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July 21, 2016 5:09 PM EDT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):                    July 21, 2016

OCEANEERING INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)
1-10945
(Commission
File Number)
95-2628227
(IRS Employer
Identification No.)

11911 FM 529
Houston, TX
(Address of principal executive offices)

77041
(Zip Code)

Registrant's telephone number, including area code: (713) 329-4500
                                        
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


1

Item 2.02    Results of Operations and Financial Condition.

On July 21, 2016, we issued a press release announcing our earnings for the second quarter ended June 30, 2016. A copy of that press release is furnished as Exhibit 99.1 to this report and is incorporated by reference herein.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.



Item 8.01    Other Events.

On July 21, 2016, we also announced that our Board of Directors declared a quarterly dividend of $0.27 per common share. The dividend will be payable on September 16, 2016 to shareholders of record at the close of business on August 26, 2016. A copy of that press release is furnished as Exhibit 99.2 to this report and is incorporated by reference herein.



Item 9.01    Financial Statements and Exhibits.

The following are being furnished as exhibits to this report.
        
Exhibit 99.1
 
Press Release of Oceaneering International, Inc., dated July 21, 2016 regarding Item 2.02
Exhibit 99.2
 
Press Release of Oceaneering International, Inc., dated July 21, 2016 regarding Item 8.01
    
    

2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


 
 
 
OCEANEERING INTERNATIONAL, INC.
 
 
 
 
Date:
July 21, 2016
By:
/S/ ROBERT P. MINGOIA
 
 
 
Robert P. Mingoia
 
 
 
Vice President and Treasurer






3




Exhibit Index

Exhibit No.
 
Description
 
 
 
Exhibit 99.1
 
Press Release of Oceaneering International, Inc., dated July 21, 2016 regarding Item 2.02
Exhibit 99.2
 
Press Release of Oceaneering International, Inc., dated July 21, 2016 regarding Item 8.01


4


Exhibit 99.1

Oceaneering Reports First Quarter 2016 Results

•
Reported EPS of $0.23
•
Adjusted EPS of $0.27, in line with consensus
•
Ended the quarter with $393 million in cash and an undrawn $500 million revolver


July 21, 2016 – Houston, Texas – Oceaneering International, Inc. (“Oceaneering”) (NYSE: OII) today reported net income of $22.3 million, or $0.23 per share, on revenue of $626 million for the three months ended June 30, 2016. Excluding the impacts of a total of $7.0 million of bad debt expense and foreign currency exchange losses, adjusted net income was $26.8 million, or $0.27 per share.

During the prior quarter ended March 31, 2016, Oceaneering reported net income of $25.1 million, or $0.26 per share, on revenue of $608 million. Those results included $5.9 million of pre-tax foreign currency losses, reported in other income and expenses.

The calculations of adjusted net income and earnings per share are shown in the table Adjusted Net Income and Diluted Earnings per Share (EPS), under the caption Reconciliation of Non-GAAP to GAAP Financial Information.

Summary of Results
(in thousands, except per share amounts)
 
 
Three Months Ended
 
Six Months Ended
 
 
Jun 30,
 
Mar 31,
 
Jun 30,
 
 
 
 
 
 
 
 
 
2016
 
2015
 
2016
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
625,539

 
$
810,303

 
$
608,344

 
$
1,233,883

 
$
1,597,075

Gross Margin
 
95,233

 
167,545

 
97,480

 
192,713

 
330,994

Income from Operations
 
38,380

 
107,940

 
48,099

 
86,479

 
214,590

Net Income
 
$
22,309

 
$
65,468

 
$
25,103

 
$
47,412

 
$
134,967

 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share (EPS)
 
$0.23
 
$0.66
 
$0.26
 
$0.48
 
$1.36
 
 
 
 
 

Sequentially, operating income declined 20% on reduced profit contributions from Subsea Products and Remotely Operated Vehicles (“ROV”), with a slight increase in Subsea Projects and Advanced Technologies, and lower Unallocated Expenses. Without the impact of $5.8 million of bad debt expense, adjusted operating income was down 8%.

