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Here are 1-2 brief analogies to describe Oceaneering International (OII):

• It's like General Electric (GE), but entirely focused on providing advanced robotics, specialized equipment, and engineering services for complex industrial operations underwater, especially for deep-sea energy.
• Imagine Bechtel or Fluor Corporation, but their specialty is engineering, constructing, and maintaining complex infrastructure projects underwater, primarily for the energy industry.

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• Remotely Operated Vehicle (ROV) Services: Provides subsea inspection, maintenance, repair, and construction support using a fleet of ROVs for offshore energy and other marine industries.
• Subsea Products: Manufactures and supplies engineered products including umbilicals, subsea hardware, and connection systems for various offshore applications.
• Asset Integrity Management: Offers inspection, integrity management, and specialized repair solutions to maintain the safety and efficiency of offshore and onshore assets.
• Well Intervention Services: Delivers specialized services and tooling for subsea well control, intervention, and abandonment operations.
• Advanced Technologies: Develops and provides robotic systems, material handling solutions, and specialized engineering for non-energy sectors such as defense, entertainment, and aerospace.

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Oceaneering International (OII) Major Customers

Oceaneering International (OII) primarily sells engineered services and products to other companies, operating in various sectors, most notably the offshore energy industry, but also defense, aerospace, and entertainment.

According to OII's public filings (e.g., Form 10-K), no single customer accounted for more than 10% of its consolidated revenues in recent years. This indicates a diversified customer base rather than reliance on a few major clients. However, OII serves distinct categories of companies. Below are the primary customer categories, along with examples of public companies that typically operate within these segments and would be prospective or actual clients for Oceaneering's offerings:

• Integrated Oil and Gas Companies: These are global energy companies involved in all aspects of the oil and gas industry, from exploration and production to refining and marketing.
  • ExxonMobil (XOM)
  • Chevron (CVX)
  • Shell plc (SHEL)
  • BP p.l.c. (BP)
• Independent Oil and Gas Companies: Firms primarily focused on the exploration and production of oil and natural gas.
  • ConocoPhillips (COP)
  • Hess Corporation (HES)
  • Apache Corporation (APA)
• National Oil Companies (NOCs): While many are state-owned and not publicly traded, some operate as publicly listed entities.
  • Petrobras (PBR)
  • Equinor ASA (EQNR)
• Offshore Drilling Contractors: Companies that own and operate mobile offshore drilling units (MODUs) and other drilling equipment.
  • Valaris plc (VAL)
  • Transocean Ltd. (RIG)
  • Noble Corporation plc (NE)
• Engineering and Construction Contractors / Other Oilfield Service Companies: Firms involved in the design, construction, and maintenance of offshore infrastructure, or providing specialized services for the oil and gas industry.
  • TechnipFMC plc (FTI)
  • SLB (SLB)
  • Halliburton Company (HAL)
• Defense Contractors / Government Agencies: Companies and governmental bodies involved in defense, particularly for naval and marine applications.
  • Lockheed Martin Corporation (LMT)
  • Huntington Ingalls Industries, Inc. (HII)
• Entertainment Companies: Operators of theme parks and entertainment venues that utilize advanced animatronics and ride systems.
  • The Walt Disney Company (DIS)
  • Comcast Corporation (CMCSA) (parent company of Universal Parks & Resorts)

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Roderick A. Larson, President and Chief Executive Officer

Mr. Larson has served as President and Chief Executive Officer of Oceaneering International, Inc. since May 2017. He joined Oceaneering in May 2012 as Senior Vice President and Chief Operating Officer, becoming President in February 2015. Prior to joining Oceaneering, Mr. Larson spent over 20 years at Baker Hughes Incorporated, where he held various leadership positions, including President, Latin America Region from 2011 to 2012, and Vice President of Operations, Gulf of Mexico Region from 2009 to 2011. He holds a Master of Business Administration from Rice University and a Bachelor of Science degree in Electrical and Electronic Engineering from North Dakota State University. Mr. Larson currently serves on the boards of Oceaneering and Newpark Resources, and is also involved with the American Petroleum Institute and the National Ocean Industries Association.

Alan R. Curtis, Senior Vice President and Chief Financial Officer

Mr. Curtis has served as Senior Vice President and Chief Financial Officer of Oceaneering International, Inc. since August 2015. He joined Oceaneering in 1995 as a Financial Controller and subsequently held the role of Senior Vice President of Operations Support from December 2014 to August 2015. Mr. Curtis is a Certified Public Accountant in Texas and earned a Bachelor's Degree in Accounting from Texas A&I University. Mr. Curtis is scheduled to retire on January 1, 2026.

Michael W. Sumruld, Senior Vice President, Finance (Incoming Chief Financial Officer)

Mr. Sumruld is expected to join Oceaneering on September 1, 2025, as Senior Vice President of Finance and is slated to succeed Alan R. Curtis as Chief Financial Officer on January 1, 2026. Most recently, he served as Senior Vice President and CFO for Parker Drilling Company from October 2017 until its sale to Nabors Industries Ltd. in March 2025. His career also includes positions at LyondellBasell Industries N.V. and Baker Hughes Incorporated. Mr. Sumruld is a certified public accountant and holds a bachelor's degree in accounting from the University of Houston and a Master of Business Administration from Texas A&M University.

M. Kevin McEvoy, Chairman of the Board

Mr. McEvoy became Chairman of the Board in 2023. He served as Chief Executive Officer of Oceaneering from 2011 to 2017 and as President from 2011 to 2015. His tenure with Oceaneering began in 1979 with Solus Ocean Systems, Inc., which Oceaneering acquired in 1984. Throughout his career at Oceaneering, he held various senior management roles, including Senior Vice President, Western Region (2000), Executive Vice President (2006), and Chief Operating Officer (2010).

Benjamin M. Laura, Chief Operating Officer and Senior Vice President

Mr. Laura has served as the Chief Operating Officer and Senior Vice President of Oceaneering International, Inc. since January 1, 2025. Prior to this role, he was the Chief Innovation Officer and Senior Vice President, and held Senior Vice President positions in the Offshore Projects Group and Service and Rental. Mr. Laura's experience also includes serving as Vice-President for Baker Hughes and Managing Director for Baker Hughes do Brasil.

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Key Business Risks for Oceaneering International (OII)

1. Dependence on the Offshore Oil and Gas Industry and Commodity Price Volatility: Oceaneering International's financial performance is highly sensitive to global economic conditions and fluctuations in oil and gas prices. Lower oil prices directly reduce capital expenditure by exploration and production (E&P) companies, which in turn decreases demand for Oceaneering's services and products. This cyclical nature of the energy sector creates significant revenue and profitability uncertainty for the company.
2. Intense Industry Competition: The markets in which Oceaneering operates are highly competitive. This competition can lead to decreased revenues, reduced market share, and impaired profitability due to pressure on contract pricing and project volumes.
3. Regulatory Changes and Geopolitical Instability: Oceaneering is exposed to risks stemming from changes in environmental and safety regulations, which can increase compliance costs and limit operational flexibility. Furthermore, geopolitical events, conflicts, and economic uncertainties in key markets can disrupt operations, create market instability, and impact the company's financial results.

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The increasing adoption of advanced autonomous underwater vehicles (AUVs) and uncrewed surface vessels (USVs) for subsea inspection, survey, and data acquisition represents a clear emerging threat. Companies specializing in these highly automated solutions offer significantly lower operational costs, reduced carbon footprints, and minimal personnel exposure compared to Oceaneering's traditional work-class remotely operated vehicle (ROV) operations that typically require a large, crewed support vessel. This shift towards more efficient and autonomous subsea operations could erode demand for Oceaneering's established ROV services market as clients increasingly prioritize cost efficiency and environmental impact.

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Oceaneering International (OII) - Addressable Market Sizes for Main Products and Services

• Remotely Operated Vehicles (ROVs) / Subsea Robotics:

  • The global Remotely Operated Vehicle (ROV) market was valued at approximately USD 2.89 billion in 2024 and is projected to reach USD 7.14 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 12% during the forecast period.
  • Another estimate places the global ROV market at USD 1.9 billion in 2025, anticipated to expand to USD 3.9 billion by 2035 with a CAGR of 7.3%.
  • The broader global underwater robotics market, which includes ROVs and AUVs, was valued at USD 4.7 billion in 2024 and is expected to reach USD 11.9 billion by 2033, exhibiting a CAGR of 10.26% during 2025-2033.

• Subsea & Offshore Services:

  • The global subsea and offshore services market was valued at USD 15.56 billion in 2024 and is projected to reach USD 27.97 billion by 2034, growing at a CAGR of 6.04% from 2025 to 2034.
  • Another report indicated the global subsea & offshore services market size was approximately USD 12 billion in 2023 and is projected to reach around USD 20 billion by 2032, with a CAGR of 6.5%.

