Oceaneering Posts Profit Drop

Subsea engineering specialist, Oceaneering, has reported a drop in third-quarter profit for the period ended September 30, 2015 as revenues declined on lower demand and as prices dropped for most of its oilfield services and products.

The Houston-based company generated net income of $69.5 million, or $0.70 per share, on revenue of $743.6 million, versus net income of $91.2 million, or $0.84 per share on revenue of $840.2 million in the year-ago quarter.

Oceaneering reported EBITDA of $168 million during the quarter and said it anticipates generating at least $640 million for the year 2015, which is lower than earlier anticipated. At the end of the quarter, the company had $271 million in cash and an undrawn $500 million revolver.

Furthermore, Oceaneering has lowered its guidance for the fourth quarter of this year, and said it expects to report fourth quarter EPS in the range of $0.54 to $0.60, and drops in operating income from ROV, subsea projects, and asset integrity. Full-year EPS guidance has also been reduced to a range of $2.60 to $2.66 from $2.70 to $2.90.

According to CEO M. Kevin McEvoy, projection for 2016 earnings will be lower than 2015.

In addition, Oceaneering declared a regular quarterly dividend of $0.27 per common share. The dividend is payable December 18, 2015 to shareholders of record at the close of business on November 27, 2015.

Subsea World News Staff

 

 

Share this article

Follow Subsea World News

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >