OII

EX-99.1

2 exhibit_991x8kx3qx2026.htm

EX-99.1 OCEANEERING 3Q 2026 EARNINGS RELEASE

Document

Exhibit 99.1

Oceaneering Reports Third Quarter 2026 Results

HOUSTON, October 21, 2026 – Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported third quarter 2026 results.

Third Quarter 2026 Results

•As compared to the third quarter of 2025:

◦Revenue increased 6% to $785 million.

◦Operating income increased 7% to $92.2 million.

◦Net income attributable to Oceaneering decreased 26% to $52.6 million.

◦Adjusted EBITDA increased 7% to $119 million.

•Cash Generation

◦Cash flow provided by operating activities was $163 million.

◦Free cash flow was $142 million.

•Balance Sheet and Capital Allocation

◦Quarter-end cash and cash equivalents totaled $735 million, compared to $506 million at the end of the same period last year.

◦Shares repurchased were 101,038 for approximately $5.0 million.

Rod Larson, Oceaneering's President and Chief Executive Officer, commented, “Our third-quarter results were in line with our guidance and consensus estimates. Subsea Robotics (SSR) delivered improved year-over-year results, while Offshore Projects Group (OPG) continued to perform well. We generated significant free cash flow during the quarter as a result of improved operational cash and lower tax payments and capital spend. We expect free cash flow generation to moderate in the fourth quarter, but we remain on track to achieve the top end of our full-year guidance.

“As we look ahead, we expect to see typical seasonality and changes in geographic and project mix in the fourth quarter. Beyond the fourth quarter, we expect improved performance in 2027, with EBITDA increasing compared to 2026.

“Third-quarter bookings included meaningful awards across SSR, Manufactured Products, and Aerospace and Defense Technologies (ADTech). Together with our existing backlog and sales opportunities across our businesses, this provides a solid foundation as we enter 2027. Based on our current expectations, we are initiating full-year 2027 EBITDA guidance in the range of $430 million to $480 million.”

Third Quarter 2026 Segment Results

As compared to the third quarter of 2025:

•SSR revenue increased to $233 million, operating income rose 16% to $75.4 million, and EBITDA margin expanded to 39%. Higher ROV revenue per day utilized, increased Survey activity, and improved margins in ROV operations and in Survey contributed to the year-over-year improvements. ROV revenue per day utilized increased to $11,781, while ROV fleet

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utilization remained at 65%. Increased ROV activity in Europe, Guyana, and West Africa largely offset lower activity in the U.S. Gulf.

•Manufactured Products revenue increased 8%, while operating income was relatively flat at $25.1 million and margin decreased to 15%. Umbilical manufacturing activity was relatively stable compared with the prior year. Increased revenue was primarily attributable to the final resolution of a legacy mobility solutions contract, while lower activity and profitability in Grayloc Products affected operating results. As of September 30, 2026, backlog was $435 million. The book-to-bill ratio was 0.77 for the 12-month period ending on September 30, 2026.

•OPG revenue, operating income, and margin remained relatively flat. Results benefited from a favorable mix of installation projects, which more than offset lower activity in West Africa and a less favorable project mix in the U.S. Gulf.

•Integrity Management and Digital Solutions (IMDS) revenue increased 7% while operating income was relatively flat. Increased activity in the Middle East, Europe, and the U.S. Gulf was partially offset by lower activity in West Africa, a shift in project mix, and increased costs in the Middle East.

•ADTech revenue increased 7% to $135 million, operating income decreased to $14.7 million, and margin declined to 11%. The lower operating results reflect increases in pass-through activities and certain program costs.

•At the corporate level, Unallocated Expenses increased to $50.0 million, consistent with expectations.

Fourth Quarter 2026 Guidance

As compared to the fourth quarter of 2025:

Consolidated fourth quarter 2026 revenue is expected to increase and EBITDA is expected to be in the range of $85 million to $95 million.

At the segment level, for the fourth quarter of 2026:

•SSR revenue is expected to increase and operating income is expected to decrease, reflecting lower ROV utilization as certain rigs transit from the U.S. Gulf to other regions, a shift in ROV geographic mix, and increased mobilization costs.

•Manufactured Products revenue and operating income are expected to increase.

•OPG revenue is expected to remain relatively flat and operating income is expected to decrease on changes in project mix.

•IMDS revenue and operating income are expected to increase.

•ADTech revenue and operating income are expected to increase.

