olivLaw · US equity research
Oceaneering International, Inc. OII
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Oceaneering International is a global provider of engineered services, products and robotic solutions for offshore energy, with extensions into defense and aerospace. For fiscal 2025 the company reported revenue of about 2.8 billion USD, and revenue growth continued in the third quarter of 2026, while management initiated 2027 EBITDA guidance of 430 to 480 million USD.
At the close of 05 Nov 2026, Oceaneering International, Inc. (OII) stock was 34.03 USD (−6.49% on the day), with market capitalisation 3.4 bn USD, P/E 10.3 on diluted EPS of 3.29 USD over the last 12 months, dividend yield 0.00%, beta 1.31, 52-week range 22.61–54.11 USD. Latest reported quarter (Q3 2026): revenue of 784.6 m USD (+5.6% YoY), net income of 52.6 m USD (−26.2% YoY), diluted EPS 0.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 34.99 – 47.56
- below the lower band · %B -0.08 · band width 30.5%
- SMA 50 / 200
- 45.04 / 40.51
- mixed trend
- MACD (12, 26, 9)
- -2.31 / -1.77
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −24.3% | −1.1% | −23.2 pp | — |
| 3 months | −30.9% | −0.5% | −30.5 pp | — |
| 6 months | −7.0% | +4.4% | −11.4 pp | — |
| Year to date | +41.6% | +12.3% | +29.3 pp | — |
| 1 year | +46.9% | +13.5% | +33.3 pp | −13.9% |
| 3 years | +52.7% | +76.4% | −23.7 pp | −34.0% |
| 5 years | +142.2% | +63.7% | +78.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 713.5 m | 674.5 m | 698.2 m | 742.9 m | 668.6 m | 692.4 m | 768.2 m | 784.6 m |
| Cost of revenue | 571.5 m | 539.5 m | 549.7 m | 590.2 m | 536.3 m | 565.2 m | 611.2 m | 620.0 m |
| Gross profit | 141.9 m | 135.0 m | 148.4 m | 152.7 m | 132.3 m | 127.3 m | 157.0 m | 164.6 m |
| SG&A | 64.1 m | 61.5 m | 69.2 m | 66.2 m | 66.9 m | 69.5 m | 68.7 m | 72.4 m |
| Operating income | 77.9 m | 73.5 m | 79.2 m | 86.5 m | 65.4 m | 57.8 m | 88.2 m | 92.2 m |
| Depreciation & amortisation | 25.1 m | 24.4 m | 25.4 m | 26.1 m | 26.3 m | 27.2 m | 27.4 m | 26.6 m |
| Interest expense | 9.7 m | 9.1 m | 9.5 m | 9.4 m | 9.0 m | 9.1 m | 8.5 m | 8.8 m |
| Pre-tax income | — | 69.4 m | 78.4 m | 79.9 m | — | 54.8 m | 86.1 m | 69.1 m |
| Income tax | 12.7 m | 19.0 m | 24.0 m | 8.6 m | -119.5 m | 18.7 m | 22.5 m | 16.5 m |
| Net income | 56.1 m | 50.4 m | 54.4 m | 71.3 m | 177.7 m | 36.1 m | 65.0 m | 52.6 m |
| Diluted EPS | 0.55 ≈ | 0.49 | 0.54 | 0.71 | 1.76 ≈ | 0.36 | 0.65 | 0.52 |
| Operating cash flow | 128.4 m | -80.7 m | 77.2 m ≈ | 101.3 m ≈ | 221.1 m | -59.1 m | 55.2 m ≈ | 163.0 m ≈ |
| Capex | 33.9 m | 26.1 m | 30.3 m ≈ | 24.2 m ≈ | 30.4 m | 17.4 m | 23.2 m ≈ | 21.1 m ≈ |
| Share repurchases | 10.1 m | 10.0 m | 10.1 m ≈ | 10.1 m ≈ | 10.1 m | 0 | 10.1 m ≈ | 5.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 5 percentile of its own 21-quarter history (min 6.9, median 18.8, max 125.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.0 bn | 1.8 bn | 1.9 bn | 2.1 bn | 2.4 bn | 2.7 bn | 2.8 bn |
| Revenue YoY | −0.6% | +7.3% | −10.8% | +2.3% | +10.5% | +17.4% | +9.8% | +4.6% |
| Net income | -212.3 m | -348.4 m | -496.8 m | -49.3 m | 25.9 m | 97.4 m | 147.5 m | 353.8 m |
| Net income YoY | −227.6% | unavailable | unavailable | unavailable | unavailable | +275.5% | +51.4% | +139.9% |
| Diluted EPS | -2.16 | -3.52 | -5.01 | -0.49 | 0.26 | 0.95 | 1.44 | 3.49 |
| Diluted EPS YoY | −228.6% | unavailable | unavailable | unavailable | unavailable | +265.4% | +51.6% | +142.4% |
