Oceaneering International (OII) investor relations material

Executive summary

• Q3 revenue rose 6% YoY to $784.6 million, operating income increased 7% to $92.2 million, and adjusted EBITDA rose 7% to $119.4 million, the highest quarterly level since Q4 2015.

• Favorable pricing, activity and project mix supported results; revenue increased YoY across all operating segments.

Financial highlights

• Net income attributable was $52.6 million and diluted EPS was $0.52, versus $71.3 million and $0.71 YoY; results included a $19.0 million debt-extinguishment loss.

• Operating cash flow was $163.0 million and free cash flow was $141.9 million, versus $101.3 million and $77.0 million YoY.

• Adjusted EBITDA margin was 15% in Q3, unchanged YoY and QoQ; reported EBITDA margin was 13%.

Outlook and guidance

• Q4 2026 revenue is expected to increase YoY; consolidated EBITDA guidance is $85 million–$95 million, with unallocated expenses near $50 million.

• FY2027 consolidated EBITDA guidance is $430 million–$480 million, with the midpoint implying high-single-digit growth versus 2026; free cash flow is expected to exceed the 2026 level.

• FY2027 segment outlook: SSR revenue and operating income higher; Manufactured Products broadly flat; OPG revenue lower and operating income flat; IMDS and ADTech operating income higher.

• FY2026 free cash flow is forecast at $100 million–$120 million and expected at the top end of prior guidance; organic capex is forecast at $105 million–$115 million.

• Outlook reflects rig-move timing, ADTech program starts and appropriations, and potential OPG projects; detailed FY2027 guidance is planned with year-end reporting.