Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported third quarter 2025 results.

As compared to the third quarter of 2024:
- Revenue increased 9% to $743 million;
- Operating income increased 21% to $86.5 million;
- Net income increased 73% to $71.3 million; and
- Adjusted EBITDA increased 13% to $111 million.
Cash flow provided by operating activities was $101 million and free cash flow was $77.0 million, with an ending cash position of $506 million.
Shares repurchased were 440,814 for approximately $10.1 million.

Rod Larson, Oceaneering's President and Chief Executive Officer, stated, "Our team continues to deliver positive results in a dynamic market environment. In the third quarter, we generated adjusted EBITDA in excess of our guidance range and consensus estimates through solid performance across our segments. This includes the ongoing conversion of higher-margin backlog in Manufactured Products, a continued favorable project mix and steady vessel utilization in our Offshore Projects Group (OPG), and improvement in average remotely operated vehicle (ROV) revenue per day utilized in Subsea Robotics (SSR). In addition, we secured total inbound orders of $854 million, with notable contract wins in SSR, Aerospace and Defense Technologies (ADTech), and Manufactured Products.

"Looking forward to 2026, we are optimistic about our consolidated growth opportunities to be led by ADTech, although we expect the year to unfold differently than 2025. In the first quarter, we anticipate seasonally lower activity levels in our energy-focused businesses, with activity levels increasing in the second and third quarters. Accordingly, we are initiating full-year 2026 consolidated EBITDA guidance in the range of $390 million to $440 million."

Third Quarter 2025 Segment Results

As compared to the third quarter of 2024:

SSR revenue of $219 million, operating income of $65.1 million, and EBITDA margin of 36% were essentially flat. ROV revenue per day utilized increased 6% to $11,254. ROV fleet utilization declined to 65%.
Manufactured Products operating income of $24.7 million improved 119% and operating income margin expanded to 16% on a 9% increase in revenue. Backlog was $568 million on September 30, 2025. The book-to-bill ratio was 0.82 for the 12-month period ending on September 30, 2025.
OPG operating income increased 17% to $23.7 million on a 16% increase in revenue. Operating income margin was flat at 14%.
Integrity Management and Digital Solutions (IMDS) operating income increased significantly, and operating income margin improved on a 4% decrease in revenue due to the absence of a one-time, non-cash charge in the third quarter of 2024 related to the divestiture of the Maritime Intelligence division.
ADTech operating income of $16.6 million represented an increase of 36% on a 27% increase in revenue. Operating income margin improved to 13%.
At the corporate level, Unallocated Expenses increased 19% to $46.3 million.

Fourth Quarter 2025 Guidance

As compared to the fourth quarter of 2024, consolidated fourth quarter 2025 revenue is expected to be lower. Consolidated EBITDA is forecast to be in the range of $80 million to $90 million.

At the segment level, for the fourth quarter of 2025, as compared to the fourth quarter of 2024:

SSR revenue and operating income are expected to increase.
Manufactured Products operating income is expected to increase significantly on lower revenue.
OPG revenue and operating income are expected to decrease significantly due to the absence of international projects that positively impacted the fourth quarter of 2024.
IMDS operating income is expected to decrease significantly on lower revenue.
ADTech revenue and operating income are expected to increase significantly.
Unallocated Expenses are expected to be in the $45 million range.

Initial Full-Year 2026 Guidance

Consolidated EBITDA is projected to be in the range of $390 million to $440 million.
Free cash flow generation is forecast to be consistent with 2025 levels.
Share repurchase activity is expected to continue.

Oceaneering will provide more specific guidance on its expectations for 2026 in its fourth quarter 2025 earnings release and conference call.