M. Kevin McEvoy, Chief Executive Officer of Oceaneering, stated, “Despite the ongoing
challenging offshore market environment, we are pleased that each of our operating segments
remained profitable, excluding the negative impact of the bad debt expense. Relative to our
peers, overall EBITDA margin of 15% is noteworthy.

“Compared to the first quarter, ROV operating income was down, resulting primarily from a 6% decline in average revenue per day on hire due to lower pricing and a shift in geographic mix. During the quarter our ROV fleet size of 318 vehicles and utilization of 55% was unchanged from that of the prior quarter. Our drill support market share during this period was 58% of the 174 floating rigs under




contract, essentially flat with the prior quarter. We remain focused on maintaining our market share of ROVs on contracted rigs and high-specification third-party vessels most likely to return to work when the market recovers, as demonstrated by our recent announcement of our long-term arrangement with Heerema Marine Contractors.

“Subsea Products operating income declined as expected, due to a combination of lower margins realized on umbilical throughput and reduced demand for tooling and installation and workover control systems. Our Subsea Products backlog at June 30, 2016 was $503 million, compared to our March 31, 2016 backlog of $576 million. The backlog decline was primarily related to umbilicals. We continue to expect Subsea Products margins to weaken throughout the year on lower throughput and more competitive pricing for the orders currently in execution. Our book to bill ratio year-to-date was 0.61.

“Subsea Projects operating income increased, mainly due to lower regulatory vessel inspection expenses and additional revenue, as the Ocean Alliance returned to work after a scheduled drydocking. Asset Integrity operating income declined, primarily due to a $3.3 million bad debt provision recognized during the quarter. Advanced Technologies operating income increased, due to increased engineering services and support for the U.S. Navy. Unallocated Expenses were lower due to reduced incentive compensation expense, principally related to our longterm plans.

“With continued limited visibility, we are expecting that the second half of 2016 will be weaker than the first half. We expect lower operating income contributions from Subsea Products and ROVs, partially offset by an increase in Advanced Technologies, while other segment results should be relatively flat on an adjusted basis. We are continuing to focus our operations on proactively working with our customers to develop cost effective and efficient solutions that may enable more projects to progress despite a low commodity price.

“In navigating this landscape, we remain focused on maintaining our market position while working to preserve Oceaneering’s core capabilities for the long term, balanced with the imperative to tailor costs and resources to match our demand profile. These efforts combined with our liquidity and ability to generate cash leave us well-positioned for the eventual offshore and subsea market cycle recovery.”

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 and future expected business, financial performance and prospects of the Company. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: characterization of certain third-party vessels as most likely to return to work when the market recovers; statements about backlog, to the extent it may be an indicator of future revenue or profitability; expectation about Subsea Products’ margins; overall outlook for the second half of 2016, and expected contributions of each segment to the operating results for the second half of 2016; and belief that its liquidity and ability to generate cash leave it well-positioned for the eventual offshore and subsea market cycle recovery. The forward-looking statements included in this release are based on our 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. Among the factors that could cause actual results to differ materially include backlog, costs, capital expenditures, future earnings, capital allocation strategies, dividend levels, sustainability of dividend levels, liquidity, competitive position, financial flexibility, debt levels, forecasts or expectations regarding business outlook; growth for Oceaneering as a whole and for each of its segments (and for specific products or geographic areas within each segment); factors affecting the level of activity in the oil and gas industry; supply and demand of drilling rigs; oil and natural gas demand and production growth; oil and natural gas prices; fluctuations in currency markets worldwide; the loss of major contracts or alliances; future global economic conditions; and future results of operations. For a more complete discussion of these risk factors, please see Oceaneering’s latest annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.






We define “EBITDA margin” as (1) net income plus provision for income taxes, interest expense, net, and depreciation and amortization divided by (2) total revenue. EBITDA margin is a non-GAAP financial measure. We have included EBITDA margin disclosures in this press release because EBITDA margin is widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry. Our presentation of EBITDA margin may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP. For a reconciliation of our EBITDA margin amounts to the most directly comparable GAAP financial measures, please see the attached schedule.

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For more information on Oceaneering, please visit www.oceaneering.com.

