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