OII · Oceaneering International Inc
Key customers — 31% of revenue (2025)
“Our top five customers in 2025, 2024 and 2023 accounted for 31%, 31% and 36%, respectively, of our consolidated revenue.”
One customer — 12% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, revenue from one customer, the U.S. Government, accounted for 12% of our total consolidated annual revenue, and no other customer accounted for more than 10% of our total consolidated revenue.”
Key customers — 31% of revenue (2024)
“Our top five customers in 2025, 2024 and 2023 accounted for 31%, 31% and 36%, respectively, of our consolidated revenue.”
Key customers — 36% of revenue (2023)
“Our top five customers in 2025, 2024 and 2023 accounted for 31%, 31% and 36%, respectively, of our consolidated revenue.”
One customer — 10% of revenue (the year ended December 31, 2023)
“For the year ended December 31, 2023, revenue from one customer, the U.S. Government, accounted for 10% of our total consolidated annual revenue, and no other customer accounted for more than 10% of our total consolidated revenue.”
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AI Brief
Q2 FY26 earnings call · Jul 23, 2026TL;DR. Oceaneering reported Q2 2026 consolidated adjusted EBITDA of $115 million, exceeding the top end of guidance, with all segments growing except IMDS (hit by Middle East/Africa softness), and raised full-year consolidated adjusted EBITDA guidance to $400–$440 million while refinancing its 2028 senior notes and expanding its revolver.
- + Q2 adjusted EBITDA of $115 million exceeded the top end of guidance.
- + Full-year 2026 consolidated adjusted EBITDA guidance raised to $400–$440 million.
- + Offshore Projects Group operating income up 39% to $30.0 million on a 22% revenue gain with margin improving to 16%.
- + Manufactured Products operating income rose to $21.9 million with margin expanding to 15% on improved umbilicals and mobility solutions.
- + Subsea Robotics revenue rose to $232 million with operating income up 3% to $66.3 million on higher ROV day rates and increased survey activity.
- + Refinancing extended debt maturities via $500 million of 6.875% senior notes due 2034 and expanded revolver from $215 million to $345 million maturing July 2031, ending the quarter with $629 million cash and no borrowings.
- − ADTech operating income margin declined to 12% (from 15%) on program cost mix and timing despite 22% revenue growth.
- − ROV utilization slipped to 66% from 67%, with U.S. Gulf activity lower, partially offsetting gains in Europe and Africa.
- − Manufactured Products backlog declined to $445 million with a trailing 12-month book-to-bill of 0.88, and management cites ongoing Middle East uncertainty for IMDS.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Oil & Gas Equipment & Services — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
OII
this stock
Oceaneering International Inc
|
$5.03B | +112.6% | +4.6% | 14.6 | 6.5% |
|
SLB
Slb Limited/Nv
|
$84.20B | +46.1% | +9.5% | 27.7 | 3.7% |
|
BKR
Baker Hughes Co
|
$58.63B | +29.7% | -0.3% | — | 2.7% |
|
FTI
TechnipFMC plc
|
$29.94B | +71.3% | +9.4% | 26.6 | 3.2% |
|
HAL
Halliburton Co
|
$29.86B | +26.8% | +22.5% | — | 4.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| OII | -1.3% | -0.5% | +46.1% | -1.3% | +112.6% |
| SPY | -1.2% | -1.8% | +17.8% | -0.4% | +12.1% |
| vs SPY | -0.2% | +1.2% | +28.3% | -0.9% | +100.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.