| net % | -11.1% | -17.0% | -27.2% | -2.6% | 1.3% | 4.0% | 5.5% | 12.7% |
| Free cash flow | -72.9 m | 9.9 m | 76.0 m | 175.1 m | 39.8 m | 109.2 m | 96.1 m | 207.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 688.9 m USD
- Financial debt
- 487.4 m USD
- Net debt
- -201.5 m USD
- Equity
- 1.1 bn USD
- Total assets
- 2.7 bn USD
- Debt / equity
- 0.45x
- Current ratio
- 1.99x
- ROE
- 39.4%
- ROA
- 14.1%
- FCF margin
- 7.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.9 bn | 2.1 bn | 2.4 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 1.7 bn | 1.6 bn | 1.8 bn | 2.0 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 163.9 m | 264.1 m | 307.4 m | 399.0 m | 485.5 m | 568.4 m | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 195.7 m | 224.3 m | 196.5 m | 217.6 m | 239.2 m | 263.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | -446.1 m | 39.8 m | 110.9 m | 181.3 m | 246.3 m | 304.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 528.9 m | 139.7 m | 121.0 m | 105.0 m | 103.4 m | 102.3 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 82.8 m ≈ | 179.5 m ≈ | 231.8 m ≈ | 286.3 m ≈ | 349.7 m ≈ | 406.8 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 43.9 m | 38.8 m | 38.2 m | 36.5 m | 37.9 m | 37.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | -2.1 m | 43.6 m | 53.1 m | 63.7 m | 77.4 m | -67.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | -496.8 m | -49.3 m | 25.9 m | 97.4 m | 147.5 m | 353.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | -5.01 | -0.49 | 0.26 | 0.95 | 1.44 | 3.49 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 99.2 m | 99.7 m | 101.4 m | 102.2 m | 102.4 m | 101.3 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 452.0 m | 538.1 m | 568.7 m | 461.6 m | 497.5 m | 688.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 296.2 m | 263.0 m | 296.6 m | 331.3 m | 303.6 m | 308.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 141.2 m | 153.7 m | 184.4 m | 209.8 m | 222.8 m | 201.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 591.1 m | 489.6 m | 438.4 m | 424.3 m | 420.1 m | 451.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 35.0 m | 34.9 m | 34.3 m | 34.2 m | 49.4 m | 51.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 14.3 m | 12.6 m | 11.5 m | 21.2 m | 33.3 m | 30.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 2.0 bn | 2.0 bn | 2.0 bn | 2.2 bn | 2.3 bn | 2.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 94.2 m | 122.3 m | 148.0 m | 156.1 m | 181.5 m | 174.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | — | — | 0 | — | — | — | SEC (XBRL)· 27 Oct 2023verified |
| Long-term debt | 805.3 m | 702.1 m | 701.0 m | 477.1 m | 482.0 m | 487.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 437.1 m | 501.2 m | 568.4 m | 732.5 m | 796.9 m | 761.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 558.2 m | 511.0 m | 525.8 m | 634.1 m | 720.3 m | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 136.6 m | 225.3 m | 120.9 m | 210.0 m | 203.2 m | 318.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 60.7 m | 50.2 m | 81.0 m | 100.7 m | 107.1 m | 111.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 76.0 m ≈ | 175.1 m ≈ | 39.8 m ≈ | 109.2 m ≈ | 96.1 m ≈ | 207.8 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -52.6 m | -34.2 m | -76.9 m | -86.4 m | -124.2 m | -96.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -1.7 m | -101.7 m | -1.9 m | -227.3 m | -27.0 m | -45.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | — | — | — | — | 20.0 m | 40.3 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 84 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns11
