Exhibit 99.1 Oceaneering Reports First Quarter 2024 Results HOUSTON, April 24, 2024 – Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported net income of $15.1 million, or $0.15 per share, on revenue of $599 million for the three months ended March 31, 2024. Adjusted net income was $13.9 million, or $0.14 per share, reflecting the positive impact of $(2.2) million in foreign exchange gains, and the associated $0.8 million of tax effects, along with $0.2 million of expenses related to dis ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Oceaneering is a global technology company providing engineered services and robotic solutions across offshore energy, defense, and other industries - Oceaneering is a global technology company operating through five segments: Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies[15](index=15&type=chunk)[16](index=16&type=chunk) - Foreign operations generated approximately **$1.4 billion**, representing **58% of total revenue** for 2023[15](index=15&type=chunk) - The company leads in underwater services, operating the world's largest fleet of **250 work-class ROVs** and holding an estimated **61% market share** of contracted floating drilling rigs as of year-end 2023[15](index=15&type=chunk)[28](index=28&type=chunk) - Strategic focus includes developing technologies for cleaner hydrocarbon production and expanding into energy transition markets such as offshore wind, hydrogen, and carbon capture[17](index=17&type=chunk)[26](index=26&type=chunk) Revenue by Business Segment (2021-2023) | Business Segment | 2023 Revenue (USD thousands) | 2022 Revenue (USD thousands) | 2021 Revenue (USD thousands) | | :--- | :--- | :--- | :--- | | Subsea Robotics | $752,521 | $621,921 | $538,515 | | Manufactured Products | $493,692 | $382,361 | $344,251 | | Offshore Projects Group | $546,366 | $489,317 | $378,121 | | Integrity Management & Digital Solutions | $255,282 | $229,884 | $241,393 | | Aerospace and Defense Technologies | $376,845 | $342,601 | $366,995 | Consolidated Backlog (as of Dec 31) | Segment | 2023 Backlog (in millions USD) | 2022 Backlog (in millions USD) | | :--- | :--- | :--- | | Subsea Robotics | $782 | $771 | | Manufactured Products | $622 | $467 | | Offshore Projects Group | $355 | $239 | | Integrity Management & Digital Solutions | $332 | $281 | | Aerospace and Defense Technologies | $236 | $189 | | **Total** | **$2,327** | **$1,947** | - The top five customers accounted for **36% of consolidated revenue** in 2023, with the U.S. Government being the only customer exceeding **10% of total revenue**[44](index=44&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the cyclical offshore energy market, climate change impacts, international operations, and cybersecurity threats - The business is highly dependent on the historically cyclical offshore oil and gas industry, sensitive to price volatility[96](index=96&type=chunk) - Climate change trends pose risks including decreased long-term oil and gas demand, increased competition for lower-emission products, and physical operational risks from extreme weather[98](index=98&type=chunk)[101](index=101&type=chunk)[108](index=108&type=chunk) - International operations, representing **58% of revenue**, are exposed to economic downturns, political instability, currency fluctuations, and complex foreign regulations[102](index=102&type=chunk) - The company's backlog does not guarantee future revenue, as projects may be canceled, delayed, or have their scope altered[105](index=105&type=chunk)[106](index=106&type=chunk) - Cybersecurity threats to IT and OT systems pose significant risks, potentially causing operational disruptions, data loss, and financial damage[143](index=143&type=chunk)[144](index=144&type=chunk) - Increasing public and investor scrutiny on ESG matters could adversely affect business operations and access to capital[123](index=123&type=chunk) [Cybersecurity](index=29&type=section&id=Item%201C.%20Cybersecurity) Oceaneering integrates cybersecurity into its enterprise risk management, adhering to standards like NIST and CMMC, with no material incidents to date - Cybersecurity risk management is integrated into the company's broader framework, aligning with NIST and CMMC standards[160](index=160&type=chunk) - The Board's Audit Committee oversees cybersecurity risk, receiving regular updates on threats, initiatives, and compliance[168](index=168&type=chunk) - The company engages external cybersecurity consultants for audits, vulnerability assessments, and incident response testing[161](index=161&type=chunk)[163](index=163&type=chunk) - To date, the company has not experienced any cybersecurity incidents that have materially affected or are reasonably likely to materially affect its operations[165](index=165&type=chunk) [Properties](index=32&type=section&id=Item%202.