Financial Data and Key Metrics Changes - For Q3 2021, consolidated EBITDA was $50.3 million, a decrease from Q2 2021 but within the guidance range [9] - Cash flow from operations was $36.5 million, and free cash flow was $24 million [10] - The cash balance at the end of Q3 2021 was $448 million, slightly down due to repurchases of senior notes [10][27] - The company initiated 2022 EBITDA guidance in the range of $225 million to $275 million, representing a 16% increase from the 2021 adjusted EBITDA midpoint of $215 million [7] Business Segment Performance Changes - Subsea Robotics (SSR) revenue increased slightly, but operating income declined due to lower margins in ROV services [12] - Manufactured Products revenue was $75.4 million, with a backlog of $334 million, improving from $315 million in Q2 2021 [14] - Offshore Projects Group (OPG) revenue declined by 11%, but operating income margin improved from 7% to 8% [15] - Aerospace and Defense Technologies (ADTech) operating income declined by 15%, with an operating income margin of 16% [17] Market Data and Key Metrics Changes - The Gulf of Mexico operations were impacted by Hurricane Ida, affecting overall activity levels [11] - The company maintained a 58% drill support market share with ROV contracts on 77 of the 133 floating rigs [13] - The book-to-bill ratio was 1.3 for the first nine months of 2021, indicating a healthy order intake [14] Company Strategy and Industry Competition - The company is focusing on growth in energy transition markets, including offshore wind, while maintaining a balanced approach to capital allocation [28][36] - There is an emphasis on reducing carbon footprints in oil and gas operations, with investments in autonomous vehicles and new technologies [36] - The company expects to generate positive free cash flow similar to 2021 levels while addressing its 2024 debt maturity [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the energy services industry and anticipated growth in offshore oil and gas markets [28] - The company expects improved operating performance across segments in 2022, particularly in Subsea Robotics and offshore projects [29] - Management highlighted the importance of addressing inflation and supply chain issues while attracting and retaining talent [30] Other Important Information - Unallocated expenses for Q4 2021 are expected to be in the mid-$30 million range due to increased IT spending [25] - The company is narrowing its adjusted EBITDA guidance for the full year 2021 to a range of $210 million to $220 million [30] Q&A Session Summary Question: What is the outlook for OPG in 2022? - Management noted that improved contracting activity and customer signals are framing the outlook for OPG [33] Question: Where are the best opportunities for growth capital allocation? - Management indicated that 90% of new product development is targeted at non-oil and gas markets, with a focus on carbon reduction technologies [36] Question: What are the promising offshore deepwater basins for growth? - Management highlighted South America, particularly Brazil and Guyana, as strong growth areas, along with sustained activity in Norway and West Africa [40] Question: What is the company's approach to returning cash via dividends or buybacks? - Management stated that while growth opportunities are prioritized, they remain open to discussing dividends or buybacks in the future [42] Question: How is the company managing staffing challenges for ROVs? - Management confirmed that they have been effective in rehiring technicians and leveraging their global footprint to address staffing needs [45]

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=Part%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This section provides Oceaneering International, Inc.'s unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements of Oceaneering International, Inc., detailing balance sheets, operations, cash flows, equity, and notes on key accounting policies and segment performance [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) This table presents the company's consolidated financial position, detailing assets, liabilities, and equity as of June 30, 2021, and December 31, 2020 | (in thousands) | Jun 30, 2021 | Dec 31, 2020 | Change | % Change | | :--------------------------- | :----------- | :----------- | :----- | :------- | | **ASSETS** | | | | | | Cash and cash equivalents | $456,087 | $452,016 | $4,071 | 0.90% | | Accounts receivable, net | 334,122 | 296,214 | 37,908 | 12.80% | | Contract assets, net | 247,162 | 221,997 | 25,165 | 11.34% | | Inventory, net | 129,133 | 141,241 | (12,108) | -8.57% | | Total Current Assets | 1,228,876 | 1,170,263 | 58,613 | 5.01% | | Net property and equipment | 537,909 | 591,107 | (53,198) | -9.00% | | Total Assets | $2,061,549 | $2,045,842 | $15,707 | 0.77% | | **LIABILITIES AND EQUITY** | | | | | | Accounts payable | $106,778 | $94,207 | $12,571 | 13.34% | | Accrued liabilities | 310,757 | 292,863 | 17,894 | 6.11% | | Contract liabilities | 61,988 | 50,046 | 11,942 | 23.86% | | Total current liabilities | 479,523 | 437,116 | 42,407 | 9.70% | | Long-term debt | 773,423 | 805,251 | (31,828) | -3.95% | | Total equity | 562,732 | 558,157 | 4,575 | 0.82% | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) This table summarizes the company's revenues, gross margins, operating income (loss), and net income (loss) for the three and six months ended June 30, 2021 and 2020 | (in thousands, except per share data) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Change (YoY) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | Change (YoY) | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Revenue | $498,199 | $427,216 | $70,983 | $935,752 | $963,884 | $(28,132) | | Gross margin | 68,397 | 42,537 | 25,860 | 125,054 | 89,289 | 35,765 | | Income (loss) from operations | 22,819 | (5,182) | 28,001 | 36,602 | (385,939) | 422,541 | | Net Income (Loss) | $6,241 | $(24,788) | $31,029 | $(3,124) | $(392,386) | $389,262 | | Basic Earnings (loss) per share | $0.06 | $(0.25) | $0.31 | $(0.03) | $(3.96) | $3.93 | | Diluted Earnings (loss) per share | $0.06 | $(0.25) | $0.31 | $(0.03) | $(3.96) | $3.93 | - The company reported a significant turnaround in profitability for the three months ended June 30, 2021, with **net income of $6.241 million** compared to a **net loss of $24.788 million** in the prior year