- Growth94
- Balance sheet95
- Valuation79
- Quality93
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.19 – 83.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)53.64 – 83.48 (Mid 65.01)WACC 8.8% · starting FCFF 317.8 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -17.8%
- Peers: EV/EBITDA21.19 – 43.41 (Mid 33.29)8 companies used · median multiple 7.5x · quartiles 4.5x – 9.9xACDC, CLB, HAL, HOS, KLXE, NESR, PUMP, WTTR
- Peers: P/E54.52 – 68.30 (Mid 66.14)9 companies used · median multiple 20.1x · quartiles 16.6x – 20.7xCLB, HAL, HOS, NESR, NGS, RNGR, SLB, TUSK, WTTR
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 84/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 27.2% | 100 (vs peers) | 11% |
| Net margin · Quality | 11.4% | 94 (vs peers) | 7% |
| FCF conversion · Quality | 86.9% | 81 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 10.5% | 87 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 137.7% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.6x | 91 (vs peers) | 11% |
| Interest coverage · Balance sheet | 8.6x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 10.3x | 91 (vs peers) | 11% |
| EV/EBITDA · Valuation | 7.6x | 50 (vs peers) | 11% |
| FCF yield · Valuation | 8.5% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 0.7% | 11 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet95/100 · 3/3 factors with a value
- Growth94/100 · 2/2 factors with a value
- Quality93/100 · 3/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation79/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
OCEANEERING INTERNATIONAL INC (OII). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 4.6%; net margin 11.4%; ROE 31.1%; net debt/EBITDA -0.6x.
The estimated value range is 53.64–68.30 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 65.01 USD, the price of 34.03 USD leaves a potential of 91.0% (value / price − 1) and a margin of safety of 47.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 84/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 27.2%
- Net margin: 11.4%
- FCF conversion: 86.9%
- Revenue CAGR 3Y: 10.5%
- EPS CAGR 3Y: 137.7%
- Net debt / EBITDA: -0.6x
- Interest coverage: 8.6x
- Current ratio: 2.2x
- P/E (TTM): 10.3x
- FCF yield: 8.5%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.7%
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.4 bn | 10.3 | 31.1% | 11.4% | +4.6% | +47% / +53% |
| NESRNational Energy Services Reunited Corp. | 1.9 bn | 20.7 | 9.4% | 5.8% | +1.7% | +38% / unavailable |
| RESRpc, Inc. | 1.2 bn | — | -3.0% | -1.8% | +15.0% | +5% / −23% |
| HOSHornbeck Offshore Services, Inc. | 790.0 m | 20.1 | 2.5% | 3.0% | −4.9% | −20% / −42% |
| PUMPProPetro Holding Corp. | 738.4 m | — | 0.2% | 0.2% | −12.1% | −37% / −34% |
| WTTRSelect Water Solutions, Inc. | 622.7 m | 19.5 | 3.5% | 2.2% | −3.1% | +53% / +107% |
| ACDCProFrac Holding Corp. | 493.6 m | — | -57.4% | -22.8% | −11.4% | −23% / −66% |
| CLBCore Laboratories Inc. | 409.2 m | 26.5 | 5.7% | 3.0% | +0.5% | −41% / −50% |
| NGSNatural Gas Services Group, Inc. | 344.1 m | 16.6 | 7.3% | 10.8% | +9.9% | −14% / +74% |
| TUSKMammoth Energy Services, Inc. | 143.4 m | 10.1 | 5.3% | 17.1% | −2.9% | +62% / −33% |
| NINENine Energy Service, Inc. | 94.7 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 20.4 m | — | — | -9.7% | −10.2% | −42% / −90% |
| RCONRecon Technology, Ltd | 8.7 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −34% / −54% |