Contact:
Suzanne Spera
Director, Investor Relations
Oceaneering International, Inc.
713-329-4707




- Tables follow on next page -




 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jun 30, 2016
 
Dec 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets (including cash and cash equivalents of $393,190 and $385,235)
 
$
1,415,356

 
$
1,517,493

 
Net Property and Equipment
 
 
 
 
 
 
1,210,020

 
1,266,731

 
Other Assets
 
 
 
 
 
 
 
 
 
 
 
693,828

 
645,312

 
 
 
TOTAL ASSETS
 
 
 
 
 
$
3,319,204

 
$
3,429,536

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
 
 
$
497,595

 
$
615,956

 
Long-term Debt
 
 
 
 
 
 
 
 
 
 
 
802,338

 
795,836

 
Other Long-term Liabilities
 
 
 
 
 
427,634

 
439,010

 
Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
 
1,591,637

 
1,578,734

 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
3,319,204

 
$
3,429,536

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
 
 
 
 
 
 
 
 
Jun 30, 2016
 
Jun 30, 2015
 
Mar 31, 2016
 
Jun 30, 2016
 
Jun 30, 2015
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
$
625,539

 
$
810,303

 
$
608,344

 
$
1,233,883

 
$
1,597,075

 
Cost of services and products
 
 
530,306

 
642,758

 
510,864

 
1,041,170

 
1,266,081

 
 
Gross Margin
 
 
 
95,233

 
167,545

 
97,480

 
192,713

 
330,994

 
Selling, general and administrative expense
 
 
 
56,853

 
59,605

 
49,381

 
106,234

 
116,404

 
 
Income from Operations
 
 
 
 
 
38,380

 
107,940

 
48,099

 
86,479

 
214,590

 
Interest income
 
 
 
 
 
 
 
1,442

 
51

 
295

 
1,737

 
207

 
Interest expense
 
 
 
 
 
 
 
(6,207
)
 
(6,212
)
 
(6,392
)
 
(12,599
)
 
(12,300
)
 
Equity earnings (losses) of unconsolidated affiliates
 
 
263

 
1

 
526

 
789

 
(254
)
 
Other income (expense), net
 
 
 
(1,405
)
 
(6,484
)
 
(5,988
)
 
(7,393
)
 
(5,784
)
 
 
Income before Income Taxes
 
 
 
32,473

 
95,296

 
36,540

 
69,013

 
196,459

 
Provision for income taxes
 
 
 
10,164

 
29,828

 
11,437

 
21,601

 
61,492

 
 
Net Income
 
 
 
$
22,309

 
$
65,468

 
$
25,103

 
$
47,412

 
$
134,967

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average diluted shares outstanding
 
 
98,424

 
98,893

 
98,286

 
98,355

 
99,401

Diluted Earnings per Share
 
 
 
$
0.23

 
$
0.66

 
$
0.26

 
$
0.48

 
$
1.36

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Income 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 Six Months Ended
 
 
 
 
 
 
Jun 30, 2016
 
Jun 30, 2015
 
Mar 31, 2016
 
Jun 30, 2016
 
Jun 30, 2015
 
 
 
