Oceaneering International Stock Earnings Reports

Oceaneering reported Q1 2026 revenue of $692 million (up ~3% YoY) and adjusted EBITDA of $83.7 million (down 13% YoY). Net income was $36.0 million, or $0.36 per share (down 28% YoY). The quarter featured very strong commercial momentum: about $1.0 billion of order intake (one of the largest since 2020), including ~$300 million of SSR awards (some extending to 2031) and ~ $175 million of AdTech contract awards/exercises. Segment highlights: SSR revenue rose but utilization was softer (61% in Q1) and margins pressured by lower utilization and geographic mix; management expects utilization to rebound into mid-60% for the year and SSR EBITDA margins in the mid-30% range. Manufactured Products revenue improved and operating income benefited from higher‑margin backlog (backlog $492 million). OPG normalized from a record prior-year quarter; IMDS was down on lower West Africa/Australia activity and an exit from a low-margin contract. AdTech showed significant year-over-year revenue growth (Q1 revenue $131 million) but included a $5.5 million accrual to resolve a contract dispute. The company introduced the Momentum next‑generation electric work‑class ROV and is progressing autonomous Freedom units and Ocean Intervention II utilization (multiple survey contracts). Management stated the Middle East conflict has caused intermittent operational disruption, but so far only a modest consolidated financial impact, with IMDS most exposed. Liquidity remains strong with $607 million cash and $822 million total liquidity; free cash flow was negative $76.5 million (improved vs. prior year). No share repurchases in Q1 due to market volatility; buybacks remain opportunistic. Guidance was reaffirmed: full‑year revenue growth low‑ to mid‑single digits and EBITDA $390–$440 million; Q2 EBITDA expected $100–$110 million. Key risks to watch: Middle East developments, regional/geographic mix impacts on margins, timing of ROV utilization recovery, and backlog timing in Manufacture Products.