HOUSTON, April 28, 2021 /PRNewswire/ — Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) today reported a net loss of $ 9.4 miljoen, or $(0.09) per share, on revenue of $438 million for the three months ended March 31, 2021.  Adjusted net income was $ 2.8 miljoenof $0.03 per share, reflecting, among other things, the impact of $3.2 million of pre-tax adjustments associated with restructuring and other expenses and foreign exchange losses recognized during the quarter, and $ 9.6 miljoen van discrete belastingaanpassingen.

During the prior quarter ended December 31, 2020, Oceaneering reported a net loss of $ 25 miljoenof $ (0.25) per aandeel, op een omzet van $ 424 miljoen. Het aangepaste nettoresultaat was $ 1.8 miljoenof $0.02 per share, reflecting, among other things, the impact of $9.8 million of pre-tax adjustments associated with asset impairments and write-offs, restructuring and other expenses, and foreign exchange losses recognized during the quarter, and $ 9.6 miljoen van discrete belastingaanpassingen.

Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins) 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 tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2021 Adjusted EBITDA Estimates, Adjusted Operating Income (Loss) and Margins by Segment, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

For the first quarter of 2021:

• De geconsolideerde aangepaste EBITDA was $ 52.8 miljoen
• Het geconsolideerde aangepaste bedrijfsresultaat was $ 15.1 miljoen
• Cash flow used in operations was $ 1.7 miljoen en de vrije kasstroom was ($ 12.4) miljoen
• Cash position declined by $ 9.3 miljoen, van $ 452 miljoen naar $ 443 miljoen
• Remotely Operated Vehicles (ROV) fleet utilization was 53% and average revenue per day on hire was $7,874

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, “We have continued to improve our operating performance by driving operational efficiency, led by focusing on safety, quality and value-based solutions for our customers.  I am pleased with the rate of progress made during the first quarter of 2021.  Each of our operating segments generated positive adjusted operating income and adjusted EBITDA, and our consolidated adjusted EBITDA of $ 52.8 miljoen surpassed both our guidance and published consensus estimates.  Based on our first quarter results and revised outlook, we are narrowing our expected adjusted EBITDA range to $ 180 miljoen naar $ 210 miljoen voor 2021.

“Our first quarter 2021 Subsea Robotics (SSR) adjusted operating income was flat on slightly higher revenue, as compared to fourth quarter 2020.  Operating activity in our SSR segment exceeded our original expectation due to higher-than-forecast ROV drill support days and survey activity.  Pricing for the various SSR services remained stable during the first quarter, resulting in an adjusted EBITDA margin of 32%, consistent with average adjusted EBITDA margins achieved during 2020.

“First quarter 2021 ROV activity remained consistent as compared to the fourth quarter of 2020 with fleet utilization averaging 53% versus 54% during the fourth quarter of 2020.  A seasonal decrease in days on hire for vessel-based services was slightly offset by an increase in days on hire for drill support services.  Our ROV fleet use during the first quarter 2021 was 64% in drill support and 36% in vessel-based activity versus fourth quarter 2020 use of 60% and 40%, respectively.  Average ROV revenue per day of on hire of $7,874 was 7% higher over the fourth quarter.

“Sequentially, our first quarter 2021 ROV fleet count remained at 250 systems.  As of 31 maart 2021, we had ROV contracts on 78 of the 135 floating rigs under contract, or 58%, as compared to 58% as of 31 december 2020, when we had ROV contracts on 75 of the 129 floating rigs under contract.  Subject to quarterly variances, we continue to expect our drill support market share to generally approximate 60%.

“Manufactured Products (MP) first quarter 2021 adjusted operating income declined, as expected, from the fourth quarter of 2020 on lower segment revenue.  Adjusted operating income margin decreased to 4% in the first quarter of 2021, from 9% in the fourth quarter of 2020, which had benefited from favorable contract close-outs and negotiated supply chain savings that did not occur in the first quarter.  Activity in our mobility solutions businesses remained weak during the first quarter of 2021.  Our Manufactured Products backlog on 31 maart 2021 was $ 248 miljoen, vergeleken met onze 31 december 2020 achterstand van $ 266 miljoen.  Our book-to-bill ratio was 0.6 for the trailing 12 months, as compared with a book-to-bill ratio of 0.4 for the year ended 31 december 2020.