period. For the six months ended June 30, 2021, the **net loss substantially narrowed to $3.124 million from $392.386 million** in the prior year, primarily due to the absence of large impairment charges seen in 2020[14](index=14&type=chunk) [Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This table presents the company's net income (loss) and other comprehensive income (loss) components for the three and six months ended June 30, 2021 and 2020 | (in thousands) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Change (YoY) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | Change (YoY) | | :----------------------------- | :------------------------------- | :------------------------------- | :----------- | :----------------------------- | :----------------------------- | :----------- | | Net income (loss) | $6,241 | $(24,788) | $31,029 | $(3,124) | $(392,386) | $389,262 | | Foreign currency translation adjustments | 6,468 | 10,629 | (4,161) | 3,612 | (59,696) | 63,308 | | Change in unrealized gains for available-for-sale debt securities | (369) | — | (369) | 685 | — | 685 | | Total other comprehensive income (loss) | 6,099 | 10,629 | (4,530) | 4,297 | (59,696) | 63,993 | | Comprehensive income (loss) | $12,340 | $(14,159) | $26,499 | $1,173 | $(452,082) | $453,255 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This table details the company's cash flows from operating, investing, and financing activities for the six months ended June 30, 2021 and 2020 | (in thousands) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | Change (YoY) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------- | | Net Cash Provided by (Used in) Operating Activities | $48,823 | $5,368 | $43,455 | | Net Cash Provided by (Used in) Investing Activities | $(12,157) | $(35,317) | $23,160 | | Net Cash Provided by (Used in) Financing Activities | $(32,284) | $(1,947) | $(30,337) | | Net Increase (Decrease) in Cash and Cash Equivalents | $4,071 | $(40,146) | $44,217 | - **Net cash provided by operating activities significantly increased to $48.8 million** for the six months ended June 30, 2021, **from $5.4 million** in the prior year, reflecting improved operational performance. Cash used in financing activities increased due to the **repurchase of $30.5 million of 2024 Senior Notes**[19](index=19&type=chunk) [Consolidated Statements of Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Equity) This table outlines changes in the company's equity, including common stock, retained earnings, and accumulated other comprehensive income (loss), from December 31, 2020, to June 30, 2021 | (in thousands) | Balance, Dec 31, 2020 | Net Income (Loss) (Q1 2021) | Other Comprehensive Income (Loss) (Q1 2021) | Restricted Stock Unit Activity (Q1 2021) | Restricted Stock Activity (Q1 2021) | Balance, Mar 31, 2021 | Net Income (Loss) (Q2 2021) | Other Comprehensive Income (Loss) (Q2 2021) | Restricted Stock Unit Activity (Q2 2021) | Balance, Jun 30, 2021 | | :----------------------------- | :-------------------- | :-------------------------- | :------------------------------------------ | :--------------------------------------- | :----------------------------------- | :-------------------- | :-------------------------- | :------------------------------------------ | :--------------------------------------- | :-------------------- | | Common Stock | $27,709 | — | — | — | — | $27,709 | — | — | — | $27,709 | | Additional Paid-in Capital | $192,492 | — | — | $(13,642) | $(10,439) | $168,411 | — | — | $(409) | $168,002 | | Treasury Stock | $(660,021) | — | — | $14,997 | $10,439 | $(634,585) | — | — | $2,456 | $(632,129) | | Retained Earnings | $1,351,220 | $(9,365) | — | — | — | $1,341,855 | $6,241 | — | — | $1,348,096 | | Accumulated Other Comprehensive Income (Loss) | $(359,306) | — | $(1,802) | — | — | $(361,108) | — | $6,099 | — | $(355,009) | | Oceaneering Shareholders' Equity | $552,094 | $(9,365) | $(1,802) | $1,355 | — | $542,282 | $6,241 | $6,099 | $2,047 | $556,669 | | Noncontrolling Interest | $6,063 | — | — | — | — | $6,063 | — | — | — | $6,063 | | Total Equity | $558,157 | $(9,365) | $(1,802) | $1,355 | — | $548,345 | $6,241 | $6,099 | $2,047 | $562,732 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the consolidated financial statements, covering accounting policies, revenue, impairments, income taxes, debt, and business segment information [1. SUMMARY OF MAJOR ACCOUNTING POLICIES](index=9&type=section&id=1.%20SUMMARY%20OF%20MAJOR%20ACCOUNTING%20POLICIES) This note outlines key accounting policies, including financial statement presentation, consolidation, estimates, prior period recasting, cash, credit loss allowances, inventory, and long-lived asset accounting - The company recast certain prior period amounts to conform to a **new organizational structure implemented in Q3 2020**, which realigned operating segments for greater cost efficiencies and synergies[26](index=26&type=chunk)[120](index=120&type=chunk) - As of June 30, 2021, the **allowance for credit losses was $1.6 million** for accounts receivable and **$0.9 million for other receivables**, with **$0.7 million and $3.1 million in accounts receivable written off** during the three and six months ended June 30, 2021, respectively[31](index=31&type=chunk) - **No write-downs or write-offs of inventory were recorded** in the three- and six-month periods ended June 30, 2021 and 2020. **No impairment indicators were identified** for property and equipment, long-lived intangible assets, and right-of-use operating lease assets for the three- and six-month periods ended June 30, 2021 or the three-month period ended June 30, 2020[34](index=34&type=chunk)[37](index=37&type=chunk) [2. ACCOUNTING STANDARDS UPDATE](index=12&type=section&id=2.%20ACCOUNTING%20STANDARDS%20UPDATE) This note discusses the adoption of ASU 2019-12 and the evaluation of ASU 2020-04, neither of which had a material impact on the financial statements - The adoption of ASU 2019-12, "Simplifying the Accounting for Income Taxes," on January 1, 2021, **did not have a material impact** on the consolidated financial statements[55](index=55&type=chunk) - The company is evaluating ASU 2020-04, "Reference Rate Reform," which provides temporary expedients for the transition from LIBOR, and **does not expect it to have a material impact** on its consolidated financial statements[56](index=56&type=chunk) [3. REVENUE](index=13&type=section&id=3.