| RNGRRanger Energy Services, Inc. | — | 20.1 | 5.1% | 2.6% | −4.2% | −6% / +30% |
| WBIWaterBridge Infrastructure LLC | — | 399.2 | 0.5% | 0.5% | +66.2% | +5% / unavailable |
| LBRTLiberty Energy Inc. | — | 46.8 | 2.0% | 0.9% | −7.2% | −36% / −43% |
1- and 3-year price returns: for OII from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.57 Total return -37% · Per year -37% | 38.03 Total return 12% · Per year 12% | 57.15 Total return 68% · Per year 68% |
| 3 years | 23.52 Total return -31% · Per year -12% | 46.40 Total return 36% · Per year 11% | 76.18 Total return 124% · Per year 31% |
| 5 years | 25.64 Total return -25% · Per year -6% | 56.61 Total return 66% · Per year 11% | 101.54 Total return 198% · Per year 24% |
- Exit P/E± 11.60
- Net margin± 8.12
- Annual revenue growth± 6.31
- Annual dilution± 0.68
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Oceaneering International is a global provider of engineered services, products and robotic solutions for offshore energy, with extensions into defense and aerospace. For fiscal 2025 the company reported revenue of about 2.8 billion USD, and revenue growth continued in the third quarter of 2026, while management initiated 2027 EBITDA guidance of 430 to 480 million USD.
SWOT
Strengths
- The company claims to operate the largest work-class ROV fleet in the world and a leading position in drill support services 1.
- Diversification into defense and digital reduces dependence on a single oil investment cycle 1.
- The capital structure improved after the third-quarter refinancing, and management describes liquidity as solid 23.
Weaknesses
- The company depends heavily on offshore oil and gas spending, which is cyclical and volatile 1.
- IMDS and OPG produced weaker results in 2026, and profitability in some product lines declined 23.
- A large part of revenue comes from foreign operations, exposing the company to currency and political risk 1.
Opportunities
Risks
- Dependence on offshore oilhigh
Most revenue depends on offshore oil and gas activity, which is sensitive to prices and to decisions by OPEC and producers 1.
- Backlog riskmedium
Contracts in the backlog can be cancelled or changed, and some ROV contracts can be terminated on short notice 1.
- Offshore operating hazardsmedium
Operations at sea involve blowouts, fires and severe weather that could cause uninsured losses 1.
- Dependence on U.S. government budgetsmedium
The ADTech segment relies on federal funding, and budget delays or shutdowns could affect project timing 1.
- Trade and geopolitical riskmedium
Tariffs, sanctions and regional conflicts, including the Middle East conflict, could affect activity and customers 12.
Investment thesis
What would need to be true (bull case)
- Revenue and operating growth in the third quarter of 2026, together with 2027 EBITDA guidance, could suggest profitability recovery if offshore activity keeps improving 3.
- Leadership in ROVs and diversification into defense could support revenue even when the oil cycle is weak 1.
- Cash generation and the third-quarter refinancing could provide flexibility for investment and share repurchases 23.
What would break the thesis
- Dependence on a cyclical oil cycle and a declining number of contracted rigs could limit growth 1.
- IMDS and OPG results were weaker in 2026, and guidance for the fourth quarter points to lower profitability in some segments 23.
- If the energy transition accelerates, demand for traditional services could decline 1.
