Oceaneering International Inc
LSE:0KAN
Oceaneering International Inc
In the turbulent waters of the energy and aerospace industries, Oceaneering International Inc. has charted a course that blends innovation with resilience. Founded in the early 1960s with the adventurous spirit of underwater exploration, the company initially embraced the challenges at the ocean's depths, capitalizing on the burgeoning offshore oil and gas sector. Oceaneering carved its niche by providing expert divers and advanced equipment to support the oil extraction processes. Over time, as industries and technologies evolved, the company's expertise expanded to include remotely operated vehicles (ROVs) and cutting-edge subsea hardware, allowing it to become a cornerstone in aiding the complicated logistics of submerged operations. Today, these technologies remain central to its operations as they support not just oil and gas explorations, but also help maintain the infrastructure, ensuring the safety and productivity of their clients in deepwater environments.
However, the narrative of Oceaneering is not solely confined to the ocean floor. Recognizing the winds of transformation sweeping across global industries, the company has ventured beyond its maritime roots into the high-flying world of aerospace, defense, and entertainment sectors. By leveraging its engineering acumen, Oceaneering now designs and manufactures precision parts, automated systems, and the latest robotic solutions that bolster productivity and safety. In the entertainment realm, it builds innovative theme park attractions, showcasing its knack for combining technology with creativity. Through this diversified portfolio, Oceaneering generates revenue from a multitude of streams, creating robust buffers against the cyclical nature of oil prices while anticipating and adapting to the future demands of the high-tech landscape.
In the turbulent waters of the energy and aerospace industries, Oceaneering International Inc. has charted a course that blends innovation with resilience. Founded in the early 1960s with the adventurous spirit of underwater exploration, the company initially embraced the challenges at the ocean's depths, capitalizing on the burgeoning offshore oil and gas sector. Oceaneering carved its niche by providing expert divers and advanced equipment to support the oil extraction processes. Over time, as industries and technologies evolved, the company's expertise expanded to include remotely operated vehicles (ROVs) and cutting-edge subsea hardware, allowing it to become a cornerstone in aiding the complicated logistics of submerged operations. Today, these technologies remain central to its operations as they support not just oil and gas explorations, but also help maintain the infrastructure, ensuring the safety and productivity of their clients in deepwater environments.
However, the narrative of Oceaneering is not solely confined to the ocean floor. Recognizing the winds of transformation sweeping across global industries, the company has ventured beyond its maritime roots into the high-flying world of aerospace, defense, and entertainment sectors. By leveraging its engineering acumen, Oceaneering now designs and manufactures precision parts, automated systems, and the latest robotic solutions that bolster productivity and safety. In the entertainment realm, it builds innovative theme park attractions, showcasing its knack for combining technology with creativity. Through this diversified portfolio, Oceaneering generates revenue from a multitude of streams, creating robust buffers against the cyclical nature of oil prices while anticipating and adapting to the future demands of the high-tech landscape.
Strong Cash Generation: Oceaneering ended 2025 with a cash balance of $689 million, up 38% year-over-year, boosting financial flexibility.
Order Intake & Backlog: Book-to-bill ratio improved to 1.33 in 2025 from 1.1 in 2024, with $3.7 billion in orders, supporting multi-year growth.
Mixed Segment Performance: ADTech saw significant revenue and margin growth, while energy-focused businesses (like OPG) declined due to fewer large projects.
Profitability Drivers: Net income soared to $178 million (up 217% YoY) mainly due to a $156 million discrete tax benefit; adjusted EBITDA hit $401 million for the year, up 16%.
2026 Guidance: Management expects low- to mid-single-digit revenue growth, EBITDA between $390–440 million, and free cash flow of $100–120 million, with ADTech as the main growth driver.
Operational Highlights: ROV pricing increased 7%, ROV uptime achieved 99%, and safety performance reached record lows in incident rates.
Capital Allocation: $40 million in share repurchases, continued focus on bolt-on technology M&A, and organic capex guidance of $105–115 million for 2026.
