Oceaneering prepares for CFO transition as Curtis announces retirement

HOUSTON - Oceaneering International, Inc. (NYSE: OII), a global provider of engineered services and products primarily to the offshore energy industry, with a market capitalization of $2.04 billion and an impressive perfect Piotroski Score of 9 according to InvestingPro, today outlined its plan for a change in financial leadership. Alan R. Curtis, who has served as the company’s Chief Financial Officer since 2015, will retire on January 1, 2026. Michael W. Sumruld is set to join the company on September 1, 2025, as Senior Vice President of Finance and is expected to succeed Curtis as CFO.

Curtis has been a part of Oceaneering for over three decades, contributing significantly to the company’s financial and strategic growth. Under his leadership, the company has achieved strong financial health with a "GREAT" rating from InvestingPro, maintaining solid liquidity with a current ratio of 1.89 and delivering 10.04% revenue growth. President and CEO Rod Larson praised Curtis’s dedication and impact, stating that his financial leadership has been key to delivering shareholder returns and advancing the company’s portfolio. Larson expressed gratitude for Curtis’s service and wished him a well-deserved retirement.

M. Kevin McEvoy, Chairman of Oceaneering’s Board of Directors, also commended Curtis for his integrity and contributions to the company’s financial and organizational framework.

Sumruld, a certified public accountant with a background in finance and accounting, holds degrees from the University of Houston and Texas A&M University. His previous experience includes serving as Senior Vice President and CFO for Parker Drilling Company and holding positions at LyondellBasell Industries N.V. and Baker Hughes Incorporated.

Larson welcomed Sumruld’s upcoming addition to the team, highlighting his leadership qualities and business-oriented approach. Sumruld’s appointment is part of a strategic succession planning process aimed at driving Oceaneering’s continued growth and enhancing shareholder value.

Curtis will remain in a supporting role to ensure a smooth transition of duties to Sumruld, who will report directly to Larson upon his arrival.

This announcement comes in the wake of Oceaneering’s ongoing efforts to provide innovative solutions across various industries including defense, aerospace, and manufacturing, in addition to its core offshore energy services. The company’s strong financial position is reflected in its attractive P/E ratio of 11.2 and net income of $182.71 million. For deeper insights into Oceaneering’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.

The information in this article is based on a press release statement from Oceaneering International, Inc.

In other recent news, Oceaneering International reported strong first-quarter results for 2025, surpassing analysts’ expectations. The company achieved an earnings per share of $0.49, significantly above the projected $0.30, and recorded revenue of $675 million, exceeding the anticipated $652.05 million. This performance marks a 13% increase in revenue year-over-year, with net income reaching $50.4 million, a 233% increase from the previous year. Oceaneering also reaffirmed its full-year EBITDA guidance of $380-$430 million, indicating confidence in its operational performance.

Additionally, Oceaneering held its annual meeting of shareholders, where several key proposals were voted on. Roderick A. Larson, M. Kevin McEvoy, and Paul B. Murphy, Jr. were elected as Class III directors. Shareholders approved the compensation of the company’s named executive officers and ratified Ernst & Young LLP as the independent auditors for the fiscal year ending December 31, 2025. The Amended and Restated 2020 Incentive Plan was also adopted during the meeting.

Analyst firms have shown interest in Oceaneering’s future prospects, particularly in light of its recent acquisition of Global Design Innovation (GDI), which is expected to enhance underwater inspection capabilities. Oceaneering’s Aerospace and Defense Technologies segment secured a significant contract, contributing to the positive outlook. The company remains focused on maintaining high ROV fleet utilization and expects its revenue to increase across most segments.

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