“Our first quarter 2021 Offshore Projects Group (OPG) adjusted operating income increased on substantially higher revenue.  Revenue benefited due to the start-up of field activities on the riserless light well intervention project in Angola.  The sequential increase in adjusted operating income margin, from 2% in the fourth quarter of 2020 to 10% in the first quarter of 2021, was due to increased utilization of assets and personnel, while holding indirect costs stable.

“Integrity Management and Digital Solutions (IMDS) first quarter 2021 adjusted operating income was higher than fourth quarter of 2020 on flat revenue.  The improvement in adjusted operating income margin, from 3% in the fourth quarter of 2020 to 5% in the first quarter of 2021, benefited from the continuing transformation of how and where work is performed, which is driving more effective use of personnel.

“Aerospace and Defense Technologies (ADTech) first quarter 2021 adjusted operating income marginally improved from the fourth quarter of 2020 on flat revenue.  Adjusted operating income margin of 19% was consistent with that achieved for the fourth quarter of 2020.  At the corporate level for the first quarter of 2021, Unallocated Expenses of $ 31.7 miljoen were lower as compared to the fourth quarter of 2020.

“For the second quarter, compared to the first quarter, we anticipate higher activity levels and operating profitability improvement in our SSR and OPG segments, higher activity levels and relatively flat operating profitability in our IMDS and ADTech segments, and lower activity levels and lower operating profitability in our Manufactured Products segment.  Unallocated Expenses are forecast to be in the low- to mid-$ 30 miljoen range.  On a consolidated basis, we expect second quarter 2021 results to improve, with adjusted EBITDA in the range of $ 55 miljoen naar $ 60 miljoen on sequentially higher revenue.

“For the full year of 2021, at the segment level, as compared to 2020, we forecast SSR operating results to improve on slightly higher revenue, and adjusted EBITDA margin to remain relatively flat.  ROV fleet utilization is expected to be in the upper 50% range for the year.  For Manufactured Products, we forecast lower operating results as compared to 2020; however, we expect improved order intake during the first half of 2021, which should drive increased activity in the second half of 2021.  The book-to-bill ratio is expected to be in the range of 1.1 to 1.5 for the full year, and adjusted operating margin is expected to be in the low- to mid-single digit range.  For OPG, we forecast increased vessel utilization and the continuation of the Angola riserless light well intervention project to benefit OPG’s results in the second quarter of 2021, leading to a meaningful annual improvement in adjusted operating results on higher revenue.  For IMDS, we forecast improved operating results on higher revenue with adjusted operating margin in the high single-digit range for the year.  And for ADTech, we expect improved operating results on increased revenue with an annual operating margin approximately the same as that achieved in 2020.

“We forecast our 2021 income tax payments to be in the range of $ 40 miljoen naar $ 45 miljoen.  In addition, we expect to receive CARES Act tax refunds of $ 28 miljoen during the year.  We continue to forecast our organic capital expenditures to total between $ 50 miljoen en $ 70 miljoen.  This includes approximately $ 35 miljoen naar $ 40 miljoen of maintenance capital expenditures and $ 15 miljoen naar $ 30 miljoen of growth capital expenditures.

“Our first quarter performance and refreshed outlook for the year give us confidence to narrow our 2021 adjusted EBITDA guidance to a range of $ 180 miljoen naar $ 210 miljoen.  Our priority continues to be generating cash.  In 2021, our expectation remains that we will generate positive free cash flow in excess of the amount generated in 2020, excluding the cash benefit associated with expected CARES Act tax refunds.  We remain committed to maintaining strong liquidity and believe that our cash position, undrawn revolving credit facility and debt maturity profile should provide us ample resources and time to address potential opportunities to improve our returns.” 

This release 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.  More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s expectations about: backlog, to the extent backlog may be an indicator of future revenue or profitability; adjusted EBITDA range for the full year of 2021; ROV drill support market share; second quarter segment activity levels and operating profitability, Unallocated Expenses, and consolidated revenue, results, and adjusted EBITDA; full-year segment operating results, revenue, and adjusted EBITDA margins; full-year ROV fleet utilization; full-year Manufactured Products order intake and second half activity, book-to-bill ratio, and operating margin; full-year OPG operating results and revenue and the timing and basis for the expectations; full-year IMDS operating results, revenue, and adjusted operating margin; full-year ADTech operating results, revenue, and operating margin; forecasted Unallocated Expenses per quarter, and annual capital expenditures and cash tax payments; CARES Act tax refunds; free cash flow in 2021; and sufficiency of resources to address opportunities to improve returns.

