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July 22, 2015 5:22 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 22, 2015

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 22, 2015, we issued a press release announcing our earnings for the second quarter ended June 30, 2015. 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 22, 2015, 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 18, 2015 to shareholders of record at the close of business on August 28, 2015. 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 22, 2015 regarding Item 2.02
Exhibit 99.2
 
Press Release of Oceaneering International, Inc., dated July 22, 2015 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 22, 2015
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 22, 2015 regarding Item 2.02
Exhibit 99.2
 
Press Release of Oceaneering International, Inc., dated July 22, 2015 regarding Item 8.01


4


Exhibit 99.1


Oceaneering Announces Second Quarter Earnings

-- Reports EPS of $0.66 and Adjusted EPS of $0.76
-- Lowers 2015 EPS Guidance Range to $2.70 to $2.90
-- Initiates Third Quarter 2015 EPS Guidance of $0.65 to $0.75
-- Repurchased 900,000 Shares of Common Stock

July 22, 2015 - Houston, Texas - Oceaneering International, Inc. (NYSE: OII) today reported quarterly earnings for the second quarter ended June 30, 2015.

On revenue of $810.3 million, Oceaneering generated net income of $65.5 million, or $0.66 per share. Excluding the impacts of a $9.0 million inventory write-down, or $0.06 per share, and $6.0 million of net foreign currency exchange losses, or $0.04 per share, adjusted net income was $75.2 million, or $0.76 per share. 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 GAAP to Non‑GAAP Financial Information.

The inventory write-down, reported in Subsea Products gross margin, was a result of a decision to exit the business of manufacturing subsea blowout preventer (BOP) control systems. The foreign currency exchange losses, reported in other income and expense, included $8.9 million of losses in Angola, attributable to its central bank’s devaluation of the kwanza, primarily in June.

During the corresponding period in 2014, Oceaneering reported revenue of $927.4 million and net income of $110.3 million, or $1.02 per share.

Summary of Results
(in thousands, except per share amounts)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
March 31,
 
June 30,
 
 
 
2015
 
2014
 
2015
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
Revenue
$
810,303

 
$
927,407

 
$
786,772

 
$
1,597,075

 
$
1,767,608

Gross Margin
167,545

 
218,215

 
163,449

 
330,994

 
407,706

Income from Operations
107,940

 
161,311

 
106,650

 
214,590

 
294,173

Net Income
$
65,468

 
$
110,295

 
$
69,499

 
$
134,967

 
$
201,520

 
 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share (EPS)
$0.66
 
$1.02
 
$0.70
 
$1.36
 
$1.86
 
 
 
 
 


Year over year, quarterly operating income declined on reduced profit contributions from Remotely Operated Vehicles (ROV), Subsea Products, and Asset Integrity. Quarterly earnings were down due to the operating income decline, the foreign currency exchange losses, and higher interest expense as a result of indebtedness incurred during the second half of 2014.

Sequentially, operating income was about the same, but would have been higher if not for the inventory write-down. Earnings declined due to the foreign currency exchange losses.

M. Kevin McEvoy, Chief Executive Officer, stated, “Our operating results during the quarter surpassed what we had anticipated. This was attributable to performances from our ROV and Subsea Projects segments. ROV benefited from better-than-expected revenue per day on hire due to more vessel work, and Subsea Projects profited from higher U.S. Gulf of Mexico (GOM) demand for deepwater intervention and diving services.

“We made a decision during the quarter to cease manufacturing subsea BOP control systems due to deteriorating demand prospects. We intend to continue providing aftermarket parts for the installed base.

“Compared to the first quarter, ROV operating income was essentially flat. During the quarter we put three new ROVs into service and retired three. At the end of June, we had 336 vehicles in our fleet, compared to 323 one year ago. We were pleased that we were able to hold operating margin at 28%, flat with the first quarter, as our focus on cost reductions is having an impact in a period when customers are requiring pricing concessions.

“Subsea Products operating income declined due to the BOP control system inventory write-down. Excluding the write-down, our operating margin was essentially flat with that of the first quarter. Subsea Products backlog at quarter end was $703 million, compared to our March 31 backlog of $788 million and $850 million one year ago. Our book to bill ratio year-to-date was 1.0.

“Sequentially, Subsea Projects operating income increased on a seasonal pickup in GOM demand for deepwater intervention and diving services, and lower regulatory vessel inspection expenses. Notably in the current market environment, Subsea Projects operating income for the second quarter and year-to-date 2015 exceeded operating income for the same periods of 2014.

“Asset Integrity operating income declined primarily due to lower demand and pricing for inspection services in the United Kingdom. Advanced Technologies (AdTech) continues to perform well, as operating income improved sequentially on higher demand for engineering services by the U.S. Navy; and year-to-date earnings contribution substantially exceeded that of the 2014 period.

“We generated EBITDA of $165 million during the quarter, $330 million year to date, and for 2015 we anticipate generating at least $660 million. At the end of the quarter, we had $191 million in cash and an undrawn $500 million revolver.





“During the quarter we paid $27 million in cash dividends and repurchased 900,000 shares of our common stock at a cost of $45 million. Additionally, in early April we completed the acquisition of C & C Technologies, Inc., a global provider of survey, autonomous underwater vehicle (AUV), and satellite-based positioning services. The acquisition price of approximately $230 million was paid in cash. These actions underscore our continued confidence in Oceaneering’s financial strength and future business prospects.

“Our overall outlook for the second half of this year is down somewhat from last quarter’s guidance, primarily on reduced expectations for Subsea Products and Asset Integrity. We now expect to report EPS of $1.34 to $1.54 during the second half of 2015. Given this outlook and our year-to-date performance, we are lowering our 2015 EPS guidance to a range of $2.70 to $2.90 from $2.80 to $3.20, down about 7% at the midpoints.

“Relative to the first half of 2015, during the second half we expect to generate higher operating income from Subsea Products and AdTech, lower ROV and Subsea Projects results, and a similar operating income contribution from Asset Integrity. For the third quarter of 2015, we are projecting EPS of $0.65 to $0.75. We are expecting a sequential quarterly improvement in income from Subsea Products, and similar or declining profit contributions from our other segments.

“We believe our cash flow and liquidity position us well to manage our business through the current low commodity price environment. Longer-term, deepwater is still expected to continue to play a critical role in global oil supply growth required to replace depletion and meet projected demand.”

Statements in this press release that express a belief, expectation, or intention are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s: intention to continue providing aftermarket parts for the BOP control systems installed base; statements about backlog, to the extent it may be an indicator of future revenue or profitability; anticipated minimum 2015 EBITDA; continued confidence in its financial strength and future business prospects; overall outlook for the second half of this year, particularly relative to Subsea Products and Asset Integrity; EPS guidance range for the second half of 2015; 2015 EPS guidance range; second half operating income expectations from each of its business segments; 2015 Q3 EPS guidance range; third quarter operating income expectations from each of its business segments; belief that its cash flow and liquidity position it to manage its business through the current low commodity price environment; and its expectation of deepwater’s continued role in global oil supply growth. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. 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.

This press release uses the non-GAAP financial measures “EBITDA,” “adjusted net income” and “adjusted EPS.” We define EBITDA as net income plus provision for income taxes, interest expense, net, and depreciation and amortization.  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.  We also use EBITDA to monitor and compare the financial performance of our operations.  EBITDA does not give effect to the cash that we must use to service our debt or pay our income taxes, and thus does not reflect the funds actually available for capital expenditures, dividends, or various other purposes.  In addition, our presentation of EBITDA may not be comparable to similarly titled measures in other companies’ reports.  The amounts shown as adjusted net income and adjusted EPS exclude the impacts of the inventory write-down and the net foreign currency exchange losses referred to above, and therefore have not been calculated in accordance with GAAP.  We are using adjusted net income and adjusted EPS internally to evaluate our results of operations, as these measures provide supplemental information our management has deemed useful in evaluating our financial performance.  We have elected to provide this supplemental information to investors in order to enable them to perform comparisons of our operating results that may be meaningful to them.


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 disclosures of non-GAAP amounts to the most directly comparable GAAP financial measures, please see the attached table.

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 further information, please contact Jack Jurkoshek, Director Investor Relations,
Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; E‑Mail [email protected]. A live webcast of the company’s earnings release conference call, scheduled for Thursday, July 23, 2015 at 11:00 a.m. Eastern, can be accessed at www.oceaneering.com/investor-relations/.



PR 1229




























- Tables follow on next page -





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jun 30, 2015
 
Dec 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets (including cash and cash equivalents of $190,630 and $430,714)
 
 
 
 
 
 
 
$
1,520,000

 
$
1,713,550

 
Net Property and Equipment
 
 
 
 
 
 
 
1,310,211

 
1,305,822

 
Other Assets
 
 
 
 
 
 
 
638,123

 
485,568

 
 
 
TOTAL ASSETS
 
$
3,468,334

 
$
3,504,940

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
$
662,986

 
$
679,137

 
Long-term Debt
 
 
 
 
 
 
 
792,917

 
743,009

 
Other Long-term Liabilities
 
 
 
 
 
 
 
414,267

 
425,024

 
Shareholders' Equity
 
 
 
 
 
 
 
1,598,164

 
1,657,770

 
 
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
3,468,334

 
$
3,504,940

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
 
 
 
 
Jun 30, 2015
 
Jun 30, 2014
 
Mar 31, 2015
 
Jun 30, 2015
 
Jun 30, 2014
 
 
 
 
 
 
 
(in thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
$
810,303

 
$
927,407

 
$
786,772

 
$
1,597,075

 
$
1,767,608

 
Cost of services and products
 
 
 
642,758

 
709,192

 
623,323

 
1,266,081

 
1,359,902

 
 
Gross Margin
 
 
 
 
167,545

 
218,215

 
163,449

 
330,994

 
407,706

 
Selling, general and administrative expense
 
59,605

 
56,904

 
56,799

 
116,404

 
113,533

 
 
Income from Operations
 
107,940

 
161,311

 
106,650

 
214,590

 
294,173

 
Interest income
 
 
 
51

 
41

 
156

 
207

 
120

 
Interest expense
 
 
 
(6,212
)
 
(398
)
 
(6,088
)
 
(12,300
)
 
(809
)
 
Equity earnings (losses) of unconsolidated affiliates
 
1

 
8

 
(255
)
 
(254
)
 
(28
)
 
Other income (expense), net
 
 
 
(6,484
)
 
(417
)
 
700

 
(5,784
)
 
(123
)
 
 
Income before Income Taxes
 
 
 
95,296

 
160,545

 
101,163

 
196,459

 
293,333

 
Provision for income taxes
 
29,828

 
50,250

 
31,664

 
61,492

 
91,813

 
 
Net Income
 
 
 
 
$
65,468

 
$
110,295

 
$
69,499

 
$
134,967

 
$
201,520

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average diluted shares outstanding
 
98,894

 
108,421

 
99,912

 
99,401

 
108,571

Diluted Earnings per Share
 
$
0.66

 
$
1.02

 
$
0.70

 
$
1.36

 
$
1.86

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2015
 
Jun 30, 2014
 
Mar 31, 2015
 
Jun 30, 2015
 
Jun 30, 2014
 
 
 
 
 