%20REVENUE) This note disaggregates revenue by business segment, geographical region, and timing, detailing contract balances and remaining performance obligations Revenue by Business Segment (in thousands) | Business Segment | Three Months Ended Jun 30, 2021 | Three Months Ended Jun 30, 2020 | Six Months Ended Jun 30, 2021 | Six Months Ended Jun 30, 2020 | | :------------------------------------ | :------------------------------ | :------------------------------ | :---------------------------- | :---------------------------- | | Subsea Robotics | $141,371 | $119,234 | $260,490 | $259,004 | | Manufactured Products | 79,127 | 100,570 | 165,952 | 267,104 | | Offshore Projects Group | 107,951 | 73,840 | 197,185 | 148,094 | | Integrity Management & Digital Solutions | 64,070 | 53,969 | 118,118 | 118,698 | | Aerospace and Defense Technologies | 105,680 | 79,603 | 194,007 | 170,984 | | **Total Revenue** | **$498,199** | **$427,216** | **$935,752** | **$963,884** | Contract Balances (in thousands) | (in thousands) | Jun 30, 2021 | Jun 30, 2020 | | :----------------------------- | :----------- | :----------- | | Total contract assets, end of period | $247,162 | $223,405 | | Total contract liabilities, end of period | $61,988 | $51,763 | - As of June 30, 2021, the **aggregate amount of transaction price allocated to remaining performance obligations was $205 million**, with **$132 million expected to be recognized in the next 12 months and $73 million within the next 24 months**[63](index=63&type=chunk) - Costs to fulfill a contract (primarily mobilization costs) had a **closing balance of $8.6 million** as of June 30, 2021, with **amortization expense of $1.3 million for the three months and $2.3 million for the six months** ended June 30, 2021[70](index=70&type=chunk) [4. IMPAIRMENTS](index=15&type=section&id=4.%20IMPAIRMENTS) This note details goodwill and long-lived asset impairment assessments, noting no impairments in 2021 but significant charges in Q1 2020 due to market conditions - **No goodwill impairments were recorded** in the three- and six-month periods ended June 30, 2021, or the three-month period ended June 30, 2020[71](index=71&type=chunk) Goodwill Impairment (Three Months Ended March 31, 2020, as recast) | Segment/Reporting Unit | Goodwill Impairment (in thousands) | | :----------------------- | :--------------------------------- | | Subsea Robotics | $102,118 | | Manufactured Products | 11,388 | | Offshore Projects Group | 66,285 | | Integrity Management & Digital Solutions | 123,214 | | **Total goodwill impairment** | **$303,005** | - **No impairments of long-lived assets were recorded** in the three- and six-month periods ended June 30, 2021, or the three-month period ended June 30, 2020[76](index=76&type=chunk) Long-lived Asset Impairments (Three Months Ended March 31, 2020, as recast) | Segment/Reporting Unit | Long-lived Asset Impairments (in thousands) | | :----------------------- | :---------------------------------------- | | Manufactured Products | $61,074 | | Offshore Projects Group | 7,522 | | Integrity Management & Digital Solutions | 167 | | **Total long-lived asset impairments** | **$68,763** | [5. INCOME TAXES](index=17&type=section&id=5.%20INCOME%20TAXES) This note explains the income tax provision, effective tax rates, expected CARES Act refunds, and unrecognized tax liabilities, along with open tax years - The company expects to receive **approximately $33 million in combined tax refunds** under the CARES Act, of which **$5.6 million had been received** as of June 30, 2021. The remaining refunds are classified as accounts receivable[82](index=82&type=chunk)[139](index=139&type=chunk) - **Accrued net unrecognized tax liabilities were $12 million** as of June 30, 2021, a **decrease from $15 million** as of December 31, 2020[84](index=84&type=chunk) Earliest Tax Years Open to Examination by Tax Authorities | Jurisdiction | Periods | | :------------- | :------ | | United States | 2014 | | United Kingdom | 2019 | | Norway | 2016 | | Angola | 2013 | | Brazil | 2016 | | Australia | 2015 | [6. SELECTED BALANCE SHEET INFORMATION](index=18&type=section&id=6.%20SELECTED%20BALANCE%20SHEET%20INFORMATION) This note provides detailed breakdowns for inventory, other current assets, and accrued liabilities as of June 30, 2021, and December 31, 2020 | (in thousands) | Jun 30, 2021 | Dec 31, 2020 | | :----------------------------- | :----------- | :----------- | | **Inventory:** | | | | Remotely operated vehicle parts and components | $62,746 | $62,788 | | Other inventory, primarily raw materials | 66,387 | 78,453 | | Total Inventory | $129,133 | $141,241 | | **Other current assets:** | | | | Prepaid expenses | $55,458 | $48,616 | | Angolan bonds | 6,914 | 10,179 | | Total Other current assets | $62,372 | $58,795 | | **Accrued liabilities:** | | | | Payroll and related costs | $131,269 | $135,042 | | Accrued job costs | 59,893 | 47,721 | | Income taxes payable | 42,983 | 35,929 | | Current operating lease liability | 20,695 | 18,798 | | Other | 55,917 | 55,373 | | Total Accrued liabilities | $310,757 | $292,863 | [7. DEBT](index=18&type=section&id=7.%20DEBT) This note details long-term debt, including Senior Notes and the revolving credit facility, highlighting debt repurchases and covenant compliance Long-term Debt (in thousands) | (in thousands) | Jun 30, 2021 | Dec 31, 2020 | | :--------------------------- | :----------- | :----------- | | 4.650% Senior Notes due 2024 | $469,500 | $500,000 | | 6.000% Senior Notes due 2028 | 300,000 | 300,000 | | Interest rate swap settlements | 8,982 | 10,870 | | Unamortized debt issuance costs | (5,059) | (5,619) | | **Long-term debt** | **$773,423** | **$805,251** | - The company **repurchased approximately $31 million in aggregate principal amount of its 4.650% Senior Notes due 2024** in open market transactions during the three months ended June 30, 2021[92](index=92&type=chunk)[189](index=189&type=chunk) - **As of June 30, 2021, the $500 million revolving credit facility was undrawn**, and the company was **in compliance with all covenants**, including a **maximum adjusted total Capitalization Ratio of 55%**[94](index=94&type=chunk)[96](index=96&type=chunk)[186](index=186&type=chunk) [8. COMMITMENTS AND CONTINGENCIES](index=21&type=section&id=8.