Oceaneering Swings to Quarterly Loss

Subsea engineering specialist Oceaneering has reported net loss of $33 million, or 34 cents per share, for the three months ended June 30, 2018.

Adjusted net loss was $23 million, or $23 cents per share.

During the corresponding period in 2017, the Houston-based company reported profit of $2.1 million, or $2 cents per share. Sequentially, Oceaneering improved narrowing its net loss from $49 million.

Oceaneering generated Q2 2018 revenue of $479 million, against $515 million in the prior-year comparable period, and $416 million sequentially.

The company ended the quarter with a total of 279 remotely operated vehicles. Fleet utilization was up from 42 percent to 53 percent.

Subsea products backlog at March 31, 2017 was $245 million, compared to March 31, 2018 backlog of $240 million.

For the third quarter 2018, we are expecting an improvement in our overall operating results, compared to the adjusted second quarter, based primarily on Subsea Project’s return to profitability. We expect each of our other operating segments results to be flat to slightly down,” said Roderick A. Larson, president and CEO of Oceaneering.

Subsea World News Staff

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