Full Transcript: Oceaneering International Q2 2026 Earnings Call

Oceaneering International (NYSE: OII ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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View the webcast at Summary Oceaneering International reported second-quarter 2026 results that exceeded the high end of their EBITDA guidance, with adjusted EBITDA reaching $115 million, marking the highest quarterly level since Q3 2015.

Revenue increased by 10% year-over-year to $768 million, with notable performance in the Offshore Projects Group and Subsea Robotics segments.

The company strengthened its capital structure by issuing $500 million in senior notes due 2034 and increasing its revolving credit facility to $345 million.

Strategic initiatives included securing new contracts and extensions across energy sectors and defense applications, highlighting a joint contract with the Defense Innovation Unit.

Future guidance indicates increased revenue and adjusted EBITDA in Q3 2026, with full-year adjusted EBITDA expected to be between $400 million and $440 million.

Management expressed confidence in continued growth opportunities, especially in Subsea Robotics and defense, while acknowledging challenges in the Integrity Management and Digital Solutions segment.

Full Transcript Rob, Operator Welcome to Oceaneering International's second quarter 2026 earnings conference call.

My name is Rob and I will be your conference operator.

All lines have been placed on mute to prevent any background noise.

There will be a question and answer period after the speaker's remarks.

With that, I will now turn the call over to Hilary Frisbee, Oceaneering International's Senior Director of Investor Relations.

Hilary Frisbee, Senior Director of Investor Relations Thanks, Rob.

Good morning and welcome to Oceaneering International's second quarter 2026 results conference call.

Today's call is being webcast and a replay will be available on our website.

With me today are Rod Larson, President and Chief Executive Officer, and Mike Sumrald, Senior Vice President and Chief Financial Officer.

Rod and Mike will provide our prepared remarks and then we'll take your questions.

Before we begin, please note that statements made on this call about our future financial performance, business strategy, plans for future operations, and industry conditions are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Our remarks also include non-GAAP financial measures.

Additional details and reconciliations to the most directly comparable GAAP financial measures are included in our second quarter press release, which is available on our website.

With that, I'll turn the call over to Rod.

Rod Larson, President and Chief Executive Officer Good morning, and thanks for joining the call today.

Our second quarter results, which exceeded the high end of our EBITDA guidance range, reflected strong operational execution across our diversified portfolio.

Our adjusted EBITDA of $115 million represented our highest quarterly level since the third quarter of 2015, underscoring the momentum that we're building across the business.

The Offshore Projects Group, or OPG, led our year-over-year improvements and was the largest contributor to our second quarter EBITDA outperformance.

Those results were driven by a favorable project mix of international intervention and installation projects.

These projects included ongoing light well intervention services in the Caspian Sea and an installation project in offshore Egypt.

In Subsea Robotics, or SSR, the Ocean Intervention 2 entered service following significant upgrades in 2025 and is now performing survey projects that are expected to keep the vessel utilized through most of the remainder of the year.

We expect to conduct a simultaneous operations, or SIMOPS, project from the vessel later this year, enabling multiple survey activities to be performed concurrently and improving overall operational efficiency for our customers.

We also continue to secure contract awards and extensions across our energy segments, including a recently announced award for ROV services in Brazil that improves our visibility into future demand.

In ADTech, we secured new contract awards across a range of defense and subsea applications including Subsea Robotics, Subsea Systems, submarine rescue, and submarine maintenance, construction, and installation services.

Among these awards was a joint contract from the Defense Innovation Unit to support development of an extra-large unmanned underwater vehicle.

This award highlights the continued evolution of our strategy to deploy dual-use technologies that serve both energy and government customers, while demonstrating our ability to collaborate with partners to meet defense industry needs.