%20COMMITMENTS%20AND%20CONTINGENCIES) This note addresses legal proceedings, financial instruments, risk concentration, foreign currency transaction losses, and contract delays or suspensions - The company recorded **foreign currency transaction losses of $(1.8) million and $(3.7) million** for the three- and six-month periods ended June 30, 2021, respectively, primarily due to the declining exchange rates of the Angolan kwanza and Brazilian real against the U.S. dollar[105](index=105&type=chunk)[170](index=170&type=chunk) - To mitigate currency exposure in Angola, the company holds Angolan central bank bonds, **valued at $6.9 million** as of June 30, 2021. A portion of these bonds, **totaling $4.5 million, was sold** in the six-month period ended June 30, 2021, recognizing a **gain of $0.5 million**[107](index=107&type=chunk)[108](index=108&type=chunk)[198](index=198&type=chunk) - As of June 30, 2021, the company had **$51 million in outstanding accounts receivable and contract assets for delayed projects** and **$73 million in contract assets for a suspended contract** in its Manufactured Products segment, which are believed to be realizable[110](index=110&type=chunk)[111](index=111&type=chunk) [9. EARNINGS (LOSS) PER SHARE, SHARE-BASED COMPENSATION AND SHARE REPURCHASE PLAN](index=23&type=section&id=9.%20EARNINGS%20(LOSS)%20PER%20SHARE,%20SHARE-BASED%20COMPENSATION%20AND%20SHARE%20REPURCHASE%20PLAN) This note covers EPS calculations, share-based compensation, and the share repurchase plan, noting anti-dilutive effects and unrecognized compensation costs - For periods with a net loss, the effect of outstanding restricted stock units is **anti-dilutive**, resulting in basic and diluted weighted-average shares outstanding being the same[112](index=112&type=chunk) - As of June 30, 2021, 2,493,742 shares of restricted stock and restricted stock units were outstanding, with an **estimated $17 million in unrecognized share-based compensation cost**[115](index=115&type=chunk)[116](index=116&type=chunk) - The Board approved a share repurchase program for **up to 10 million shares** in December 2014, but **no shares have been repurchased under this plan since 2015**[117](index=117&type=chunk)[118](index=118&type=chunk)[190](index=190&type=chunk) [10. BUSINESS SEGMENT INFORMATION](index=24&type=section&id=10.%20BUSINESS%20SEGMENT%20INFORMATION) This note details the company's five reportable segments: Subsea Robotics, Manufactured Products, Offshore Projects Group (OPG), Integrity Management & Digital Solutions (IMDS), and Aerospace and Defense Technologies (ADTech), following a Q3 2020 organizational realignment. It provides revenue, operating income (loss), and depreciation and amortization for each segment, highlighting the significant improvement in operating income across most energy segments compared to the prior year, which included substantial impairment charges - The company's organizational structure was **realigned in Q3 2020 into five reportable segments**: Subsea Robotics, Manufactured Products, Offshore Projects Group (OPG), Integrity Management & Digital Solutions (IMDS), and Aerospace and Defense Technologies (ADTech)[120](index=120&type=chunk)[133](index=133&type=chunk) Revenue and Operating Income (Loss) by Business Segment (in thousands) | Segment | Q2 2021 Revenue | Q2 2020 Revenue | Q2 2021 Op. Income (Loss) | Q2 2020 Op. Income (Loss) | H1 2021 Revenue | H1 2020 Revenue | H1 2021 Op. Income (Loss) | H1 2020 Op. Income (Loss) | | :------------------------------------ | :-------------- | :-------------- | :------------------------ | :------------------------ | :-------------- | :-------------- | :------------------------ | :------------------------ | | Subsea Robotics | $141,371 | $119,234 | $21,710 | $11,662 | $260,490 | $259,004 | $36,329 | $(82,421) | | Manufactured Products | 79,127 | 100,570 | 790 | 3,865 | 165,952 | 267,104 | 3,543 | (62,273) | | Offshore Projects Group | 107,951 | 73,840 | 7,996 | (4,135) | 197,185 | 148,094 | 16,809 | (83,458) | | Integrity Management & Digital Solutions | 64,070 | 53,969 | 4,721 | (1,825) | 118,118 | 118,698 | 7,195 | (123,360) | | Total Energy Services and Products | 392,519 | 347,613 | 35,217 | 9,567 | 741,745 | 792,900 | 63,876 | (351,512) | | Aerospace and Defense Technologies | 105,680 | 79,603 | 19,340 | 13,430 | 194,007 | 170,984 | 36,179 | 26,401 | | Unallocated Expenses | — | — | (31,738) | (28,179) | — | — | (63,453) | (60,828) | | **Total** | **$498,199** | **$427,216** | **$22,819** | **$(5,182)** | **$935,752** | **$963,884** | **$36,602** | **$(385,939)** | Depreciation and Amortization, including Goodwill Impairment (in thousands) | Item | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Depreciation expense | $35,000 | $38,000 | $70,000 | $81,000 | | Amortization expense (intangible assets) | 800 | 800 | 2,100 | 3,400 | | Goodwill impairment expense | — | — | — | 303,000 | | Long-lived asset write-offs | — | — | — | 7,300 | | **Total** | **$35,225** | **$38,698** | **$71,696** | **$394,894** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on financial performance, condition, and future outlook, including segment realignment, Q2 and H1 2021 results, guidance, liquidity, and critical accounting policies [Realignment of Reportable Segments](index=29&type=section&id=Realignment%20of%20Reportable%20Segments) This section explains the Q3 2020 organizational restructuring into five new reportable segments for improved cost efficiencies and synergies - In the third quarter of 2020, the company **changed its organizational structure to realign businesses for greater cost efficiencies and synergies, resulting in five new reportable segments**: Subsea Robotics, Manufactured Products, Offshore Projects Group (OPG), Integrity Management & Digital Solutions (IMDS), and Aerospace and Defense Technologies (ADTech)[133](index=133&type=chunk) [Overview of our Results and Guidance](index=29&type=section&id=Overview%20of%20our%20Results%20and%20Guidance) This section provides an overview of Q2 and H1 2021 operating results, cash flow, and guidance for Q3 2021 and full-year capital expenditures Diluted Earnings (Loss) Per Share | Period | 2021 | 2020 | Change | | :----------------------------- | :--- | :--- | :----- | | Three Months Ended June 30 | $0.06 | $(0.25) | $0.31 | | Six Months Ended June 30 | $(0.03) | $(3.96) | $3.93 | - **Operating results for Q2 2021 improved sequentially from Q1 2021**, driven by seasonal growth in energy businesses, operating