (MSD): Supports submarine readiness through maintenance of critical SUBSAFE and Deep Submergence systems, and new component manufacturing for Virginia and Columbia class submarines. Oceaneering Space Systems (OSS): Spaceflight solutions from initial concept development through flight certification. Expertise in thermal protection systems, spaceflight-certified hardware and softgoods, and real-time support of astronaut training and on-orbit operations. Aerospace and Defense Technologies (ADTech)
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Onshore Remote Operations Centers (OROC) for live monitoring and multi-vehicle coordination. Capabilities: Remote Operations | Autonomy & Automation | Software | Data Analytics | Fleet Management | Residency Remote Operations*Submarine Rescue Solutions Specialized systems and services for time- critical submarine rescue missions. Capabilities: Marine Operations | Fleet Maintenance & Repair | Fleet Management | Engineering Emerging platform integrating autonomous vehicles, subsea hubs, and real-time intelligence. Capabilities: Remote Operations | Residency | Autonomy & Automation | Software | Data & Analytics | Fleet Management Critical Infrastructure Protection*Marine Services Lifecycle support for U.S. Navy submarines, dry deck shelters, and deep submergence systems. Capabilities: Precision Manufacturing | Engineering Thermal protection, spaceflight-certified hardware and softgoods, and on-orbit support. Capabilities: Precision Manufacturing | Autonomy & Automation | Software | Data & Analytics | Engineering Spaceflight SolutionsAUV/Resident Technology Autonomous subsea vehicles and resident docking systems for long-duration missions. Capabilities: Autonomy & Automation | Software | Data & Analytics | Residency * Future of Defense Key Programs Built on Shared Capabilities
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2025 Results 2026 Guidance Revenue Operating Income Net Income Adjusted EBITDA* $2.8B $305M $354M* $401M $2.8B-$3.0B $295M-$326M $184M-$203M $400M-$440M Liquidity And Credit Ratings $345 million Unused commitment through senior secured revolving credit agreement, available through July 2031 $629 million Cash and cash equivalents as of June 30, 2026 Moody’s: Ba2 S&P Global: BB We have generated positive free cash flow in 9 of the last 10 years, invested in growth opportunities, and reinstated a share repurchase program *This amount includes the release of valuation allowances totaling approximately $154 million. $500 million of unsecured senior notes due in 2034 *Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and Free Cash Flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the following tables in Oceaneering’s Second Quarter 2026 investor presentation: • For 2025 results, see the tables titled Net Income (Loss) Reconciliation to EBITDA (continued) and Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) found on pages 35, and 48, respectively. • For 2026 guidance, see the table titled Net Income (Loss) Reconciliation to EBITDA (continued) found on pages 35. The presentation can be found at https://investors.oceaneering.com/presentations-webcasts/default.aspx. Financial Snapshot
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Disclaimers 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 2026 guidance ranges for revenue, net income, operating income, consolidated EBITDA (including implied year-over-year growth), free cash flow generation and uses; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, ROV uptime, outlook, performance, and opportunities, 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, customer contract disputes, change orders, and other contractual modifications, force majeure declaration, and the exercise of contractual suspension rights 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 data privacy and security laws, regulations, and standards; 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 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 Adjusted 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 Oceaneering’s Second Quarter 2026 investor presentation, available at https://investors.oceaneering.com/presentations-webcasts/default.aspx. In particular: for 2025 results, see the tables titled Net Income (Loss) Reconciliation to EBITDA (continued) and Operating Income (Loss) Reconciliation to Adjusted EBITDA and Adjusted Operating EBITDA (continued) found on pages 35 and 48, respectively; and for 2026 guidance, see the table titled Net Income (Loss) Reconciliation to EBITDA (continued) found on page 35.