Oceaneering International, Inc. reported second quarter 2026 financial results that surpassed the top end of its guidance range, driven by strong execution across most business segments. Consolidated revenue increased 10% year-over-year to $768 million, while net income attributable to Oceaneering rose 19% to $65.0 million. The company also updated its full-year 2026 consolidated adjusted EBITDA guidance to a range of $400 million to $440 million.

Second Quarter 2026 Consolidated Highlights

The following table summarizes key consolidated financial metrics for the second quarter of 2026 compared to the second quarter of 2025.

Rod Larson, Oceaneering's President and Chief Executive Officer, stated that the company delivered a strong second quarter, with consolidated adjusted EBITDA of $115 million exceeding the top end of guidance. He attributed the positive results to overperformance from the Offshore Projects Group, where favorable project mix and operational execution drove better-than-expected revenue and profitability. Larson noted that all segments generated increased revenue and operating income except for Integrity Management and Digital Solutions (IMDS), which was partially impacted by the ongoing Middle East conflict.

Second Quarter 2026 Segment Performance

The following table presents segment-level revenue and operating income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Subsea Robotics (SSR): Revenue increased to $232 million, operating income increased 3% to $66.3 million, and EBITDA margin remained flat at 35%. Results were attributable to higher ROV revenue per day utilized and increased Survey activity, as the Ocean Intervention II commenced operations. ROV revenue per day utilized increased to $11,894, while ROV fleet utilization decreased slightly to 66% from 67%, with solid activity levels in Europe and Africa largely offsetting lower activity in the U.S. Gulf.

Manufactured Products: Operating income increased to $21.9 million and margin expanded to 15% on a 3% increase in revenue. These improvements were driven by increased profitability in the umbilicals business and improved results in mobility solutions. As of June 30, 2026, backlog was $445 million. The book-to-bill ratio was 0.88 for the 12-month period ending on June 30, 2026.

Offshore Projects Group (OPG): Operating income increased to $30.0 million and margin improved to 16% on a 22% increase in revenue, benefiting from a favorable project mix including additional international installation and intervention projects.

Integrity Management and Digital Solutions (IMDS): Revenue decreased by 6% on lower volume in West Africa, and operating income decreased by $4.5 million. The decrease was primarily due to lower activity levels and related cost absorption, as well as increased personnel-related costs, in West Africa and the Middle East.

Aerospace and Defense Technologies (ADTech): Revenue increased 22% to $133 million and operating income increased slightly to $16.4 million, while margin declined to 12%, primarily due to program cost mix and timing.

Unallocated Expenses were essentially flat at $46.6 million, consistent with expectations.

Capital Structure and Liquidity

During the second quarter, Oceaneering initiated a series of financing transactions to address the maturity of its 2028 senior notes. These transactions, which will be completed during the third quarter, included the issuance of $500 million aggregate principal amount of 6.875% senior notes due 2034, the completion of a tender offer for the outstanding 2028 senior notes, and an amendment to the senior secured revolving credit facility. The amendment increased commitments from $215 million to $345 million and extended the facility's maturity to July 2031. Together, these actions extended Oceaneering's debt maturity profile while preserving substantial liquidity and financial flexibility.

Updated 2026 Guidance and Third Quarter Outlook

Based on first-half 2026 performance and expectations for the balance of the year, Oceaneering updated its full-year 2026 consolidated adjusted EBITDA guidance range to $400 million to $440 million. IMDS operating income is expected to decrease significantly, with operating income margin expected to be in the low-single-digit percentage range for the full year.

For the third quarter of 2026, consolidated revenue is projected to increase and EBITDA is expected to be in the range of $115 million to $125 million compared to the third quarter of 2025. At the segment level:

• SSR: Revenue and operating income are expected to increase.
• Manufactured Products: Revenue and operating income are expected to slightly decrease.
• OPG: Revenue and operating income are expected to increase.
• IMDS: Revenue is expected to increase and operating income is expected to be relatively flat.
• ADTech: Revenue and operating income are expected to increase.
• Unallocated Expenses: Expected to be in the $50 million range.

Oceaneering has scheduled a conference call and webcast on Thursday, July 23, 2026 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss its second quarter 2026 results and guidance for the third quarter and full year of 2026.

KONGSBERG and Oceaneering International, Inc. (OCEANEERING) have been selected by the U.S. Department of War’s Defense Innovation Unit (DIU) to support the Combat Autonomous Maritime Platform (CAMP) program. The collaboration focuses on developing an Extra-Large Uncrewed Undersea Vehicle (XLUUV) for future U.S. Navy missions. The CAMP program aims to accelerate the transition of mature commercial and defense technologies into operational naval capabilities.

The partnership will emphasize concept definition, system architecture, and design trade studies, with a focus on modularity, interoperability, and rapid integration. The design is expected to be delivered in the third quarter of this year.

Strategic Collaboration

Rich Patterson, Vice President of Uncrewed Platforms at KONGSBERG, highlighted the significance of the selection. "KONGSBERG is proud to co-lead this effort with OCEANEERING, combining deep domain expertise to support the U.S. Navy’s vision for scalable and adaptable uncrewed undersea platforms," Patterson said. He expressed confidence that the partnership would deliver the world’s leading extra-large autonomous underwater vehicle.

Bill Merz, Senior Vice President of Aerospace and Defense Technologies for OCEANEERING, emphasized the combined strengths of the two companies. "Our experience delivering and sustaining subsea systems globally, combined with KONGSBERG’s advanced undersea technologies, has resulted in a highly capable, world-class team ready to work," Merz stated.

Complementary Expertise

KONGSBERG brings a 200-year legacy of engineering excellence in maritime and undersea systems. OCEANEERING contributes six decades of leadership in subsea robotic services, remote and autonomous missions, and global lifecycle support. Both companies have extensive experience supporting commercial offshore and government programs, which they believe will promote scale and adaptability while reducing technical and operational risk.

The collaboration leverages the complementary capabilities of both firms to meet the U.S. Navy’s requirements for the XLUUV program.