discipline, and efficiency gains, with **all operating segments contributing operating income**[135](index=135&type=chunk)[136](index=136&type=chunk) - **Cash increased by $4.1 million** in the first half of 2021, primarily from **$49 million in operating cash flow**, despite **repurchasing $31 million of 2024 Senior Notes and $23 million in capital expenditures**[137](index=137&type=chunk) - For Q3 2021, **consolidated results are expected to decline on moderately lower revenue**, with flat activity/profitability in Subsea Robotics, Manufactured Products, and IMDS, lower activity/flat profitability in OPG, and lower activity/profitability in ADTech. **Unallocated Expenses are projected to be in the mid-$30 million range**[138](index=138&type=chunk) - **Full-year 2021 capital expenditures guidance is affirmed at $50 million to $70 million**, **comprising $35 million to $40 million for maintenance and $15 million to $30 million for growth**[141](index=141&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) This section analyzes the company's consolidated and segment-specific revenue and profitability for the three and six months ended June 30, 2021 and 2020 [Consolidated Revenue and Profitability](index=31&type=section&id=Consolidated%20Revenue%20and%20Profitability) This section analyzes the company's consolidated revenue, gross margin, and operating income (loss) for Q2 and H1 2021 compared to prior periods Consolidated Revenue and Profitability (in thousands) | (dollars in thousands) | Jun 30, 2021 (Q2) | Jun 30, 2020 (Q2) | Mar 31, 2021 (Q1) | Jun 30, 2021 (H1) | Jun 30, 2020 (H1) | | :--------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Revenue | $498,199 | $427,216 | $437,553 | $935,752 | $963,884 | | Gross Margin | 68,397 | 42,537 | 56,657 | 125,054 | 89,289 | | Gross Margin % | 14 % | 10 % | 13 % | 13 % | 9 % | | Operating Income (Loss) | 22,819 | (5,182) | 13,783 | 36,602 | (385,939) | | Operating Income (Loss) % | 5 % | (1)% | 3 % | 4 % | (40)% | - The company reported **operating income of $22.8 million** for Q2 2021, a significant improvement from an **operating loss of $5.2 million** in Q2 2020. For H1 2021, **operating income was $36.6 million**, a substantial recovery from an **operating loss of $385.9 million** in H1 2020, which **included $391.4 million in charges**[144](index=144&type=chunk)[146](index=146&type=chunk) [Energy Services and Products](index=32&type=section&id=Energy%20Services%20and%20Products) This section details the performance of the Subsea Robotics, Manufactured Products, Offshore Projects Group, and Integrity Management & Digital Solutions segments Energy Services and Products Segment Performance (in thousands) | Segment | Q2 2021 Revenue | Q2 2020 Revenue | Q2 2021 Op. Income (Loss) | Q2 2020 Op. Income (Loss) | H1 2021 Revenue | H1 2020 Revenue | H1 2021 Op. Income (Loss) | H1 2020 Op. Income (Loss) | | :------------------------------------ | :-------------- | :-------------- | :------------------------ | :------------------------ | :-------------- | :-------------- | :------------------------ | :------------------------ | | Subsea Robotics | $141,371 | $119,234 | $21,710 | $11,662 | $260,490 | $259,004 | $36,329 | $(82,421) | | Manufactured Products | 79,127 | 100,570 | 790 | 3,865 | 165,952 | 267,104 | 3,543 | (62,273) | | Offshore Projects Group | 107,951 | 73,840 | 7,996 | (4,135) | 197,185 | 148,094 | 16,809 | (83,458) | | Integrity Management & Digital Solutions | 64,070 | 53,969 | 4,721 | (1,825) | 118,118 | 118,698 | 7,195 | (123,360) | | **Total Energy Services and Products** | **$392,519** | **$347,613** | **$35,217** | **$9,567** | **$741,745** | **$792,900** | **$63,876** | **$(351,512)** | - Subsea Robotics operating income increased in Q2 2021 compared to Q1 2021 and Q2 2020, driven by higher seasonal activity, increased days on hire, and higher average revenue per day. **ROV utilization was 62% in Q2 2021, up from 59% in Q2 2020**[154](index=154&type=chunk) - **Manufactured Products backlog was $315 million as of June 30, 2021, up from $266 million** at December 31, 2020, primarily due to increased bookings in energy-related operations. The **book-to-bill ratio was 0.8** for the trailing 12 months[157](index=157&type=chunk) - Offshore Projects Group (OPG) **operating results improved significantly** in Q2 2021 and H1 2021 compared to the prior year periods, primarily due to the start-up of the Angola riserless light well intervention project and higher vessel utilization[159](index=159&type=chunk) - Integrity Management & Digital Solutions (IMDS) **operating results improved** in Q2 2021 and H1 2021, driven by higher seasonal activity, new multi-year projects, and efficiency improvements[161](index=161&type=chunk) [Aerospace and Defense Technologies](index=36&type=section&id=Aerospace%20and%20Defense%20Technologies) This section details the performance of the Aerospace and Defense Technologies (ADTech) segment, including revenue and operating income ADTech Segment Performance (in thousands) | (dollars in thousands) | Jun 30, 2021 (Q2) | Jun 30, 2020 (Q2) | Mar 31, 2021 (Q1) | Jun 30, 2021 (H1) | Jun 30, 2020 (H1) | | :--------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Revenue | $105,680 | $79,603 | $88,327 | $194,007 | $170,984 | | Gross Margin | 24,603 | 17,313 | 22,110 | 46,713 | 34,798 | | Operating Income (Loss) | 19,340 | 13,430 | 16,839 | 36,179 | 26,401 | | Operating Income (Loss) % | 18 % | 17 % | 19 % | 19 % | 15 % | - **ADTech segment operating results increased** in Q2 2021 compared to Q1 2021 and Q2 2020, driven by higher revenue from project mix, favorable rate-based adjustments, and increased activity in defense subsea technologies and space systems[165](index=165&type=chunk) [Unallocated Expenses](index=37&type=section&id=Unallocated%20Expenses) This section discusses unallocated corporate expenses, including gross margin and operating expenses, and their changes compared to prior periods Unallocated Expenses (in thousands) | (dollars in thousands) | Jun 30, 2021 (Q2) | Jun 30, 2020 (Q2) | Mar 31, 2021 (Q1) | Jun 30, 2021 (H1) | Jun 30, 2020 (H1) | | :--------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Gross margin expenses | $(21,392) | $(18,404) | $(22,855) | $(44,247) | $(38,446) | | Operating expenses | $(31,738) | $(28,179) | $(31,715) | $(63,453) | $(60,828) | - **Unallocated Expenses for the three- and