%20Properties) Oceaneering maintains a global network of office, shop, and yard facilities, with key locations in Louisiana, Texas, and the U.K - The company owns or leases numerous worldwide facilities, deemed suitable and adequate for current operations[169](index=169&type=chunk) - Key Energy business support locations include Morgan City, Houston, Aberdeen, Stavanger, Rio de Janeiro, and Luanda[170](index=170&type=chunk)[171](index=171&type=chunk) - ADTech segment's primary facilities are in Hanover, Maryland, with additional support offices in Chesapeake and Houston[172](index=172&type=chunk) [Legal Proceedings](index=33&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal matters, with management expecting no material adverse effect on financial condition or results - Information on legal proceedings is incorporated by reference from Note 9—"Commitments and Contingencies" in the Notes to Consolidated Financial Statements[175](index=175&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[176](index=176&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Oceaneering's common stock trades on the NYSE, with no dividends since 2017 and a share repurchase program with no recent activity - The company's common stock is listed on the NYSE under the trading symbol 'OII'[179](index=179&type=chunk) - No quarterly dividends have been declared since **2017**, with future payments contingent on Board considerations[180](index=180&type=chunk) - A share repurchase program for up to **10 million shares** was approved in 2014, with **2.0 million shares** repurchased for **$100 million** by December 2015, and no further repurchases since[181](index=181&type=chunk) [Reserved](index=36&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Oceaneering's 2023 financial performance improved significantly, driven by increased energy segment activity and strong liquidity, with a key debt refinancing completed [Overview of Our Results](index=39&type=section&id=Overview%20of%20Our%20Results) Oceaneering reported a 17% revenue increase to **$2.4 billion** in 2023, with net income rising to **$97.4 million**, driven by higher activity across all energy segments Financial Performance Summary (2022 vs. 2023) | Metric | 2023 (USD thousands) | 2022 (USD thousands) | | :--- | :--- | :--- | | Revenue | $2,424,706 | $2,066,084 | | Gross Margin | $398,971 (16%) | $307,377 (15%) | | Operating Income | $181,328 (7%) | $110,863 (5%) | | Net Income | $97,403 | $25,941 | - The increase in 2023 operating and net income was primarily due to higher revenue across all segments from increased energy market activity[197](index=197&type=chunk) ROV Market Indicators | Indicator | 2023 | 2022 | | :--- | :--- | :--- | | Average floating rigs under contract | 147 | 137 | | ROV days on hire (in thousands) | 62 | 56 | | ROV utilization | 68% | 62% | [Outlook](index=40&type=section&id=Outlook) The company anticipates improved 2024 financial results, driven by positive market fundamentals, strong backlog, and expected operating income growth across all segments - 2024 financial results are expected to improve year-over-year, with increased operating income across all segments, led by Subsea Robotics and OPG[201](index=201&type=chunk) - Manufactured Products backlog increased by **33%** to **$622 million** as of December 31, 2023, supporting improved 2024 results[203](index=203&type=chunk) - ADTech operating results are projected to be slightly higher in 2024 due to increased revenue, with growth anticipated across all three government-focused businesses[205](index=205&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) In 2023, most Energy segments showed improved operating results, with Subsea Robotics and Manufactured Products leading growth, while IMDS saw a slight decrease Subsea Robotics Performance | Metric | 2023 (USD thousands) | 2022 (USD thousands) | | :--- | :--- | :--- | | Revenue | $752,521 | $621,921 | | Operating Income | $174,293 | $118,248 | | ROV Utilization | 68% | 62% | Manufactured Products Performance | Metric | 2023 (USD thousands) | 2022 (USD thousands) | | :--- | :--- | :--- | | Revenue | $493,692 | $382,361 | | Operating Income | $35,551 | $11,692 | | Backlog at year-end | $622,000 | $467,000 | Offshore Projects Group (OPG) Performance | Metric | 2023 (USD thousands) | 2022 (USD thousands) | | :--- | :--- | :--- | | Revenue | $546,366 | $489,317 | | Operating Income | $64,546 | $49,256 | Integrity Management & Digital Solutions (IMDS) Performance | Metric | 2023 (USD thousands) | 2022 (USD thousands) | | :--- | :--- | :--- | | Revenue | $255,282 | $229,884 | | Operating Income | $13,373 | $14,901 | Aerospace and Defense Technologies (ADTech) Performance | Metric | 2023 (USD thousands) | 2022 (USD thousands) | | :--- | :--- | :--- | | Revenue | $376,845 | $342,601 | | Operating Income | $45,003 | $44,168 | [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2023, Oceaneering maintained strong liquidity with **$462 million** in cash and a **$215 million** undrawn credit facility, and completed a **$400 million** debt repurchase Cash Flow Summary | (in thousands USD) | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $209,955 | $120,883 | | Net Cash Used in Investing Activities | ($86,353) | ($76,865) | | Net Cash Used in Financing Activities | ($227,297) | ($1,862) | | **Net (Decrease) Increase in Cash** | **($107,179)** | **$30,631** | - As of December 31, 2023, the company had **$573 million** in working capital, including **$462 million** in cash and **$215 million** in unused revolving credit commitments[230](index=230&type=chunk) - In 2023, the company repurchased the entire **$400 million** outstanding principal of its 2024 Senior Notes, funded by cash and **$200 million** from new 2028 Senior Notes[232](index=232&type=chunk)[239](index=239&type=chunk)[245](index=245&type=chunk) - Capital expenditures are projected to be between **$110 million** and **$130 million** in 2024, up from **$101 million** in 2023[238](index=238&type=chunk) [Critical Accounting Policies and Estimates](index=51&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management identifies critical accounting policies including revenue recognition for fixed-price contracts, impairment testing of long-lived assets, and income tax accounting, all requiring significant judgment and estimates - Revenue for significant fixed-price contracts is recognized over time using the cost-to-cost input method, requiring significant estimates of total project costs[257](index=257&type=chunk) - The company periodically reviews long-lived assets for impairment using estimates of future performance and market conditions, with no impairments recorded in 2023 or 2022[259](index=259&type=chunk)[261](index=261&type=chunk) - Income tax provisions require significant judgment in interpreting tax laws and assessing the need for valuation allowances against deferred tax assets[262](index=262&type=chunk)[264](index=264&type=chunk) [Contractual Obligations](index=54&type=section&id=Contractual%20Obligations) As of December 31, 2023, Oceaneering had total contractual obligations of approximately **$1.48 billion**, primarily comprising long-term debt, purchase obligations, and operating lease liabilities Contractual Obligations as of December 31, 2023 | (dollars in thousands USD) | Total | 2024 | 2025-2026 | 2027-2028 | After 2028 | | :--- | :--- | :--- | :--- | :--- | :--- | | Long-term Debt | $500,000 | $— | $— | $500,000 | $— | | Purchase Obligations | $476,142 | $462,677 | $8,579 | $4,438 | $448 | | Operating Lease Liabilities | $459,555 | $97,549 | $158,408 | $59,232 | $144,366 | | Other Long-term Obligations | $40,305 | $116 | $281 | $361 | $39,547 | | **TOTAL** | **$1,476,002** | **$560,342** | **$167,268** | **$564,031** | **$184,361** | [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate changes and foreign currency fluctuations, particularly the Angolan kwanza, which devalued by **40%** in 2023 - The company's primary market risks are interest rate changes and foreign currency fluctuations[268](index=268&type=chunk) - Significant foreign currency exposure exists with the Angolan kwanza, which devalued by **40%** in 2023, with the company holding **$8.1 million** in kwanza cash at year-end[270](index=270&type=chunk)[271](index=271&type=chunk) - The company's remaining Angolan bonds, used to mitigate currency risk, matured on September 1, 2023, yielding cash proceeds of **$6.2 million**[272](index=272&type=chunk) [Financial Statements and Supplementary Data](index=56&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for the three years ended December 31, 2023, along with the independent auditor's report - The financial statements were audited by Ernst & Young LLP, which issued an unqualified opinion, affirming fair presentation in conformity with U.S. GAAP[325](index=325&type=chunk) - The auditor's report identified revenue recognition using the cost-to-cost method as a critical audit matter due to significant estimation requirements for project completion costs[329](index=329&type=chunk)[331](index=331&type=chunk) [Notes to Consolidated Financial Statements](index=72&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, financial statement line items, including revenue disaggregation, debt, lease liabilities, and segment performance Revenue by Geographic Area (2023) | Geographic Area | 2023 Revenue (USD thousands) | | :--- | :--- | | Total Foreign | $1,394,325 | | United States | $1,030,381 | | **Total** | **$2,424,706** | Long-Term Debt (as of Dec 31, 2023) | (in thousands USD) | Amount | | :--- | :--- | | 6.000% Senior Notes due 2028 | $500,000 | | Unamortized discount and debt issuance costs | ($22,942) | | **Long-term Debt** | **$477,058** | - As of December 31, 2023, the company had total operating lease liabilities of **$371.6 million**[401](index=401&type=chunk) - As of December 31, 2023, the company had a valuation allowance of **$664 million** against its deferred tax assets, indicating a likelihood that a portion will not be realized[405](index=405&type=chunk) - In 2021, the company terminated contracts with China Evergrande Group, resulting in a net loss that included a **$49 million** reserve on receivables and contract assets[354](index=354&type=chunk)[440](index=440&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=56&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure during the reporting period - None[275](index=275&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, with an unqualified auditor opinion - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[277](index=277&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023[281](index=281&type=chunk) - Ernst & Young LLP issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[285](index=285&type=chunk) [Other Information](index=58&type=section&id=Item%209B.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during the fourth quarter of 2023 - No director or executive officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended December 31, 2023[292](index=292&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=58&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[293](index=293&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=58&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section incorporates information on directors, executive officers, and corporate governance by reference from the company's 2024 proxy statement - Information regarding directors, corporate governance, and the audit committee is incorporated by reference from the company's 2024 proxy statement[293](index=293&type=chunk)[294](index=294&type=chunk) [Executive Compensation](index=58&type=section&id=Item%2011.%20Executive%20Compensation) This section incorporates information regarding executive and director compensation by reference from the company's 2024 proxy statement - Information required by this item is incorporated by reference from the company's 2024 proxy statement[297](index=297&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=58&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership by management and beneficial owners is incorporated by reference from the 2024 proxy statement Equity Compensation Plan Information as of December 31, 2023 | Plan Category | Securities to be issued upon exercise | Weighted-average exercise price | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 2,285,310 | N/A | 1,862,571 | | Equity compensation plans not approved by security holders | — | N/A | — | | **Total** | **2,285,310** | **N/A** | **1,862,571** | [Certain Relationships and Related Transactions, and Director Independence](index=59&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) This section incorporates information regarding related party transactions and director independence by reference from the company's 2024 proxy statement - Information required by this item is incorporated by reference from the company's 2024 proxy statement[302](index=302&type=chunk) [Principal Accounting Fees and Services](index=59&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) This section incorporates information regarding fees paid to the principal accountant, Ernst & Young LLP, by reference from the company's 2024 proxy statement - Information required by this item is incorporated by reference from the company's 2024 proxy statement[303](index=303&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=60&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Form 10-K report, including the independent auditor's report - This item lists all financial statements, schedules, and exhibits filed with the report, including the Certificate of Incorporation, Bylaws, debt indentures, and various material contracts[305](index=305&type=chunk)[307](index=307&type=chunk)[308](index=308&type=chunk) [Form 10-K Summary](index=62&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has elected not to include a summary of this report - Oceaneering has elected not to include a summary of this report[313](index=313&type=chunk)

