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



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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

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