six-month periods ended June 30, 2021, were higher** compared to the corresponding prior year periods, primarily due to increased accruals for incentive-based compensation[167](index=167&type=chunk) [Other (Financial Statement Items Below Operating Income)](index=37&type=section&id=Other%20(Financial%20Statement%20Items%20Below%20Operating%20Income)) This section details financial statement items below operating income, including interest income/expense, equity in affiliates, and foreign currency transaction impacts Other Financial Statement Items (in thousands) | (in thousands) | Jun 30, 2021 (Q2) | Jun 30, 2020 (Q2) | Mar 31, 2021 (Q1) | Jun 30, 2021 (H1) | Jun 30, 2020 (H1) | | :------------------------------------ | :---------------- | :---------------- | :---------------- | :---------------- | :---------------- | | Interest income | $683 | $511 | $519 | $1,202 | $1,788 | | Interest expense, net | (9,729) | (11,611) | (10,407) | (20,136) | (24,073) | | Equity in income (losses) of unconsolidated affiliates | 378 | 674 | 534 | 912 | 1,871 | | Other income (expense), net | (1,955) | (3,660) | (1,453) | (3,408) | (10,788) | | Provision (benefit) for income taxes | 5,955 | 5,520 | 12,341 | 18,296 | (24,755) | - Other income (expense), net, primarily consists of **foreign currency transaction gains and losses, which were $(1.8) million and $(3.7) million** for the three- and six-month periods ended June 30, 2021, respectively, mainly due to the Angolan kwanza and Brazilian real[170](index=170&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's liquidity, capital resources, and cash flow activities from operations, investing, and financing [Overview](index=38&type=section&id=Overview) This section provides an overview of the company's working capital, cash position, and available credit facility, indicating adequate liquidity - As of June 30, 2021, the company had **$749 million in working capital**, including **$456 million in cash and cash equivalents**, and **$500 million available under its undrawn revolving credit facility**, indicating **adequate liquidity**[173](index=173&type=chunk)[174](index=174&type=chunk) Changes in Cash (in thousands) | (in thousands) | Six Months Ended Jun 30, 2021 | Six Months Ended Jun 30, 2020 | | :------------------------------------ | :---------------------------- | :---------------------------- | | Net Cash Provided by Operating Activities | $48,823 | $5,368 | | Net Cash Used in Investing Activities | (12,157) | (35,317) | | Net Cash Used in Financing Activities | (32,284) | (1,947) | | Net Increase (Decrease) in Cash and Cash Equivalents | $4,071 | $(40,146) | [Operating activities](index=38&type=section&id=Operating%20activities) This section details the net cash provided by operating activities, highlighting improvements driven by operational performance and working capital management - **Net cash provided by operating activities increased to $48.8 million** for the six months ended June 30, 2021, **from $5.4 million** in the prior year, driven by improved operating performance and timing of vendor payments and customer prepayments[176](index=176&type=chunk)[177](index=177&type=chunk) [Investing activities](index=39&type=section&id=Investing%20activities) This section discusses cash flows from investing activities, primarily focusing on capital expenditures and their projected full-year guidance - **Capital expenditures decreased to $23 million** in the first six months of 2021 **from $38 million** in the prior year, reflecting cost reduction efforts. **Full-year 2021 capital expenditures are projected to be $50 million to $70 million**[178](index=178&type=chunk) [Financing activities](index=39&type=section&id=Financing%20activities) This section details cash flows from financing activities, including debt repurchases and the status of the revolving credit facility - **Cash used in financing activities increased to $32 million** for the six months ended June 30, 2021, primarily due to the **repurchase of $31 million of 2024 Senior Notes**[180](index=180&type=chunk) - As of June 30, 2021, **long-term debt outstanding was $770 million**, and the **$500 million revolving credit facility remained undrawn**, with maturity extended to January 25, 2023 (**reducing to $450 million after October 25, 2021**)[181](index=181&type=chunk)[183](index=183&type=chunk) [Off-Balance Sheet Arrangements](index=41&type=section&id=Off-Balance%20Sheet%20Arrangements) This section confirms the absence of any material off-balance sheet arrangements or guaranteed debt not reflected on the balance sheets - The company has not guaranteed any debt not reflected on its Consolidated Balance Sheets and **does not have any off-balance sheet arrangements** as of June 30, 2021[191](index=191&type=chunk) [Critical Accounting Policies and Estimates](index=41&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section states that there have been no material changes to the company's critical accounting policies and estimates since the last annual report - There have been **no material changes to the judgments, assumptions, and estimates underlying the company's critical accounting policies and estimates** as of June 30, 2021, compared to those disclosed in the annual report on Form 10-K for the year ended December 31, 2020[192](index=192&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses the company's exposure to market risks, primarily from interest rate changes and foreign exchange rate fluctuations, and mitigation strategies - The company is exposed to market risks from interest rate changes and foreign exchange rates, but these are **not considered material except for exposure in Angola**. **No market-risk-sensitive instruments are used for speculative purposes**[194](index=194&type=chunk) - **Foreign currency translation adjustments to equity were $6.5 million (positive) for Q2 2021 and $3.6 million (positive) for H1 2021**, reflecting a weakening U.S. dollar against various foreign currencies[195](index=195&type=chunk) - **Foreign currency transaction losses were $(1.8) million for Q2 2021 and $(3.7) million for H1 2021**, primarily due to the remeasurement of Angolan kwanza cash balances and Brazilian real-denominated liabilities[196](index=196&type=chunk) - To mitigate Angolan kwanza currency exposure, the company holds Angolan central bank bonds, with a **fair market value of $6.9 million** as of