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NEW YORK - Oceaneering International, Inc. (NYSE:OII) reported first quarter 2025 results that surpassed analyst expectations, driven by robust performance in its offshore segments. The company’s shares jumped 4.1% following the announcement.
The Houston-based offshore services provider posted adjusted earnings per share of $0.49, beating the analyst consensus of $0.30 by $0.19. Revenue for the quarter came in at $675 million, exceeding the estimated $652.05 million and marking a 13% increase YoY.
Oceaneering’s strong performance was primarily attributed to resilient utilization of remotely operated vehicles (ROVs) and increased vessel activity in the Gulf of Mexico and West Africa. The company’s Subsea Robotics (SSR) and Offshore Projects Group (OPG) segments were key drivers of growth, with operating income doubling on a consolidated basis compared to the same quarter last year.
Rod Larson, President and CEO of Oceaneering, commented, "Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity predominately in the Gulf of Mexico and West Africa."
The company maintained its full-year 2025 guidance for adjusted EBITDA in the range of $380 million to $430 million, citing potential market uncertainties despite the strong start to the year.
Oceaneering’s ROV fleet utilization stood at 67% for the quarter, with revenue per day utilized at $10,788, both showing YoY improvements. The Manufactured Products segment reported a backlog of $543 million as of March 31, 2025, a 9% decrease from the previous year.
For the second quarter of 2025, Oceaneering expects consolidated revenue to increase and projects adjusted EBITDA to be in the range of $95 million to $105 million compared to the same period last year.
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