• Asset Integrity Management (AIM) & Nondestructive Testing (NDT):

  • The global asset integrity management market size was valued at USD 23.98 billion in 2024. This market is projected to grow from USD 25.28 billion in 2025 to USD 38.31 billion by 2032, exhibiting a CAGR of 6.12%.
  • Another source states the global asset integrity management market size was estimated at USD 24.70 billion in 2024 and is predicted to reach approximately USD 40.23 billion by 2034, with a CAGR of 5% between 2024 and 2034.

• Commercial Diving Services:

  • The global commercial diving services market size is expected to grow from USD 5.80 billion in 2023 to USD 10.58 billion by 2033, at a CAGR of 6.20%.
  • Another estimate projects the global commercial diving services market size at USD 2.35 billion in 2025, anticipated to grow to almost USD 5.78 billion by 2034, reflecting a CAGR of 10.5% for the period.

• Subsea Hardware/Manufactured Products (General Subsea Systems):

  • The global subsea systems market size is estimated at USD 21.04 billion in 2025 and is expected to reach USD 28.13 billion by 2030, at a CAGR of 5.98%.

• Offshore Wind Energy (Market Oceaneering serves with various products and services):

  • The global offshore wind energy market size reached USD 14.6 billion in 2024 and is expected to reach USD 41.7 billion by 2033, exhibiting a CAGR of 12.38% during 2025-2033.
  • Other reports indicate the global offshore wind market size was estimated at USD 39.97 billion in 2024 and is projected to reach USD 65.04 billion by 2030.

• Aerospace and Defense Technologies: null

• Mobile Robotics/Entertainment Systems: null

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Oceaneering International (OII) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and strong market performance across key segments. These drivers include the significant expansion of its Aerospace and Defense Technologies (ADTech) segment, continued robust performance and diversification of its Subsea Robotics (SSR) segment, strategic market diversification into renewable energy, enhancement of digital solutions through acquisitions, and targeted geographical expansion.

Here are 5 expected drivers of future revenue growth for Oceaneering International:

1. Aerospace and Defense Technologies (ADTech) Segment Growth: Oceaneering expects significant growth in its ADTech segment, driven by securing major contracts, such as a multi-year contract with the U.S. Department of Defense to design and build a maritime mobility system. This segment saw operating income increase substantially in Q1 and Q2 2025, and management anticipates continued ramp-up in revenue throughout 2026 and into 2027, supported by increased international demand and NATO/allied defense spending.

2. Subsea Robotics (SSR) Segment Performance and Expansion: The company anticipates sustained progression in Remotely Operated Vehicle (ROV) revenue per day utilized and improved execution within its Subsea Robotics segment. This segment, which boasts a leading market share, is expected to benefit from increased vessel utilization in key geographical regions and improved visibility into a growing number of contracted floating rigs. Furthermore, Oceaneering is expanding ROV applications into emerging sectors like offshore wind and carbon capture.

3. Strategic Market Diversification into Renewable Energy: Oceaneering is actively broadening its reach beyond the traditional oil and gas industry to reduce reliance on its volatility. The company is exploring and capitalizing on opportunities in renewable energy sectors, including offshore wind and hydrogen projects, aligning with the broader energy transition.

4. Expansion of Digital Solutions through Acquisitions: The acquisition of Global Design Innovation Ltd. (GDi) in Q4 2024 is a key strategic move to enhance Oceaneering's digital capabilities and expand its market offerings. The integration of GDi's digital and software services, particularly its Vision software, is expected to provide advanced asset management and data solutions, creating new revenue streams and improving operational efficiency for clients across various industries.

5. Targeted Geographical Expansion and International Opportunities: Oceaneering is strengthening its presence in key geographical regions, including the Gulf of Mexico, West Africa, and the Asia Pacific. Notably, the company foresees "robust growth prospects in Brazil," driven by significant exploration and infrastructure opportunities, and has secured substantial Subsea Robotics contracts with entities like Petrobras in the region.

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Share Repurchases

• Oceaneering International repurchased 440,814 shares for approximately $10.1 million in Q3 2025.
• In Q2 2025 and Q1 2025, the company repurchased approximately $10 million worth of shares in each quarter.
• As of December 31, 2024, Oceaneering had 7.2 million shares remaining available for repurchase under a program authorized in 2014, which initially allowed for the repurchase of up to 10 million shares.

Capital Expenditures

• Oceaneering's expected full-year 2025 organic capital expenditures are projected to be between $115 million and $120 million, excluding business acquisitions.
• For 2025, the company anticipates total capital expenditures and inorganic investments to be in the range of $130 million to $140 million, which includes $15 million to $20 million for a new ERP system.
• Capital expenditures in 2025 are primarily focused on ROV upgrades and replacements within its Subsea Robotics segment, as well as investments in the Offshore Projects Group (OPG) segment.