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

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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.

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