The forward-looking statements included in this release are based on our 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.  Among the 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; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; the continuing effects of the COVID-19 pandemic and the governmental, customer, supplier, and other responses thereto; cancellations of contracts, change orders and other contractual modifications and the resulting adjustments to our backlog; collections from our customers; 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; 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; 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; 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.

Oceaneering is een wereldwijde leverancier van technische diensten en producten, voornamelijk aan de offshore-energiesector. Door gebruik te maken van haar expertise op het gebied van toegepaste technologie bedient Oceaneering ook de defensie-, ruimtevaart- en entertainmentindustrie.

Voor meer informatie over Oceaneering kunt u terecht op www.oceanering.com.

Contact:
Mark Peterson
Vice President, Corporate Development en Investor Relations
Oceaneering International, Inc.
713-329-4507
[e-mail beveiligd]

AANSLUITINGEN VAN NON-GAAP NAAR GAAP FINANCIËLE INFORMATIE 

Naast de financiële resultaten die zijn bepaald in overeenstemming met de algemeen aanvaarde Amerikaanse boekhoudprincipes (“GAAP”), bevat dit persbericht ook niet-GAAP financiële maatstaven (zoals gedefinieerd onder SEC Regulation G). We hebben de aangepaste nettowinst (verlies) en de verwaterde winst (verlies) per aandeel opgenomen, waarbij elk de effecten van bepaalde specifieke items uitsluit, zoals uiteengezet in de onderstaande tabellen. Als gevolg hiervan zijn deze bedragen niet-GAAP financiële maatstaven. Wij zijn van mening dat dit nuttige maatstaven zijn die beleggers kunnen beoordelen, omdat ze consistente maatstaven bieden voor de onderliggende resultaten van onze lopende activiteiten. Bovendien gebruikt ons management deze maatregelen als maatstaf voor de prestaties van onze activiteiten. We hebben ook informatie opgenomen over de winst vóór rente, belastingen, afschrijvingen en amortisatie (EBITDA), EBITDA-marges, aangepaste EBITDA-schattingen voor 2021 en vrije kasstroom, evenals het volgende per segment: aangepast bedrijfsresultaat en marges, EBITDA, EBITDA-marges , Aangepaste EBITDA en Aangepaste EBITDA-marges. We definiëren de EBITDA-marge als EBITDA gedeeld door de omzet. Adjusted EBITDA en Adjusted EBITDA Margins, evenals Adjusted Operating Income en Margin en gerelateerde informatie per segment sluiten de effecten uit van bepaalde gespecificeerde items, zoals uiteengezet in de onderstaande tabellen. EBITDA en EBITDA-marges, Adjusted EBITDA en Adjusted EBITDA-marges, en aangepast bedrijfsresultaat en marge en gerelateerde informatie per segment zijn elk niet-GAAP financiële maatstaven. We definiëren de vrije kasstroom als de kasstroom die wordt gegenereerd door operationele activiteiten minus organische kapitaaluitgaven (d.w.z., aankopen van onroerend goed en uitrusting anders dan die bij bedrijfsovernames). We hebben deze bekendmakingen in dit persbericht opgenomen omdat EBITDA, EBITDA-marges en vrije kasstroom op grote schaal door beleggers worden gebruikt voor waardering en het vergelijken van onze financiële prestaties met de prestaties van andere bedrijven in onze sector, en de aangepaste bedragen daarvan (evenals aangepaste bedragen). Bedrijfsinkomen en marge per segment) bieden consistentere maatstaven dan de niet-gecorrigeerde bedragen. Bovendien gebruikt ons management deze maatstaven om onze financiële prestaties te evalueren. Onze presentatie van EBITDA, EBITDA-marges en vrije kasstroom (en de aangepaste bedragen daarvan) is mogelijk niet vergelijkbaar met gelijksoortige maatstaven die andere bedrijven rapporteren. Niet-GAAP financiële maatstaven moeten worden gezien als aanvulling op en niet als vervanging voor onze gerapporteerde bedrijfsresultaten, kasstromen of enige andere maatstaf die is opgesteld en gerapporteerd in overeenstemming met GAAP. De onderstaande tabellen bieden afstemmingen van de niet-GAAP-maatstaven die in dit persbericht worden gebruikt met de meest direct vergelijkbare GAAP-maatstaven.

BRON Oceaneering International, Inc.

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