Oceaneering International Inc 8-K, filed Mar 31, 2020
Oceaneering International Inc (OII)
8-K
2020-03-31
For: 2020-03-31
View Original
Added on
April 07, 2026
About this 8-K
Oceaneering International Inc filed this 8-K on March 31, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2020
OCEANEERING INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) | ||
Registrant's telephone number, including area code: (713 ) 329-4500
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On March 31, 2020, Oceaneering International, Inc. ("Oceaneering" or "we") issued a press release providing a financial and operational update. A copy of that press release is included as Exhibit 99.1 to this report and is incorporated by reference into this item 8.01.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT INDEX
99.1 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
OCEANEERING INTERNATIONAL, INC. | |||
Date: | March 31, 2020 | By: | /S/ ALAN R. CURTIS |
Alan R. Curtis | |||
Senior Vice President and Chief Financial Officer | |||
Exhibit 99.1
Oceaneering International, Inc. Announces Financial and Operational Update
HOUSTON, March 31, 2020 – Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today announced that it is confirming its first quarter 2020 guidance. However, consequent to the emerging global public health threat caused by the COVID-19 virus and the sudden collapse of crude oil pricing, Oceaneering also announced that it is withdrawing its full-year 2020 financial guidance. Additionally, Oceaneering expects to lower its organic capital expenditures for 2020 to between $60 million and $80 million and reduce its Unallocated Expenses to an average per quarter in the upper $20 million range.
Rod Larson, President and Chief Executive Officer, stated, “Our first priority is the health and safety of our employees and our customers, and we have implemented preventative measures and developed corporate and regional response plans to minimize exposure and prevent infection while fully supporting our customers’ global operations. We anticipate the disruptions caused by the coronavirus pandemic and the deteriorating fundamentals of the crude oil market will adversely affect our businesses and, therefore, have withdrawn our 2020 financial guidance. We are closely monitoring these developing situations and proactively managing our businesses to minimize negative impacts.
“We are moving quickly to implement strategies to reduce costs, increase operational efficiencies, and lower our capital spending. We expect to provide more specifics around these efforts in our first quarter 2020 earnings results.”
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s: first quarter 2020 guidance; expected range for organic capital expenditures and Unallocated Expenses; plans to minimize exposure and prevent infection while fully supporting our customers’ global operations; anticipation that disruptions of current events will affect its businesses; managing its businesses to minimize negative impacts; implementation of strategies to reduce costs, increase operational efficiencies, and lower its capital spending; and future disclosure of more specific information. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions affecting Oceaneering’s business. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.
Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For more information on Oceaneering, please visit www.oceaneering.com.
For more information on Oceaneering, please visit www.oceaneering.com.
Contact:
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
investorrelations@oceaneering.com
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
investorrelations@oceaneering.com