•Unallocated Expenses are expected to be in the

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EX-99.1

2 exhibit_991x8kx1qx2026.htm

EX-99.1 OCEANEERING 1Q 2026 EARNINGS RELEASE

Document

Exhibit 99.1

Oceaneering Reports First Quarter 2026 Results

HOUSTON, April 22, 2026 – Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported first quarter 2026 results.

First Quarter 2026 Results

•As compared to the first quarter of 2025:

◦Revenue was $692 million, an increase of 3%.

◦Operating income was $57.8 million, a decrease of 21%.

◦Net income was $36.1 million, a decrease of 28%.

◦Adjusted EBITDA was $83.7 million, a decrease of 13%.

•Cash Flow

◦Cash flow used in operating activities was $(59.1) million.

◦Free cash flow was $(76.5) million.

◦Quarter-end cash and cash equivalents totaled $607 million, compared to $382 million at the end of the same period last year.

Rod Larson, Oceaneering's President and Chief Executive Officer, commented, "Our first quarter unfolded largely as expected, driven by strong activity in Aerospace and Defense Technologies (ADTech). All of our energy segments produced results consistent with guidance with the exception of Integrity Management and Digital Solutions (IMDS), which was impacted by the Middle East conflict. Our consolidated adjusted EBITDA of $83.7 million was within our guidance range; however, results were impacted by the expected resolution of an ADTech contract dispute. Excluding that item, consolidated adjusted EBITDA would have been at the upper end of our guidance range.

"We also achieved several notable commercial and technology milestones during the quarter. On a consolidated basis, we generated total orders of approximately $1 billion. This included just over $300 million in Subsea Robotics (SSR) awards, with ROV contract terms extending into 2031, and $175 million in ADTech awards. We continued to develop our autonomous systems portfolio, including our Freedom™ platform. One commercial unit is currently operating in West Africa and we are progressing toward testing and customer demonstration of a specialized unit for the Defense Innovation Unit (DIU), reinforcing our position as a provider of dual-use technology in the energy and growing defense markets.

"Considering the balance of 2026, we continue to believe that ADTech will be our primary growth driver. We also anticipate that offshore activity levels will improve in the second half of the year. This outlook, combined with our backlog, gives us the confidence to maintain our full-year EBITDA guidance range of $390 million to $440 million."

Updated 2026 Guidance

Full-year 2026 consolidated and segment guidance remains as provided in the fourth quarter 2025 earnings release and conference call, with the exception of IMDS operating income, which is expected to increase year over year but at a lower level than previously anticipated. In addition, the Manufactured Products book-to-bill ratio is expected to be in the range of 0.9 to 1.0 for the full year.

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First Quarter 2026 Segment Results

As compared to the first quarter of 2025:

•SSR revenue increased to $214 million; however, operating income decreased 7% to $55.5 million and EBITDA margin declined to 32%. This was primarily attributable to a decline in ROV fleet utilization from 67% to 61%. Results were also impacted by geographic mix and costs associated with development of the Freedom™ vehicle for the DIU and deployment of the Ocean Intervention II. ROV revenue per day utilized increased to $12,401, reflecting a mix of improved pricing and discrete first-quarter items.

•Manufactured Products operating income increased to $26.1 million and margin expanded to 18% on a 6% increase in revenue. These improvements were driven by continued execution of higher-margin backlog and strong performance in Rotator valves. As of March 31, 2026, backlog was $492 million, with the decrease due to the timing of awards. The book-to-bill ratio was 0.91 for the 12-month period ending on March 31, 2026.

•As anticipated, Offshore Projects Group (OPG) operating income of $18.3 million was lower and margin declined to 14% on an 18% decrease in revenue. The year-over-year decline primarily reflects the comparison to an unusually strong first quarter of 2025, with the first quarter of 2026 reflecting more typical seasonality in the U.S. Gulf and decreased international activity.

•IMDS revenue decreased by 5% and operating income decreased by $4.5 million on lower volume in West Africa and Australia. Activity in the Middle East, which was expected to grow, was flat in the first quarter due to the recent conflict.

•ADTech revenue increased 35% to $131 million, driven by higher activity tied to the large contract awarded in 2025 and increased submarine repair and maintenance activity. Operating income decreased 24% to $8.1 million and margin declined to 6% due to an accrual associated with the aforementioned resolution of a contract dispute.

•At the corporate level, Unallocated Expenses increased 10% to $49.3 million, consistent with expe