HOUSTON - Oceaneering International, Inc. (NYSE:OII), a global provider of engineered services and products primarily to the offshore energy sector, has announced the appointment of Benjamin M. Laura as its new Senior Vice President and Chief Operating Officer, effective January 1, 2025.
Benjamin Laura, who currently holds the position of Senior Vice President and Chief Innovation Officer at Oceaneering, has been with the company since 2014. His previous role as Director of Subsea Services marked the beginning of his tenure at Oceaneering. Prior to this, Laura was employed by Baker Hughes Incorporated (NASDAQ:BKR), where he served as Vice President and Managing Director for their operations in Brazil. His academic credentials include a Bachelor of Science in Mechanical Engineering from Mississippi State University and a Master of Science in Engineering Technology Management from Oklahoma State University.
Roderick A. Larson, Oceaneering's President and CEO, praised Laura's decade-long contribution to the company, highlighting his leadership, vision, and ability to deliver positive business outcomes. Larson underscored Laura's extensive operational experience and his effectiveness as a change leader, which he believes make him well-suited for the COO role.
The company's press release includes forward-looking statements regarding expectations for Laura's responsibilities and contributions to Oceaneering's future performance. These statements are based on current information and expectations and are subject to risks and uncertainties that could cause actual results to differ materially.
Oceaneering International, Inc. operates globally, offering a range of services and products to various industries, including offshore energy, defense, aerospace, manufacturing, and entertainment.
This leadership change is part of Oceaneering's ongoing efforts to strengthen its executive team and position the company for future growth. The information regarding the appointment is based on a press release statement from Oceaneering International, Inc.
In other recent news, Oceaneering International, Inc. has made significant strides in its recent operations. The company reported a net income of $41.2 million, or $0.40 per share, on revenues of $680 million for the third quarter of 2024. Additionally, the company saw a considerable increase in free cash flow, reaching $67 million. Adjusted EBITDA for the same period reached $98.1 million, with full-year projections ranging from $340 million to $350 million.
The company also announced the acquisition of Global Design Innovation Ltd. (GDi), a UK-based digital and software services company, as part of its strategy to enhance its digital capabilities. GDi's Vision software will be added to Oceaneering's portfolio, anticipated to improve safety, data quality, and cost efficiency for customers globally.
Oceaneering secured a multimillion-dollar contract from the U.S. Department of Defense for autonomous underwater vehicles. On the other hand, the company's Offshore Projects Group experienced declines due to a shift towards lower-margin services. Looking forward, the company's outlook for the fourth quarter of 2024 projects rising revenue and stable adjusted EBITDA, with EBITDA guidance for 2025 set between $400 million and $430 million. These are recent developments that reflect the company's resilience amidst challenges.
InvestingPro Insights
As Oceaneering International, Inc. (NYSE:OII) prepares for a leadership transition with Benjamin M. Laura stepping into the role of COO, investors may find value in examining the company's current financial position and market performance.
According to InvestingPro data, Oceaneering's market capitalization stands at $2.91 billion, reflecting its significant presence in the offshore energy services sector. The company's revenue for the last twelve months as of Q3 2024 reached $2.60 billion, with a notable revenue growth of 12.84% over the same period. This growth trajectory aligns with the company's strategic moves, including the appointment of Laura, which aims to drive future performance.
InvestingPro Tips highlight that Oceaneering is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.27 as of the last twelve months ending Q3 2024. This suggests that the stock may be undervalued considering its growth prospects, which could be of interest to value-oriented investors.
Additionally, the company's stock has shown strong performance, with a 15.67% return over the last month and a 34.47% return over the past year. This positive momentum, coupled with the fact that the stock is trading near its 52-week high (94.61% of the high), indicates investor confidence in Oceaneering's direction and potential.
It's worth noting that while Oceaneering operates with a moderate level of debt and its liquid assets exceed short-term obligations, the company does not pay a dividend to shareholders. This financial structure may allow for greater flexibility in funding growth initiatives and navigating industry challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Oceaneering International, providing a deeper understanding of the company's financial health and market position.
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