Non-GAAP Financial Measures

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, Fourth Quarter 2025 Consolidated EBITDA Estimate, 2025 Free Cash Flow Estimate, 2026 Consolidated EBITDA Estimate, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Conference Call Details

Oceaneering has scheduled a conference call and webcast on Thursday, October 23, 2025 at 10:00 a.m. Central Time, to discuss its results for the third quarter of 2025, guidance for the fourth quarter and full year of 2025, and initial guidance for the full year of 2026. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

Forward-Looking Statements

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's: fourth quarter 2025 guidance for consolidated revenue, consolidated EBITDA, revenue and operating profitability by segment, and Unallocated Expenses; implied full-year 2025 guidance for consolidated EBITDA; initial full-year 2026 guidance for consolidated EBITDA; the expectations that 2026 free cash flow will be similar to 2025 levels and that share purchase activity will continue in 2026; activity levels quarter by quarter in 2026; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater).

The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering's latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

About Oceaneering

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

For more information, please visit www.oceaneering.com.




OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

										Sep 30, 2025			Dec 31, 2024
										(in thousands)
ASSETS
Current assets (including cash and cash equivalents of $505,992 and $497,516)										$	1,501,843		$	1,387,896
Net property and equipment											442,274			420,098
Other assets											595,201			528,353
Total Assets										$	2,539,318		$	2,336,347

LIABILITIES AND EQUITY
Current liabilities										$	763,859		$	796,938
Long-term debt											486,022			482,009
Other long-term liabilities											375,706			337,078
Equity											913,731			720,322
Total Liabilities and Equity										$	2,539,318		$	2,336,347

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	For the Three Months Ended									For the Nine Months Ended
	Sep 30, 2025			Sep 30, 2024			Jun 30, 2025			Sep 30, 2025			Sep 30, 2024
	(in thousands, except per share amounts)

Revenue	$	742,898		$	679,811		$	698,161		$	2,115,582		$	1,947,711
Cost of services and products		590,166			548,849			549,734			1,679,412			1,604,154
Gross margin		152,732			130,962			148,427			436,170			343,557
Selling, general and administrative expense		66,224			59,629			69,238			197,001			175,167
Operating income (loss)		86,508			71,333			79,189			239,169			168,390
Interest income		3,704			3,275			3,017			10,365			8,717
Interest expense, net of amounts capitalized		(9,381	)		(9,456	)		(9,472	)		(27,928	)		(28,176	)
Equity in income (losses) of unconsolidated affiliates		97			323			311			770			787
Other income (expense), net		(1,021	)		3,133			5,371			5,325			6,372
Income (loss) before income taxes		79,907			68,608			78,416			227,701			156,090
Provision (benefit) for income taxes		8,618			27,371			23,974			51,593			64,721
Net Income (Loss)	$	71,289		$	41,237		$	54,442		$	176,108		$	91,369

Weighted average diluted shares outstanding		101,057			102,613			101,372			101,446			102,445
Diluted earnings (loss) per share	$	0.71		$	0.40		$	0.54		$	1.74		$	0.89

The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.





SEGMENT INFORMATION

		For the Three Months Ended									For the Nine Months Ended
		Sep 30, 2025			Sep 30, 2024			Jun 30, 2025			Sep 30, 2025			Sep 30, 2024
	($ in thousands)
Subsea Robotics
Revenue		$	218,767		$	215,715		$	218,786		$	643,529		$	617,632
Operating income (loss)		$	65,142		$	65,698		$	64,505		$	189,279		$	171,685
Operating income (loss) %			30	%		30	%		29	%		29	%		28	%
ROV days available			23,000			23,000			22,750			68,250			68,500
ROV days utilized			14,962			15,796			15,289			45,344			46,171
ROV utilization			65	%		69	%		67	%		66	%		67	%

Manufactured Products
Revenue		$	156,395		$	143,734		$	145,134		$	436,566		$	412,501
Operating income (loss)		$	24,651		$	11,278		$	18,772		$	52,090		$	38,837
Operating income (loss) %			16	%		8	%		13	%		12	%		9	%
Backlog at end of period		$	568,000		$	671,000		$	516,000		$	568,000		$	671,000

