Oceaneering raises revolving credit facility to $345 million

Oceaneering International, Inc. (NYSE: OII) has amended its senior secured revolving credit facility, increasing commitments from $215 million to $345 million and extending the maturity date from April 2027 to July 2031, according to a press release statement.

The updated credit facility includes an option to increase capacity by an additional $85 million, as well as $150 million in letter of credit availability.

Mike Sumruld, Oceaneering's Senior Vice President and Chief Financial Officer, said, "We are pleased to announce this amendment to our revolving credit facility, which provides additional financial flexibility to support our ongoing operations, strategic priorities, and growth initiatives. We appreciate the continued support of our bank group, which includes both long-standing relationship banks and new participating lenders."

Oceaneering provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

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