 
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
Remotely Operated Vehicles
 
Revenue
 
 
$
216,426

 
$
268,274

 
$
219,447

 
$
435,873

 
$
524,093

 
Gross Margin
 
 
$
70,132

 
$
86,685

 
$
71,311

 
$
141,443

 
$
173,875

 
Operating Income
 
 
$
61,294

 
$
75,825

 
$
62,182

 
$
123,476

 
$
152,565

 
Operating Income %
 
 
28
%
 
28
%
 
28
%
 
28
%
 
29
%
 
Days available
 
 
30,465

 
29,059

 
30,131

 
60,596

 
56,910

 
Days utilized
 
 
21,710

 
24,510

 
22,139

 
43,849

 
48,379

 
Utilization %
 
 
71
%
 
84
%
 
73
%
 
72
%
 
85
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsea Products
 
Revenue
 
 
$
240,057

 
$
327,252

 
$
240,729

 
$
480,786

 
$
587,262

 
Gross Margin
 
 
$
62,465

 
$
99,558

 
$
69,767

 
$
132,232

 
$
174,687

 
Operating Income
 
 
$
42,286

 
$
79,497

 
$
50,014

 
$
92,300

 
$
134,013

 
Operating Income %
 
 
18
%
 
24
%
 
21
%
 
19
%
 
23
%
Backlog at end of period
 
 
$
703,000

 
$
850,000

 
$
788,000

 
$
703,000

 
$
850,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsea Projects
 
Revenue
 
 
$
172,324

 
$
136,199

 
$
153,572

 
$
325,896

 
$
274,389

 
Gross Margin
 
 
$
36,989

 
$
30,122

 
$
26,900

 
$
63,889

 
$
54,531

 
Operating Income
 
 
$
30,607

 
$
25,863

 
$
22,276

 
$
52,883

 
$
46,400

 
Operating Income %
 
 
18
%
 
19
%
 
15
%
 
16
%
 
17
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Integrity
 
 
Revenue
 
 
$
95,509

 
$
130,229

 
$
98,493

 
$
194,002

 
$
254,388

 
Gross Margin
 
 
$
11,750

 
$
23,207

 
$
12,799

 
$
24,549

 
$
45,073

 
Operating Income
 
 
$
4,576

 
$
15,915

 
$
5,025

 
$
9,601

 
$
30,000

 
Operating Income %
 
 
5
%
 
12
%
 
5
%
 
5
%
 
12
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advanced Technologies
 
Revenue
 
 
$
85,987

 
$
65,453

 
$
74,531

 
$
160,518

 
$
127,476

 
Gross Margin
 
 
$
10,945

 
$
5,597

 
$
9,400

 
$
20,345

 
$
13,324

 
Operating Income
 
 
$
6,267

 
$
198

 
$
5,020

 
$
11,287

 
$
3,153

 
Operating Income %
 
 
7
%
 
—
%
 
7
%
 
7
%
 
2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unallocated Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin expenses
 
 
$
(24,736
)
 
$
(26,954
)
 
$
(26,728
)
 
$
(51,464
)
 
$
(53,784
)
Operating income expenses
 
 
$
(37,090
)
 
$
(35,987
)
 
$
(37,867
)
 
$
(74,957
)
 
$
(71,958
)
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
Revenue
 
 
$
810,303

 
$
927,407

 
$
786,772

 
$
1,597,075

 
$
1,767,608

 
Gross Margin
 
 
$
167,545

 
$
218,215

 
$
163,449

 
$
330,994

 
$
407,706

 
Operating Income
 
 
$
107,940

 
$
161,311

 
$
106,650

 
$
214,590

 
$
294,173

 
Operating Income %
 
 
13
%
 
17
%
 
14
%
 
13
%
 
17
%
 
 
 
 
 
 
 
 

 
 
 
 
 
 
SELECTED CASH FLOW INFORMATION
 
 
 
 
Capital expenditures, including acquisitions
 
 
$
275,347

 
$
157,450

 
$
49,412

 
$
324,759

 
$
261,488

Depreciation and Amortization
 
 
$
63,483

 
$
56,057

 
$
58,003

 
$
121,486

 
$
109,408

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





 
 
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
 
 
 
 
 
Adjusted Net Income and Diluted Earnings per Share (EPS)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
 
 
 
 
 
 
June 30, 2015
 
 
 
 
 
 
 
 
 
Net Income
 
Diluted EPS
 
 
 
 
 
 
 
 
 
(in thousands)

 
 
Net Income and Diluted EPS as reported in accordance with GAAP
 
 
 
$
65,468

 
$
0.66

After tax effect of inventory write-down
 
 
 
 
 
5,866

 
0.06

After tax effect of foreign currency losses
 
 
 
 
 
3,886

 
0.04

 
 
Adjusted amounts
 
 
 
 
 
 
$
75,220

 
$
0.76

 
 
 
 
 
 
 
 
 
 
Notes:
 
 
Incremental applicable income tax rate used for each adjusting item in 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)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended
 
For the Six Months Ended
 
 
 
Jun 30, 2015
 
Jun 30, 2014
 
Mar 31, 2015
 
Jun 30, 2015
 
Jun 30, 2014
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
$
65,468

 
$
110,295

 
$
69,499

 
$
134,967

 
$
201,520

Depreciation and Amortization
63,483

 
56,057

 
58,003

 
121,486

 
109,408

 
 
Subtotal
128,951

 
166,352

 
127,502

 
256,453

 
310,928

Interest Expense, net of Interest Income
6,161

 
357

 
5,932

 
12,093

 
689

Amortization included in Interest Expense
(265
)
 
—

 
(266
)
 
(531
)
 
—

Provision for Income Taxes
29,828

 
50,250

 
31,664

 
61,492

 
91,813

 
 
EBITDA
$
164,675

 
$
216,959

 
$
164,832

 
$
329,507

 
$
403,430

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015 Estimates
 
 
 
 
 
 
 
Low
 
High
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
Net Income
$
270,000

 
$
290,000

 
 
 
 
 
 
Depreciation and Amortization
240,000

 
250,000

 
 
 
 
 
 
 
 
Subtotal
510,000

 
540,000

 
 
 
 
 
 
Interest Expense, net of Interest Income
25,000

 
25,000

 
 
 
 
 
 
Provision for Income Taxes
125,000

 
135,000

 
 
 
 
 
 
 
 
EBITDA
$
660,000

 
$
700,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 





Exhibit 99.2




Oceaneering Declares Quarterly Dividend


July 22, 2015 - Houston, Texas - Oceaneering International, Inc. (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 18, 2015 to shareholders of record at the close of business on August 28, 2015.

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 further information, please contact Jack Jurkoshek, Director Investor Relations,
Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670;





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