Offshore Projects Group
Revenue		$	171,046		$	147,539		$	149,281		$	485,268		$	406,651
Operating income (loss)		$	23,692		$	20,294		$	21,663		$	81,021		$	34,386
Operating income (loss) %			14	%		14	%		15	%		17	%		8	%

Integrity Management & Digital Solutions
Revenue		$	70,781		$	73,622		$	75,367		$	217,566		$	216,804
Operating income (loss)		$	2,756		$	714		$	4,647		$	10,865		$	7,802
Operating income (loss) %			4	%		1	%		6	%		5	%		4	%

Aerospace and Defense Technologies
Revenue		$	125,909		$	99,201		$	109,593		$	332,653		$	294,123
Operating income (loss)		$	16,557		$	12,219		$	16,299		$	43,521		$	32,271
Operating income (loss) %			13	%		12	%		15	%		13	%		11	%

Unallocated Expenses
Operating income (loss)		$	(46,290	)	$	(38,870	)	$	(46,697	)	$	(137,607	)	$	(116,591	)

Total
Revenue		$	742,898		$	679,811		$	698,161		$	2,115,582		$	1,947,711
Operating income (loss)		$	86,508		$	71,333		$	79,189		$	239,169		$	168,390
Operating income (loss) %			12	%		10	%		11	%		11	%		9	%

The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations.





SELECTED CASH FLOW INFORMATION

	For the Three Months Ended						For the Nine Months Ended
	Sep 30, 2025		Sep 30, 2024		Jun 30, 2025		Sep 30, 2025		Sep 30, 2024
	(in thousands)

Purchases of property and equipment	$	24,215	$	24,886	$	30,272	$	80,575	$	73,262
Capitalized cloud-based service contract costs		7,161		—		2,536		11,424		—
Total Capital Expenditures	$	31,376	$	24,886	$	32,808	$	91,999	$	73,262

Depreciation and Amortization:
Energy Services and Products
Subsea Robotics	$	13,283	$	12,076	$	12,385	$	37,404	$	36,867
Manufactured Products		2,768		3,061		2,741		8,159		9,473
Offshore Projects Group		4,290		5,399		4,663		13,642		17,418
Integrity Management & Digital Solutions		1,830		1,348		1,839		5,399		4,410
Total Energy Services and Products		22,171		21,884		21,628		64,604		68,168
Aerospace and Defense Technologies		1,082		696		900		2,815		1,915
Unallocated Expenses		2,870		2,683		2,872		8,552		8,218
Total Depreciation and Amortization	$	26,123	$	25,263	$	25,400	$	75,971	$	78,301

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included adjusted net income (loss) and diluted earnings (loss) per Share (EPS), each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2024 consolidated adjusted EBITDA and free cash flow, and 2025 consolidated EBITDA and free cash flow estimates, as well as the following by segment: EBITDA, EBITDA margins, adjusted EBITDA, and adjusted EBITDA margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and adjusted EBITDA margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the fourth quarter of 2025, for the full year of 2025, and for the full year of 2026, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. EBITDA and EBITDA margins, adjusted EBITDA and adjusted EBITDA margins, and related information by segment are each non-GAAP financial measures. We define free cash flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins, and free cash flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins, and free cash flow (and the adjusted amounts thereof) may not be comparable to similarly titled measures that other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.



RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

	For the Three Months Ended
	Sep 30, 2025					Sep 30, 2024					Jun 30, 2025
	Net Income (Loss)			Diluted EPS		Net Income (Loss)			Diluted EPS		Net Income (Loss)			Diluted EPS
	(in thousands, except per share amounts)

Net income (loss) and diluted EPS as reported in accordance with GAAP	$	71,289		$	0.71	$	41,237		$	0.40	$	54,442		$	0.54
Pre-tax adjustments for the effects of:
Foreign currency (gains) losses		999					(424	)				(5,430	)
Total pre-tax adjustments		999					(424	)				(5,430	)