June 30, 2021. **Unrealized gains related to these bonds, net of tax, were $0.7 million**[198](index=198&type=chunk)[200](index=200&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms that the company's disclosure controls and procedures were effective as of June 30, 2021, providing reasonable assurance that required information is recorded, processed, summarized, and reported timely. No material changes to internal control over financial reporting occurred during the quarter - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2021[201](index=201&type=chunk) - There has been **no material change in the company's internal control over financial reporting** during the three months ended June 30, 2021[202](index=202&type=chunk) [PART II – OTHER INFORMATION](index=45&type=section&id=Part%20II%20%E2%80%93%20OTHER%20INFORMATION) This section includes information on legal proceedings and a list of exhibits filed with the Form 10-Q [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8, "Commitments and Contingencies," for information regarding legal proceedings. The company is involved in various litigation and claims in the ordinary course of business, but does not expect them to have a material adverse effect on its financial condition, results of operations, or cash flows - Information regarding legal proceedings is incorporated by reference from Note 8, "Commitments and Contingencies," which states that ultimate liability from these matters is **not expected to have a material adverse effect** on the company's consolidated financial condition, results of operations, or cash flows[101](index=101&type=chunk)[205](index=205&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including organizational documents, certifications, and XBRL interactive data files - The exhibits include the Restated Certificate of Incorporation, Amended and Restated Bylaws, certifications from principal executive and financial officers (Rule 13a-14(a)/15d-14(a) and Section 1350), and Inline XBRL documents[206](index=206&type=chunk)

Financial Data and Key Metrics Changes - Oceaneering reported a positive net income and solid financial performance for Q2 2021, with a sequential increase in activity as four out of five operating segments delivered an average revenue increase of over 19% [7] - Adjusted EBITDA for the quarter was $60.6 million, exceeding consensus estimates, and the company raised its EBITDA guidance range for 2021 to $200 million to $225 million [8][11][45] - Cash from operating activities was $50.5 million, with free cash flow generation of $37.9 million after capital expenditures of $12.6 million [12] Business Line Data and Key Metrics Changes - Subsea Robotics (SSR) segment saw adjusted operating income improve with nearly 20% higher revenue, maintaining an adjusted EBITDA margin of 31% [15] - The Offshore Projects Group (OPG) experienced a decline in adjusted operating income margin from 10% in Q1 2021 to 7% in Q2 2021, despite increased revenue due to unplanned downtime [22][23] - Integrity Management and Digital Solutions (IMDS) reported a 19% increase in revenue, with adjusted operating income margin rising to 7% from 5% in the previous quarter [24] Market Data and Key Metrics Changes - The company noted a return of confidence in the energy services industry, particularly for companies assisting with carbon reduction goals, and an expected rebound in mobility solutions and government businesses [9][46] - ROV days on hire increased to 14,005 in Q2 from 11,887 in Q1, with fleet utilization rising to 62% from 53% [17][18] Company Strategy and Development Direction - Oceaneering's strategy focuses on generating positive free cash flow, retaining talent, addressing debt maturity, and leveraging technologies into new markets [47] - The company anticipates continued growth in the energy services sector, driven by supportive commodity prices and increased demand for carbon reduction solutions [8][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the gradual increase in deepwater activity and contract renewals, indicating a shift towards longer contracts [50] - The company is monitoring inflation and supply chain issues but believes its contracts are well insulated from significant impacts [52][54] Other Important Information - Oceaneering's cash position increased by $13.3 million, resulting in a cash balance of $456 million at the end of Q2, with no borrowings against its $500 million revolving credit facility [13][43] - The company expects free cash flow in 2021 to exceed that generated in 2020, and it is well-positioned to address the maturity of its 2024 senior notes [44][45] Q&A Session Summary Question: Visibility for deepwater activity going into 2022 - Management noted a gradual increase in activity with longer contracts being sought, but no immediate spikes in rig counts [50] Question: Coping with inflation and supply chain issues - Management indicated that ADTech work is insulated from many changes, but labor costs may rise, which will be communicated to customers [52][54] Question: CapEx budget for next year - Management highlighted the importance of monitoring ROV upgrades and potential new contracts, indicating that growth CapEx may increase but should remain a percentage of revenue [60][62] Question: Target leverage ratio and capital allocation priorities - Management expressed a preference for a lower leverage ratio while balancing growth CapEx and maintaining financial flexibility [63][67] Question: Drivers for high and low ends of EBITDA guidance - The primary drivers include the level of IMR activity and seasonal trends in both Subsea Robotics and OPG [72] Question: Market adoption of new technologies - Management discussed the demand for Isurus systems in shallow water renewables work and the potential for retrofitting existing systems to enhance efficiency [74][76]

| --- | --- | --- | --- | |---------------|-------|-------|-------| | | | | | | ® OCEANEERING | | | | Forward‐Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering cautions that statements in this presentation that express a belief, expectation, or intention are forward looking. Forward‐looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "plan," "fore ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10945 ____________________________________________ OCEANEERING INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) (S ...

