Oceaneering Posts Quarterly Loss

Subsea engineering specialist Oceaneering has reported net loss of $49 million, or 50 cents per share, for the three months ended March 31, 2018.

Adjusted net loss was $40 million, or $41 cents per share.

During the corresponding period in 2017, the Houston-based company reported net loss of $7.5 million, or $8 cents per share.

Oceaneering generated Q1 2018 revenue of $416 million, against $446 million in the prior-year comparable period, and $484 million sequentially.

The company ended the quarter with a total of 279 remotely operated vehicles. Fleet utilization was up from 42 percent to 44 percent.

Subsea products backlog at March 31, 2017 was $240 million, compared to December 31, 2017 backlog of $276 million.

“For the second quarter, compared to the first quarter, we anticipate quarterly operating profitability and improvements from all of our business segments, with the exception of Subsea Products, due to the pull-forward of projects into the first quarter,” said Roderick A. Larson, president and CEO of Oceaneering.

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 >