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
Remotely Operated Vehicles
 
Revenue
 
 
$
139,641

 
$
216,426

 
$
147,621

 
$
287,262

 
$
435,873

 
Gross Margin
 
 
$
26,925

 
$
70,132

 
$
35,322

 
$
62,247

 
$
141,443

 
Operating Income
 
 
$
18,020

 
$
61,294

 
$
26,987

 
$
45,007

 
$
123,476

Operating Income %
 
 
13
 %
 
28
%
 
18
%
 
16
 %
 
28
%
 
Days available
 
 
28,959

 
30,465

 
28,819

 
57,778

 
60,596

 
Days utilized
 
 
16,057

 
21,710

 
16,005

 
32,062

 
43,849

 
Utilization %
 
 
55
 %
 
71
%
 
56
%
 
55
 %
 
72
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsea Products
 
Revenue
 
 
$
190,897

 
$
240,057

 
$
194,812

 
$
385,709

 
$
480,786

 
Gross Margin
 
 
$
42,728

 
$
62,465

 
$
56,136

 
$
98,864

 
$
132,232

 
Operating Income
 
 
$
25,121

 
$
42,286

 
$
40,640

 
$
65,761

 
$
92,300

Operating Income %
 
 
13
 %
 
18
%
 
21
%
 
17
 %
 
19
%
Backlog at end of period
 
 
$
503,000

 
$
703,000

 
$
576,000

 
$
503,000

 
$
703,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsea Projects
 
Revenue
 
 
$
138,662

 
$
172,324

 
$
129,422

 
$
268,084

 
$
325,896

 
Gross Margin
 
 
$
14,317

 
$
36,989

 
$
11,509

 
$
25,826

 
$
63,889

 
Operating Income
 
 
$
10,237

 
$
30,607

 
$
6,789

 
$
17,026

 
$
52,883

Operating Income %
 
 
7
 %
 
18
%
 
5
%
 
6
 %
 
16
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Integrity
 
 
Revenue
 
 
$
73,864

 
$
95,509

 
$
69,600

 
$
143,464

 
$
194,002

 
Gross Margin
 
 
$
10,096

 
$
11,750

 
$
7,343

 
$
17,439

 
$
24,549

 
Operating Income
 
 
$
(805
)
 
$
4,576

 
$
434

 
$
(371
)
 
$
9,601

Operating Income %
 
 
(1
)%
 
5
%
 
1
%
 
—
 %
 
5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Technologies
 
Revenue
 
 
$
82,475

 
$
85,987

 
$
66,889

 
$
149,364

 
$
160,518

 
Gross Margin
 
 
$
10,600

 
$
10,945

 
$
5,827

 
$
16,427

 
$
20,345

 
Operating Income
 
 
$
5,528

 
$
6,267

 
$
593

 
$
6,121

 
$
11,287

Operating Income %
 
 
7
 %
 
7
%
 
1
%
 
4
 %
 
7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unallocated Expenses
 
 
 
 
 
 
 
 
 
 
 
Gross Margin
 
 
$
(9,433
)
 
$
(24,736
)
 
$
(18,657
)
 
$
(28,090
)
 
$
(51,464
)
Operating Income
 
 
$
(19,721
)
 
$
(37,090
)
 
$
(27,344
)
 
$
(47,065
)
 
$
(74,957
)
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
Revenue
 
 
$
625,539

 
$
810,303

 
$
608,344

 
$
1,233,883

 
$
1,597,075

 
Gross Margin
 
 
$
95,233

 
$
167,545

 
$
97,480

 
$
192,713

 
$
330,994

 
Operating Income
 
 
$
38,380

 
$
107,940

 
$
48,099

 
$
86,479

 
$
214,590

Operating Income %
 
 
6
 %
 
13
%
 
8
%
 
7
 %
 
13
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





SELECTED CASH FLOW INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
 
 
 
Jun 30, 2016
 
Jun 30, 2015
 
Mar 31, 2016
 
Jun 30, 2016
 
Jun 30, 2015
 
 
 
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures, including acquisitions
 
 
$
31,738

 
$
275,347

 
$
21,206

 
$
52,944

 
$
324,759

 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization:
 
 
 
 
 
 
 
 
 
 
 
Oilfield
 
 
 
 
 
 
 
 
 
 
 
 
 
Remotely Operated Vehicles
 
 
$
34,026

 
$
35,661

 
$
33,684

 
$
67,710

 
$
72,142

 
Subsea Products
 
 
12,952

 
13,498

 
12,807

 
25,759

 
25,566

 
Subsea Projects
 
 
8,353

 
9,707

 
8,519

 
16,872

 
14,358

 
Asset Integrity
 
 
2,843

 
2,696

 
2,913

 
5,756

 
5,559

Total Oilfield
 
 
 
58,174

 
61,562

 
57,923

 
116,097

 
117,625

Advanced Technologies
 
 
806

 
619

 
734

 
1,540

 
1,261

Unallocated Expenses
 
 
999

 
1,302

 
1,124

 
2,123

 
2,600

 
 
 
 
 
 
$
59,979

 
$
63,483

 
$
59,781

 
$
119,760

 
$
121,486

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 






RECONCILIATION OF NON-GAAP TO GAAP FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G). We believe the adjusted amounts are more representative of our ongoing performance. The following is a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted Operating Income
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
 
