Oceaneering International (NYSE: OII) announced pricing terms for its cash tender offer to purchase any and all of its outstanding 6.000% Senior Notes due 2028, with a purchase price of $1,018.46 per $1,000 principal amount of notes.

The offer covers $500 million in aggregate principal amount of notes. The purchase price was determined using a fixed spread of 40 basis points over the yield of the 3.50% U.S. Treasury security due October 31, 2027, which carried a reference yield of 4.146% as of 2:00 p.m. New York time on June 30, 2026. Holders whose notes are accepted will also receive accrued and unpaid interest up to, but not including, the settlement date.

The offer was set to expire at 5:00 p.m. New York time on June 30, 2026. Oceaneering expects to settle accepted tenders on July 6, 2026. Notes tendered through guaranteed delivery procedures must be delivered no later than 5:00 p.m. New York time on July 2, 2026.

The offer is not conditioned on a minimum amount of notes being tendered. Oceaneering said it intends to fund the purchases using proceeds from a concurrent senior notes offering. Any notes not tendered in the offer are subject to a conditional notice of full redemption issued by the company, with redemption targeted for on or around July 25, 2026.

J.P. Morgan Securities LLC is serving as dealer manager for the offer, according to the company's statement.