Oceaneering (OII) is withdrawing its full-year 2020 financial guidance

Oceaneering International, Inc. ("Oceaneering") (NYSE: OII) today announced that it is confirming its first quarter 2020 guidance. However, consequent to the emerging global public health threat caused by the COVID-19 virus and the sudden collapse of crude oil pricing, Oceaneering also announced that it is withdrawing its full-year 2020 financial guidance. Additionally, Oceaneering expects to lower its organic capital expenditures for 2020 to between $60 million and $80 million and reduce its Unallocated Expenses to an average per quarter in the upper $20 million range.

Rod Larson, President and Chief Executive Officer, stated, "Our first priority is the health and safety of our employees and our customers, and we have implemented preventative measures and developed corporate and regional response plans to minimize exposure and prevent infection while fully supporting our customers' global operations. We anticipate the disruptions caused by the coronavirus pandemic and the deteriorating fundamentals of the crude oil market will adversely affect our businesses and, therefore, have withdrawn our 2020 financial guidance. We are closely monitoring these developing situations and proactively managing our businesses to minimize negative impacts.

"We are moving quickly to implement strategies to reduce costs, increase operational efficiencies, and lower our capital spending. We expect to provide more specifics around these efforts in our first quarter 2020 earnings results."

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