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods		(902	)				603					5,452
Discrete tax items:
Share-based compensation		(4	)				(2	)				(2	)
Uncertain tax positions		(1,106	)				(1,178	)				(9	)
Valuation allowances		(6,279	)				(1,759	)				(2,453	)
Other		(8,236	)				(1,247	)				(2,209	)
Total discrete tax adjustments		(15,625	)				(4,186	)				(4,673	)
Total of adjustments		(15,528	)				(4,007	)				(4,651	)
Adjusted Net Income (Loss)	$	55,761		$	0.55	$	37,230		$	0.36	$	49,791		$	0.49
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)					101,057					102,613					101,372



Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

						For the Nine Months Ended
						Sep 30, 2025					Sep 30, 2024
						Net Income (Loss)			Diluted EPS		Net Income (Loss)			Diluted EPS
						(in thousands, except per share amounts)

Net income (loss) and diluted EPS as reported in accordance with GAAP						$	176,108		$	1.74	$	91,369		$	0.89
Pre-tax adjustments for the effects of:
Foreign currency (gains) losses							(5,481	)				(3,655	)
Total pre-tax adjustments							(5,481	)				(3,655	)

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods							5,235					1,463
Discrete tax items:
Share-based compensation							(1,109	)				(1,976	)
Uncertain tax positions							(3,526	)				379
Valuation allowances							(11,993	)				3,332
Other							(9,665	)				(11,228	)
Total discrete tax adjustments							(26,293	)				(9,493	)
Total of adjustments							(26,539	)				(11,685	)
Adjusted Net Income (Loss)						$	149,569		$	1.47	$	79,684		$	0.78
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)										101,446					102,445





EBITDA and Adjusted EBITDA and Margins

	For the Three Months Ended									For the Nine Months Ended
	Sep 30, 2025			Sep 30, 2024			Jun 30, 2025			Sep 30, 2025			Sep 30, 2024
	($ in thousands)

Net income (loss)	$	71,289		$	41,237		$	54,442		$	176,108		$	91,369
Depreciation and amortization		26,123			25,263			25,400			75,971			78,301
Subtotal		97,412			66,500			79,842			252,079			169,670
Interest expense, net of interest income		5,677			6,181			6,455			17,563			19,459
Amortization included in interest expense		(1,627	)		(1,537	)		(1,590	)		(4,773	)		(4,520	)
Provision (benefit) for income taxes		8,618			27,371			23,974			51,593			64,721
EBITDA		110,080			98,515			108,681			316,462			249,330
Adjustments for the effects of:
Foreign currency (gains) losses		999			(424	)		(5,430	)		(5,481	)		(3,655	)
Total of adjustments		999			(424	)		(5,430	)		(5,481	)		(3,655	)
Adjusted EBITDA	$	111,079		$	98,091		$	103,251		$	310,981		$	245,675

Revenue	$	742,898		$	679,811		$	698,161		$	2,115,582		$	1,947,711

EBITDA margin %		15	%		14	%		16	%		15	%		13	%
Adjusted EBITDA margin %		15	%		14	%		15	%		15	%		13	%




Free Cash Flow

	For the Three Months Ended									For the Nine Months Ended
	Sep 30, 2025			Sep 30, 2024			Jun 30, 2025			Sep 30, 2025			Sep 30, 2024
	(in thousands)
Net Income (loss)	$	71,289		$	41,237		$	54,442		$	176,108		$	91,369
Non-cash adjustments:
Depreciation and amortization		26,123			25,263			25,400			75,971			78,301
Other non-cash		(204	)		7,440			5,671			19,896			11,866
Other increases (decreases) in cash from operating activities		4,055			17,991			(8,326	)		(174,243	)		(106,699	)
Cash flow provided by (used in) operating activities		101,263			91,931			77,187			97,732			74,837
Purchases of property and equipment		(24,215	)		(24,886	)		(30,272	)		(80,575	)		(73,262	)
Free Cash Flow	$	77,048		$	67,045		$	46,915		$	17,157		$	1,575





RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

Fourth Quarter 2025 Consolidated EBITDA Estimate

	For the Three Months Ending
	December 31, 2025
	Low			High
	(in thousands)
Income (loss) before income taxes	$	51,000		$	59,000
Depreciation and amortization		25,000			26,000
Subtotal		76,000			85,000
Interest expense, net of interest income		6,000			7,000
Amortization included in interest expense		(2,000	)		(2,000	)
Consolidated EBITDA	$	80,000		$	90,000

2025 Free Cash Flow Estimate

	For the Year Ending
	December 31, 2025
	Low			High
	(in thousands)
Net income (loss)	$	208,000		$	213,000
Depreciation and amortization		101,000			102,000
Other increases (decreases) in cash from operating activities		(84,000	)		(65,000	)
Cash flow provided by (used in) operating activities		225,000			250,000
Purchases of property and equipment		(115,000	)		(120,000	)
Free Cash Flow	$	110,000		$	130,000


2026 Consolidated EBITDA Estimate

	For the Year Ending
	December 31, 2026
	Low			High
	(in thousands)
Income (loss) before income taxes	$	270,000		$	307,000
Depreciation and amortization		105,000			114,000
Subtotal		375,000			421,000
Interest expense, net of interest income		21,000			26,000
Amortization included in interest expense		(6,000	)		(7,000	)
Consolidated EBITDA	$	390,000		$	440,000





RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

EBITDA and Adjusted EBITDA and Margins by Segment

	For the Three Months Ended September 30, 2025
	SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
	($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP	$	65,142		$	24,651		$	23,692		$	2,756		$	16,557		$	(46,290	)	$	86,508
Adjustments for the effects of:
Depreciation and amortization		13,283			2,768			4,290			1,830			1,082			2,870			26,123
Other pre-tax		—			—			—			—			—			(2,551	)		(2,551	)
EBITDA		78,425			27,419			27,982			4,586			17,639			(45,971	)		110,080
Adjustments for the effects of:
Foreign currency (gains) losses		—			—			—			—			—			999			999
Total of adjustments		—			—			—			—			—			999			999
Adjusted EBITDA	$	78,425		$	27,419		$	27,982		$	4,586		$	17,639		$	(44,972	)	$	111,079

Revenue	$	218,767		$	156,395		$	171,046		$	70,781		$	125,909					$	742,898
Operating income (loss) % as reported in accordance with GAAP		30	%		16	%		14	%		4	%		13	%					12	%
EBITDA Margin		36	%		18	%		16	%		6	%		14	%					15	%
Adjusted EBITDA Margin		36	%		18	%		16	%		6	%		14	%					15	%


	For the Three Months Ended September 30, 2024
	SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
	($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP	$	65,698		$	11,278		$	20,294		$	714		$	12,219		$	(38,870	)	$	71,333
Adjustments for the effects of:
Depreciation and amortization		12,076			3,061			5,399			1,348			696			2,683			25,263
Other pre-tax		—			—			—			—			—			1,919			1,919
EBITDA		77,774			14,339			25,693			2,062			12,915			(34,268	)		98,515
Adjustments for the effects of:
Foreign currency (gains) losses		—			—			—			—			—			(424	)		(424	)
Total of adjustments		—			—			—			—			—			(424	)		(424	)
Adjusted EBITDA	$	77,774		$	14,339		$	25,693		$	2,062		$	12,915		$	(34,692	)	$	98,091

Revenue	$	215,715		$	143,734		$	147,539		$	73,622		$	99,201					$	679,811
Operating income (loss) % as reported in accordance with GAAP		30	%		8	%		14	%		1	%		12	%					10	%
EBITDA Margin		36	%		10	%		17	%		3	%		13	%					14	%
Adjusted EBITDA Margin		36	%		10	%		17	%		3	%		13	%					14	%



