Oceaneering International, Inc.
- Open
- 42.35
- Day high
- 42.94
- Day low
- 41.42
- Prev close
- 42.30
- Volume
- 560K
- Mkt cap
- $4.2B
- P/E (TTM)
- 12.5
- EPS (TTM)
- $3.37
- P/B
- 3.8
- P/S
- 1.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$3.2M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Oceaneering International, Inc. (OII) is a Energy company listed on NYSE. The stock is up 107% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Oceaneering International, Inc. (OII) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OII earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.35 | $0.30 | -14.3% | $692M | +3.2% |
| Feb 18, 2026 | $0.44 | $0.45 | +2.3% | $669M | -1.4% |
| Oct 22, 2025 | $0.42 | $0.55 | +31.0% | $743M | +9.5% |
| Jul 23, 2025 | $0.42 | $0.49 | +16.7% | $698M | -0.3% |
| Apr 23, 2025 | $0.36 | $0.43 | +19.4% | $675M | +3.6% |
| Feb 19, 2025 | $0.39 | $0.37 | -5.1% | $713M | +4.7% |
| Oct 23, 2024 | $0.44 | $0.40 | -9.1% | $680M | -0.1% |
| Jul 24, 2024 | $0.31 | $0.34 | +9.7% | $669M | +2.3% |
| Feb 22, 2024 | $0.23 | $0.19 | -17.4% | $655M | +4.3% |
| Oct 25, 2023 | $0.32 | $0.38 | +18.8% | $635M | -0.4% |
| Jul 26, 2023 | $0.29 | $0.18 | -37.9% | $598M | -1.6% |
| Feb 23, 2023 | $0.17 | $0.06 | -64.7% | $536M | -1.9% |
OII insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | GOODWIN DEANNA Ldirector | Sell | 7,000 | $40.69 |
| May 19, 2026 | WEBSTER STEVEN Adirector | Grant | 4,576 | — |
| May 19, 2026 | LARSON RODERICK A.director, officer: President and CEO | Sell | 5,000 | $38.27 |
| May 19, 2026 | GOODWIN DEANNA Ldirector | Grant | 4,576 | — |
| May 19, 2026 | BERRY WILLIAM Bdirector | Grant | 4,576 | — |
| May 19, 2026 | Beachy Karen Hdirector | Grant | 4,576 | — |
| May 19, 2026 | MCEVOY M KEVINdirector | Grant | 6,729 | — |
| May 19, 2026 | Poddar Reemadirector | Grant | 4,576 | — |
| May 19, 2026 | MURPHY PAUL B JRdirector | Grant | 4,576 | — |
| May 19, 2026 | Reinhardsen Jon Erikdirector | Grant | 4,576 | — |
| May 19, 2026 | Jenkins Roger W.director | Grant | 4,576 | — |
| May 14, 2026 | MCDONALD MARTIN Jofficer: SVP, Subsea Robotics | Sell | 43,947 | $38.49 |
| May 14, 2026 | MCDONALD MARTIN Jofficer: SVP, Subsea Robotics | Sell | 26,053 | $38.33 |
| Mar 13, 2026 | MCEVOY M KEVINdirector | Sell | 25,678 | $35.27 |
| Feb 26, 2026 | Simons Jennifer Fremontofficer: SVP, CLO and Secretary | Tax | 6,673 | $37.22 |
Source: OII SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full OII insider & 13F page →Oceaneering International, Inc. company profile
Overview
Oceaneering International, Inc. (NYSE:OII) is a Houston-based engineering services company founded in 1964 that provides specialized robotic solutions and engineered services primarily to the offshore energy industry. The company went public in 1975 and has evolved from a traditional diving and underwater services provider into a technology-focused organization specializing in remotely operated vehicles (ROVs), subsea robotics, and autonomous systems. Today, Oceaneering operates across multiple industries including offshore energy, defense, aerospace, manufacturing, and entertainment, with a particular emphasis on deepwater and harsh environment operations where human presence is impractical or impossible.
Business
Oceaneering operates in the specialized field of subsea robotics and engineered services, primarily serving the offshore oil and gas industry. The company's core business revolves around remotely operated vehicles (ROVs) - essentially underwater robots that can perform complex tasks in deepwater environments where human divers cannot safely operate. These ROVs are equipped with cameras, manipulator arms, and specialized tools that allow them to install equipment, inspect pipelines, perform maintenance, and support drilling operations thousands of feet below the ocean surface. The company operates through five distinct business segments: 1. Subsea Robotics (SSR) - approximately 45-50% of revenue - provides ROV services for drill support and vessel-based operations, including subsea hardware installation, pipeline inspection, and facility maintenance. The company owns approximately 250 work-class ROVs, making it one of the world's largest ROV fleets. 2. Manufactured Products - approximately 25-30% of revenue - designs and manufactures subsea hardware including production control umbilicals (the "lifelines" that connect surface facilities to subsea equipment), pipeline connection systems, and field development hardware for offshore energy projects. 3. Offshore Projects Group (OPG) - approximately 15-20% of revenue - provides specialized installation and intervention services, including light well intervention (maintenance services for oil wells without full drilling rigs) and project management for complex subsea installations. 4. Integrity Management & Digital Solutions (IMDS) - approximately 5-10% of revenue - offers software and analytical solutions for asset integrity management and digital connectivity solutions for energy companies. 5. Aerospace and Defense Technologies (ADTech) - approximately 5-10% of revenue - provides engineering services and products to U.S. government agencies and defense contractors, including space exploration activities and autonomous underwater vehicle development.