What to watch
- Fourth quarter 2026 results against EBITDA guidance of 85 to 95 million USDQ4 2026
- Detailed 2027 guidance and EBITDA against the 430 to 480 million USD range2027
- Evolution of Manufactured Products backlog and subsea tree ordersnext 10-K
- Number of contracted floating rigs and ROV utilizationQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Oceaneering International, Inc. (NYSE: OII) describes itself as a global technology company delivering engineered services, products and robotic solutions to the offshore energy, defense, aerospace and manufacturing industries. Its core activities rest on work-class remotely operated vehicles, subsea inspection and maintenance services and equipment for subsea production systems. According to its annual report for 2025, foreign operations, principally in Africa, the U.K., Norway, Brazil and Asia and Australia, accounted for approximately 55% of revenue that year 1. The company runs five business segments grouped into two businesses: Energy and Aerospace and Defense Technologies 1.
The company says it pursues growth by combining its energy business with diversification into new markets such as autonomous robotics, digital asset management, energy transition and mobility 1. The acquisition of GDi, a U.K. provider of digital and software services, completed in October 2024 for about 33 million USD, is part of this effort to strengthen digital capabilities 1. Management states it aims to generate significant free cash flow and spend capital prudently 1.
Reporting for 2026 shows that most Energy segments improved in the third quarter, except IMDS, which was affected by the Middle East conflict 23. In the third quarter the company issued 500 million USD of senior notes due 2034 and extended its revolving credit facility 2.
Segments
Market context
The main market is the offshore oil and gas industry, a cyclical sector whose activity depends on oil and gas prices 1. The company relies on floating rig contracting, which averaged about 137 rigs in 2025 after declining 1. In parallel, the defense and space market, served mainly by the U.S. government, is seen by management as the main growth engine in 2026 1.
Management expects the number of subsea tree awards and installations, a leading indicator for Manufactured Products, to grow in 2026 compared with 2025 1. The energy market nonetheless remains shaped by oversupply and uncertainty over energy policy and international trade 1.
Trends
- Energy transitionmixed
Growth in renewables and electrification could reduce long-term demand for oil and gas, affecting traditional energy services. The company is responding by entering offshore wind, nuclear and carbon capture 1.
- Recovery in offshore activitytailwind
Management says offshore activity is improving, and energy results could be weighted toward the second half of 2026 13.
- Defense spendingtailwind
Defense and maritime security budgets in the U.S. and allied countries could support growth in the ADTech segment and autonomous underwater vehicles 1.
- Geopolitics and tradeheadwind
The Middle East conflict weighed on IMDS, and U.S. tariffs and trade policies could raise costs or limit exports 21.
Competitive position
The company states that its businesses operate in highly competitive industry segments 1. The sources do not name competitors, so the analysis is limited to general categories of subsea service, inspection and equipment providers.
Contracts are generally awarded on a competitive-bid basis, and large customers can switch suppliers, so market position depends on technology and operational performance 1.
- Subsea ROV and survey service providers
Companies offering ROV and survey services to the offshore industry; not named in the sources.
- Subsea intervention and diving service providers
Operators competing for IMR and offshore intervention projects; not named in the sources.
- Subsea umbilical and equipment manufacturers
Companies supplying control equipment and connectors for subsea wells; not named in the sources.
- Inspection and asset integrity service providers
Firms offering nondestructive testing and asset integrity services; not named in the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Riverwater Partners Is Betting on Oceaneering International (OII) as Offshore Energy Spending RecoversYahoo Finance — News · 01 Sept 2026 · EN
The latest news item in our archive is from 01 Sept 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report22 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report08 Sept 2026Regulation FD disclosure
- Current report24 Jul 2026Regulation FD disclosure
- Quarterly report23 Jul 2026
- Current report22 Jul 2026Results of operations · Financial statements and exhibits
- Current report07 Jul 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Jun 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report24 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report18 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Oceaneering International, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Oceaneering International, Inc. · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Oceaneering International, Inc. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.