	For the Three Months Ended June 30, 2025
	SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
	($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP	$	64,505		$	18,772		$	21,663		$	4,647		$	16,299		$	(46,697	)	$	79,189
Adjustments for the effects of:
Depreciation and amortization		12,385			2,741			4,663			1,839			900			2,872			25,400
Other pre-tax		—			—			—			—			—			4,092			4,092
EBITDA		76,890			21,513			26,326			6,486			17,199			(39,733	)		108,681
Adjustments for the effects of:
Foreign currency (gains) losses		—			—			—			—			—			(5,430	)		(5,430	)
Total of adjustments		—			—			—			—			—			(5,430	)		(5,430	)
Adjusted EBITDA	$	76,890		$	21,513		$	26,326		$	6,486		$	17,199		$	(45,163	)	$	103,251

Revenue	$	218,786		$	145,134		$	149,281		$	75,367		$	109,593					$	698,161
Operating income (loss) % as reported in accordance with GAAP		29	%		13	%		15	%		6	%		15	%					11	%
EBITDA Margin		35	%		15	%		18	%		9	%		16	%					16	%
Adjusted EBITDA Margin		35	%		15	%		18	%		9	%		16	%					15	%





EBITDA and Adjusted EBITDA and Margins by Segment

	For the Nine Months Ended September 30, 2025
	SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
	($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP	$	189,279		$	52,090		$	81,021		$	10,865		$	43,521		$	(137,607	)	$	239,169
Adjustments for the effects of:
Depreciation and amortization		37,404			8,159			13,642			5,399			2,815			8,552			75,971
Other pre-tax		—			—			—			—			—			1,322			1,322
EBITDA		226,683			60,249			94,663			16,264			46,336			(127,733	)		316,462
Adjustments for the effects of:
Foreign currency (gains) losses		—			—			—			—			—			(5,481	)		(5,481	)
Total of adjustments		—			—			—			—			—			(5,481	)		(5,481	)
Adjusted EBITDA	$	226,683		$	60,249		$	94,663		$	16,264		$	46,336		$	(133,214	)	$	310,981

Revenue	$	643,529		$	436,566		$	485,268		$	217,566		$	332,653					$	2,115,582
Operating income (loss) % as reported in accordance with GAAP		29	%		12	%		17	%		5	%		13	%					11	%
EBITDA Margin		35	%		14	%		20	%		7	%		14	%					15	%
Adjusted EBITDA Margin		35	%		14	%		20	%		7	%		14	%					15	%


	For the Nine Months Ended September 30, 2024
	SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
	($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP	$	171,685		$	38,837		$	34,386		$	7,802		$	32,271		$	(116,591	)	$	168,390
Adjustments for the effects of:
Depreciation and amortization		36,867			9,473			17,418			4,410			1,915			8,218			78,301
Other pre-tax		—			—			—			—			—			2,639			2,639
EBITDA		208,552			48,310			51,804			12,212			34,186			(105,734	)		249,330
Adjustments for the effects of:
Foreign currency (gains) losses		—			—			—			—			—			(3,655	)		(3,655	)
Total of adjustments		—			—			—			—			—			(3,655	)		(3,655	)
Adjusted EBITDA	$	208,552		$	48,310		$	51,804		$	12,212		$	34,186		$	(109,389	)	$	245,675

Revenue	$	617,632		$	412,501		$	406,651		$	216,804		$	294,123					$	1,947,711
Operating income (loss) % as reported in accordance with GAAP		28	%		9	%		8	%		4	%		11	%					9	%
EBITDA Margin		34	%		12	%		13	%		6	%		12	%					13	%
Adjusted EBITDA Margin		34	%		12	%		13	%		6	%		12	%					13	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20251022406105/en/

investorrelations@oceaneering.com

Hilary Frisbie

Senior Director, Investor Relations

Oceaneering International, Inc.

713-329-4755

Oceaneering Reports Third Quarter 2025 Results