Revenue model
Oceaneering generates revenue through multiple business models depending on the segment. The Subsea Robotics segment operates on a day-rate model, charging customers for ROV services based on daily utilization rates, which averaged $10,786 per day in 2024. This segment serves oil and gas operators, drilling contractors, and marine construction companies who need underwater robotics support for their operations. The Manufactured Products segment operates on a project-based model, designing and manufacturing custom subsea equipment for specific oil and gas field developments. Revenue is recognized upon delivery of equipment, with projects often spanning multiple quarters. The Offshore Projects Group combines service fees and project-based revenue for installation and intervention services. Several factors significantly impact the company's margins and profitability. Commodity price cycles directly affect customer spending on offshore energy projects - higher oil prices typically lead to increased exploration and production activity, driving demand for Oceaneering's services. Fleet utilization rates are critical for the ROV business, as fixed costs for maintaining the fleet remain constant regardless of utilization. Pricing power has been a key margin driver, with the company achieving 13% year-over-year improvement in ROV day rates in 2024 as market conditions tightened. Competition intensity affects pricing, particularly from other ROV operators and subsea service providers. Technological differentiation through autonomous systems and advanced robotics capabilities allows for premium pricing. Geographic mix also matters, as different regions command different day rates and margin profiles. Project timing and execution in the manufactured products business can create quarterly volatility, while currency fluctuations impact international operations.
Competitive moat
Oceaneering possesses a moderate but meaningful competitive moat built primarily on scale advantages and specialized expertise. The company's fleet of 250 work-class ROVs represents one of the world's largest, creating significant barriers to entry given the substantial capital investment required (each ROV costs several million dollars) and the specialized technical expertise needed to operate them effectively. The company's operational track record and safety performance create customer stickiness, as offshore operators prioritize reliability in harsh deepwater environments where equipment failures can be extremely costly. Oceaneering's 99% ROV uptime demonstrates operational excellence that competitors struggle to match. The company also benefits from long-standing customer relationships and preferred vendor status with major oil companies. However, the moat faces several challenges. The cyclical nature of the offshore energy market creates periods of intense price competition when utilization falls. Technological disruption from autonomous underwater vehicles (AUVs) and other emerging technologies could potentially reduce demand for traditional ROV services, though Oceaneering is actively developing these technologies itself. New entrants from lower-cost regions and customer consolidation in the oil and gas industry also pressure margins. The company's expansion into adjacent markets like defense, aerospace, and renewable energy provides some diversification, but these represent smaller revenue streams. While Oceaneering has built valuable expertise and scale advantages, the competitive moat is not insurmountable and requires continuous investment in technology and operational excellence to maintain.
Risks & safety
Oceaneering demonstrates a solid financial position with manageable risks, though some cyclical vulnerabilities remain. • Liquidity and Cash Position: Strong cash position of $382-498 million across recent quarters, providing substantial cushion. Current ratio of 1.7-1.9x indicates adequate short-term liquidity. • Debt and Solvency: Debt-to-equity ratio of 1.1-1.4x is elevated but manageable for the industry. Company reduced long-term debt from $700M to $500M in recent years, demonstrating deleveraging progress. • Cash Flow Generation: Positive operating cash flow of $203M in 2024, though free cash flow can be volatile due to capital expenditure timing. Q1 2025 showed negative free cash flow of $107M, highlighting quarterly variability. • Valuation Metrics: Trading at P/E of 10.9x and EV/EBITDA of 6.4x based on recent quarters, suggesting reasonable valuation relative to earnings power. • Other Considerations: Cyclical industry exposure creates earnings volatility risk. However, diversified customer base, essential service nature, and strong market position provide some downside protection.
Recent development
Over the past few years, Oceaneering has undergone significant strategic transformation focused on technology advancement and market diversification. The company has heavily invested in autonomous technologies, launching the Freedom Hybrid ROV/AUV system that combines traditional ROV capabilities with autonomous underwater vehicle functionality. This represents a strategic pivot toward next-generation robotics that can operate independently without constant human control. The company has also expanded into mobile robotics and automation beyond the marine environment, developing the MaxMover Autonomous Forklift system with 205 units ordered in 2023. This diversification strategy aims to leverage Oceaneering's robotics expertise in land-based industrial applications. Defense and aerospace expansion has accelerated, with the company winning its largest initial contract value in company history and securing a Defense Innovation Unit contract for autonomous underwater vehicle development. The Aerospace and Defense Technologies segment is expected to show significant growth in 2025. The company completed the acquisition of Global Design Innovation Limited (GDI), adding AI-driven predictive maintenance capabilities and digital solutions to its portfolio. This acquisition supports the strategy of combining physical robotics with digital intelligence and data analytics. Operational improvements have been substantial, with the company achieving 99% ROV uptime and a 56% reduction in high-potential safety incidents. ROV pricing has improved significantly, with day rates increasing 13% year-over-year to $10,786 in 2024, reflecting both market recovery and the company's enhanced value proposition. The company has also focused on financial discipline, reducing debt, generating positive free cash flow, and initiating a share repurchase program while maintaining investment in growth technologies.
OII company profile · for informational purposes only — not investment advice.
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