 
 
 
 
 
 
 
 
Jun 30, 2016
 
Jun 30, 2015
 
Mar 31, 2016
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income as reported in accordance with GAAP
 
 
 
 
 
$
38,380

 
$
107,940

 
$
48,099

Adjustments for the effects of:
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write-down
 
 
 
 
 
 
 
—

 
9,025

 
—

 
 
Bad debt expense
 
 
 
 
 
 
 
5,757

 
—

 
—

Adjusted operating income
 
 
 
 
 
$
44,137

 
$
116,965

 
$
48,099

 
 
 
 
 
 
 
 
 
 
 
Adjusted Net Income and Diluted Earnings per Share (EPS)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
 
 
 
Jun 30, 2016
 
Jun 30, 2015
 
 
 
 
Net Income
 
Diluted EPS
 
Net Income
 
Diluted EPS
 
 
 
 
(in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
Net Income and Diluted EPS as reported in accordance with GAAP
 
$
22,309

 
$
0.23

 
$
65,468

 
$
0.66

Adjustments for the effects of:
 
 
 
 
 
 
 
 
 
 
 
 
Inventory write down
 
 
 
—

 

 
9,025

 

 
 
Bad debt expense
 
 
 
5,757

 

 
—

 

 
 
Foreign currency losses
 
 
 
1,218

 

 
5,978

 

Total pre tax adjustments
 
 
 
6,975

 
 
 
15,003

 
 
 
 
Tax effect
 
 
 
2,441

 
 
 
5,251

 
 
Total adjustments after tax
 
 
 
4,534

 
 
 
9,752

 
 
 
 
Adjusted amounts
 
 
 
 
 
$
26,843

 
$
0.27

 
$
75,220

 
$
0.76

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes:
 
 
 
 
 
 
 
 
Incremental applicable income tax rate used for each period presented is 35%.
 
 
Weighted average number of diluted shares in each period presented is the same for each adjusting item as used in accordance with GAAP for that period.
 
 
 
 
 
 
 
 
 
 
 
 




Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and EBITDA Margin
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
For the Year Ended
 
 
 
 
Jun 30, 2016
 
Jun 30, 2015
 
Mar 31, 2016
 
Jun 30, 2016
 
Jun 30, 2015
 
Dec 31, 2015
 
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
 
$
22,309

 
$
65,468

 
$
25,103

 
$
47,412

 
$
134,967

 
$
231,011

Depreciation and Amortization
 
59,979

 
63,483

 
59,781

 
119,760

 
121,486

 
241,235

 
 
Subtotal
82,288

 
128,951

 
84,884

 
167,172

 
256,453

 
472,246

Interest Expense, net of Interest Income
 
4,765

 
6,161

 
6,097

 
10,862

 
12,093

 
24,443

Amortization included in Interest Expense
 
(286
)
 
(265
)
 
(287
)
 
(573
)
 
(531
)
 
(1,077
)
Provision for Income Taxes
 
10,164

 
29,828

 
11,437

 
21,601

 
61,492

 
105,250

 
 
EBITDA
$
96,931

 
$
164,675

 
$
102,131

 
$
199,062

 
$
329,507

 
$
600,862

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
625,539

 
$
810,303

 
$
608,344

 
$
1,233,883

 
$
1,597,075

 
$
3,062,754

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA margin %
 
15
%
 
20
%
 
17
%
 
16
%
 
21
%
 
20
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
We define EBITDA as net income plus provision for income taxes, interest expense, net, and depreciation and amortization. EBITDA is a non-GAAP financial measure. We have included EBITDA disclosures in this press release because EBITDA is widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry. Our presentation of EBITDA may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP.




Exhibit 99.2




Oceaneering Declares Quarterly Dividend


July 21, 2016 - Houston, Texas - Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) announced today that its Board of Directors declared a regular quarterly dividend of $0.27 per common share. The dividend is payable September 16, 2016 to shareholders of record at the close of business on August 26, 2016.

Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.

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

Contact:
Suzanne Spera
Director, Investor Relations
Oceaneering International, Inc.
713-329-4707





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