Oceaneering International Reports Strong Q2 Earnings and Raises Full-Year Guidance
Oceaneering International (NYSE: OII) reported second-quarter earnings that exceeded expectations with adjusted EBITDA of $115 million, the highest since 2015. Revenue rose by 10% year-over-year to $768 million and net income increased by 19%. The Offshore Projects Group (OPG) was a major contributor due to strong international intervention work in regions like the Caspian Sea and Egypt. The company raised its full-year adjusted EBITDA guidance range to between $400 million and $440 million. However, it trimmed expectations for Integrity Management & Digital Solutions due to uncertainty in the Middle East and weaker activity in West Africa. OPG revenue increased by 22%, while Subsea Robotics (SSR) saw a 6% rise driven by improved pricing. Management expects continued momentum into Q3 with better vessel utilization, particularly as several frame agreements are supported.