Oceaneering International, Inc. has amended its senior secured revolving credit facility to increase commitments from $215 million to $345 million and extend the maturity date from April 2027 to July 2031. The amendment provides additional financial flexibility to support ongoing operations, strategic priorities, and growth initiatives. The Credit Facility includes the ability to upsize by an additional $85 million and letter of credit availability of $150 million.

Mike Sumruld, Oceaneering’s Senior Vice President and Chief Financial Officer, stated that the company appreciates the continued support of its bank group, which includes both long-standing relationship banks and new participating lenders. The amendment reflects the lender group's confidence in Oceaneering's business strategy and financial position.

Key Details of the Amended Credit Facility

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

Oceaneering International has announced the pricing terms for its previously disclosed cash tender offer to purchase any and all of its outstanding 6.000% Senior Notes due 2028. The company established a purchase price of $1,018.46 per $1,000 aggregate principal amount of Notes. This pricing reflects a fixed spread of 40 basis points plus the yield to maturity of a reference U.S. Treasury security. The offer aims to refinance the $500,000,000 aggregate principal amount outstanding, allowing the company to manage its debt profile through repurchasing existing obligations.

The tender offer is scheduled to expire at 5:00 p.m., New York City time, on June 30, 2026, unless extended or earlier terminated. The purchase price was determined based on the bid-side price of the 3.50% U.S. Treasury Note due October 31, 2027, as quoted on the Bloomberg Bond Trader FIT4 page at 2:00 p.m., New York City time, on June 30, 2026. Oceaneering has retained J.P. Morgan Securities LLC as the dealer manager for the transaction. The offer is not conditioned upon any minimum amount of Notes being tendered but is contingent upon the completion of one or more debt financing transactions satisfactory to the company.

Key Details of the Tender Offer

Holders whose Notes are accepted for purchase will receive accrued and unpaid interest from the last applicable interest payment date to, but not including, the Settlement Date. The delivery of Notes tendered by guaranteed delivery procedures must be made no later than 5:00 p.m., New York City time, on July 2, 2026. Oceaneering intends to pay for the Notes purchased in the offer with the proceeds from its contemporaneous offering of senior notes.

To the extent not all of the Notes are tendered in the offer, Oceaneering intends to redeem any and all outstanding Notes. In connection with the offer, the company issued a conditional notice of full redemption to redeem any Notes that remain outstanding following the offer on or around July 25, 2026, pursuant to the indenture governing the Notes. The complete terms and conditions of the tender offer are set forth in the Offer to Purchase dated June 24, 2026, and the related Notice of Guaranteed Delivery.