Oceaneering International, Inc. (NYSE:OII) Q1 2021 Earnings Conference Call April 29, 2021 11:00 AM ET Company Participants Mark Peterson - Vice President-Corporate Development and Investor Relations Rod Larson - President and Chief Executive Officer Alan Curtis - Senior Vice President and Chief Financial Officer Conference Call Participants Mike Sabella - Bank of America Ian Macpherson - Simmons Taylor Zurcher - Pickering and Holt Blake Gendron - Wolfe Research Samantha Hoh - Evercore ISI David Smith - Hei ...

UNITED STATES Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10945 ____________________________________________ OCEANEERING INTERNATIONAL, INC. SECURITIES AND EXCHANGE COMMISSION (I.R.S. Employer Identification No.) (713) 329-4500 (Registran ...

Financial Data and Key Metrics Changes - For Q4 2020, the company reported a net loss of $25 million or $0.25 per share on revenue of $424 million, with adjusted net income of $1.8 million or $0.02 per share [8][20] - The cash balance increased by $78 million from $374 million at December 31, 2019, to $452 million at December 31, 2020 [6][23] - Consolidated adjusted EBITDA for Q4 2020 was $47.1 million, higher than the third quarter and exceeding guidance and consensus estimates [9][10] - For the full year 2020, the company reported a net loss of $497 million or $5.01 per share on revenue of $1.8 billion, with an adjusted net loss of $26.5 million or $0.27 per share [20][22] Business Segment Data and Key Metrics Changes - Subsea Robotics (SSR) adjusted operating income improved sequentially despite lower revenue, with an adjusted EBITDA margin of 33% in Q4 2020 [11][12] - Manufactured Products segment saw an adjusted operating income margin increase to 9% in Q4 2020 from 5% in Q3 2020, despite lower revenue due to supplier delays [15] - Offshore Projects Group (OPG) adjusted operating income improved sequentially due to better pricing and activity in the Gulf of Mexico [16][44] - Integrity Management and Digital Solutions (IMDS) segment reported higher adjusted operating income driven by effective personnel use [17] - Aerospace and Defense Technologies (ADTech) segment saw improved adjusted operating income from higher revenue [18] Market Data and Key Metrics Changes - Analysts forecast Brent pricing to stabilize in the $55 to $60 per barrel range for 2021, supporting reasonable levels of IMR activity [33] - The floating rig count is expected to remain close to year-end 2020 levels of approximately 130 contracted rigs [34] - Sanctioning levels for offshore projects are projected to increase in 2021 to around $55 billion [34] Company Strategy and Development Direction - The company aims to generate positive free cash flow in 2021, with a consolidated adjusted EBITDA range of $160 million to $210 million [7][35] - Focus on energy transition strategies, including investments in clean energy technologies and partnerships for new projects [30][32] - The company is committed to maintaining capital discipline and reducing capital expenditures to between $50 million and $70 million in 2021 [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges posed by the COVID-19 pandemic and the oil price collapse, highlighting improved operational results [6][24] - The company anticipates that 2021 will see a recovery in project sanctioning and increased activity levels in the energy sector [33][35] - Management noted that the company is well-positioned to handle its $500 million bond maturity in November 2024 [38] Other Important Information - The company achieved a record low total recordable incident rate (TRIR) of 0.3% for 2020, reflecting a strong commitment to safety [28] - The company implemented cost and process improvement programs targeting $125 million to $160 million in cost reductions [24][25] Q&A Session Summary Question: Details on manufacturing products and awards in 2021 - Management indicated that major projects will run throughout the year, and some incoming orders are expected in the first half of 2021 [53][54] Question: Comparison of new energy markets to traditional markets - Management noted improvements in establishing value and technology in new energy markets, leading to better relationships and opportunities [55][57] Question: Confidence in 2021 EBITDA guidance - Management expressed confidence in reaching the midpoint of the EBITDA guidance, driven by stable commodity prices and increased IMR activity [62][63] Question: Outlook for manufactured products segment - Management suggested that 2020 was likely a low point for the manufactured products segment, with expectations for improvement in 2021 [65][66] Question: Insights on Gulf of Mexico operations - Management highlighted that maintenance work could increase if new development slows, providing opportunities for IMR services [72][73] Question: Energy transition opportunities - Management emphasized the importance of focusing on energy transition markets, including subsea mining and hydrogen production [81][82]

| --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | | | | | | | | Investor Presentation | | | | | | | January 2021 | | | | | | | | | | | | | Forward-Looking Statements 2 In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering cautions that statements in this presentation that express a belief, expectation, or intention are forward looking. Forward-looking statements are generally accompanied by w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 11911 FM 529 Houston, Texas 77041 (Address of principal executive offices) (Zip Code) FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-10945 ____________________________________________ ...