Financial Data and Key Metrics - The company generated $153 million in cash from operating activities in Q4 2023, with free cash flow of $119 million after $34 million in capital expenditures [2] - Consolidated 2023 operating income improved by $70.5 million to $181 million, and adjusted EBITDA increased by $56.4 million to $289 million [7] - The company retired $400 million of 2024 notes and issued a $200 million add-on to its 2028 debt, reducing long-term debt from $700 million in 2022 to $500 million in 2023 [2][10] - Cash balance at the end of 2023 was $462 million, with the nearest debt maturity of $500 million in February 2028 [2][10] Business Segment Performance - SSR segment saw a 32% EBITDA margin in Q4 2023, up from 31% in Q3 2023, driven by improved ROV pricing [3] - Manufactured products revenue increased by 8% in Q4 2023 to $133 million, but operating income margin declined to 4% due to project mix changes and startup costs [5] - ADTech segment operating income margin declined to 12% in Q4 2023 due to project mix changes [6] - OPG segment revenue improved in Q4 2023, but operating income margin declined to 9% from 18% in Q3 2023 due to project mix and pricing changes [82] Market and Industry Outlook - The company expects positive free cash flow of $110 million to $150 million and EBITDA of $330 million to $380 million in 2024 [1] - The autonomous forklift market is projected to grow by over 10% year-over-year, with the mobile robotics industry expected to grow by over 20% by 2030 [12] - The company anticipates improved pricing and margins in energy-focused businesses and stable pricing in government-focused businesses in 2024 [13] Strategic Direction and Competition - The company is focusing on leveraging its digital and robotics expertise to improve efficiency and reduce carbon emissions [11] - It acquired an uncrewed surface vessel (USV) to enhance its survey capabilities and saw a 266% increase in orders for its MaxMover autonomous forklift in 2023 [8] - The company secured a five-year contract with Petrobras for DPR systems, strengthening its presence in Brazil [85] Management Commentary on Operating Environment and Future Prospects - Management expects government-related markets to remain stable with modest growth, while offshore renewables and greenhouse gas reduction initiatives present growth opportunities [12] - The company anticipates improved ROV pricing, with potential to reach $11,000 per day by the end of 2024 [33][109] - Management highlighted the importance of operational efficiency and cost absorption in improving margins for manufactured products [110] Other Important Information - The company achieved 99% uptime in its SSR drill support ROV operations in 2023 and successfully completed its first commercial project using the Freedom hybrid ROV/AUV [67] - The ADTech segment secured contracts for space systems and defense technologies, including submarine rescue systems and ROVs [68] - The company published its 2022 Scope 1 and Scope 2 emissions report and established greenhouse gas reduction targets as part of its sustainability initiatives [70] Q&A Session Summary Question: ROV Pricing Trends - Management expects ROV pricing to continue improving, potentially reaching close to $11,000 per day by the end of 2024, depending on work mix and regional margins [33][109] Question: Autonomous Forklift Market Growth - The company anticipates 10% growth in the autonomous forklift market in 2024, with orders for 205 forklifts in 2023, a 266% increase over 2022 [8][37] Question: Manufactured Products Backlog and Margins - The company expects manufactured products revenue to remain flat in 2024, with margins improving in 2025 and 2026 as new strategies are implemented [110][95] Question: Shareholder Returns - Management is considering a share repurchase program in Q2 2024, pending board approval [26][40] Question: Manufactured Products Order Trends - The company expects manufactured products orders to remain at 2023 levels or slightly higher, with a focus on improving margins in the energy business [113][95]

Financial Performance - Net income for Q4 2023 was $44.5 million, or $0.43 per share, on revenue of $655 million, representing a 22% increase in revenue compared to Q4 2022[3][5]. - Revenue for Q4 2023 reached $654.6 million, a 22% increase from $536.2 million in Q4 2022[26]. - For the year ended December 31, 2023, total revenue reached $2,424,706 thousand, representing an increase from $2,066,084 thousand in 2022, which is a growth of approximately 17.3%[52]. - Net income for the year ended December 31, 2023, was $97.4 million, compared to $25.9 million in 2022, representing a significant increase[26]. - For the three months ended December 31, 2023, the net income was $44,529 thousand with a diluted EPS of $0.43, compared to a net income of $23,128 thousand and diluted EPS of $0.23 for the same period in 2022, representing an increase of 92% in net income year-over-year[35]. - The adjusted net income for the year ended December 31, 2023, was $81,949 thousand with a diluted EPS of $0.80, compared to $31,111 thousand and $0.31 diluted EPS for 2022, indicating a significant increase of 163% in adjusted net income[36]. EBITDA and Margins - Adjusted EBITDA for Q4 2023 was $75.1 million, slightly above the midpoint of the guidance range, with a consolidated adjusted EBITDA margin of approximately 11.5%[6][9]. - Adjusted EBITDA for the year ended December 31, 2023, was $289,046 thousand, compared to $232,638 thousand for the previous year, reflecting a year-over-year growth of 24%[39]. - The EBITDA margin for the three months ended December 31, 2023, was 12%, compared to 11% for the same period in 2022, showing a slight improvement in profitability[39]. - The EBITDA margin for 2023 was 12%, consistent with the previous year, demonstrating stable operational efficiency[52]. - The adjusted EBITDA margin remained stable at 12% for both 2023 and 2022, reflecting consistent operational performance[52]. Cash Flow and Capital Expenditures - Free cash flow for 2023 increased to $109 million, compared to $39.8 million in 2022, contributing to a reduction in long-term debt from $700 million at the end of 2022 to $500 million at the end of 2023[8][6]. - Capital expenditures for 2023 were $101 million, up from $81 million in 2022, with expectations for 2024 capital expenditures to be between $110 million and $130 million[8][12]. - The projected free cash flow for the year ending December 31, 2024, is estimated to be between $110,000 thousand and $150,000 thousand, reflecting continued strong cash flow generation[46]. Segment Performance - Subsea Robotics segment revenue increased to $199.5 million, a 19% rise from $167.4 million in Q4 2022[28]. - The revenue from the SSR segment was $752,521 thousand in 2023, showing a strong performance compared to $621,921 thousand in 2022, an increase of approximately 20.9%[52]. - The IMDS segment revenue was $546,366 thousand in 2023, up from $489,317 thousand in 2022, indicating a growth of about 11.7%[52]. - The MP segment's revenue for Q4 2023 was $132.994 million, up from $100.174 million in Q4 2022, marking a growth of approximately 32.8%[48]. Operational Metrics - The company reported a book-to-bill ratio of 1.31 for the full year of 2023, indicating strong demand relative to revenue[11]. - The average revenue per day on hire for Remotely Operated Vehicles (ROV) was $9,618 in Q4 2023, a 3% increase from Q3 2023, with a fleet count of 250 and utilization at 68%[6][10]. - Operating income margin for the total company was 7% for Q4 2023, compared to 5% in Q4 2022[28]. - Operating income margin for the Offshore Projects Group (OPG) declined to 9% in Q4 2023, primarily due to changes in project mix and pricing[12][13]. - ROV utilization in the Subsea Robotics segment was 68% for Q4 2023, up from 62% in Q4 2022[28]. Expenses and Adjustments - Unallocated expenses for Q4 2023 were $37.9 million, lower than in the previous quarter, reflecting improved cost management[15]. - The total unallocated expenses for Q4 2023 were $37.949 million, compared to $33.575 million in Q4 2022, indicating an increase in overhead costs[48]. - The company experienced foreign currency losses of $2.275 million in Q4 2023, which impacted the overall adjusted EBITDA[48]. - The company experienced foreign currency losses of $1,359 thousand in 2023, compared to minimal losses in 2022, which may impact future earnings[52].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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 ...

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 June 30, 2023 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) (St ...

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, 2023 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) De ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the fiscal year ended December 31, 2022 5875 North Sam Houston Parkway, Suite 400 Houston, Texas 77086 (Address of principal executive offices) (Zip Code) OR Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ 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. (NYSE:OII) Q4 2022 Earnings Conference Call February 24, 2023 11:00 AM ET Company Participants Mark Peterson - Vice President of Development and Investor Relations Rod Larson - President and Chief Executive Officer Alan Curtis - Senior Vice President and Chief Financial Officer Conference Call Participants Kurt Hallead - Benchmark Eddie Kim - Barclays Operator Good morning. My name is Joanna, and I will be your conference operator. Welcome, everyone to Oceaneering's Fourth Qu ...

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 September 30, 2022 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 ...