Oceaneering Sinks to Loss

Oceaneering has reported a net loss of $64.1 million, or 65 cents per share, for the three months ended December 31, 2018.

The result compares with net profit of $173.6 million same time last year. During the prior quarter ended September 30, 2018, Oceaneering reported a net loss of $66 million, or 67 cents per share.

Adjusted net income was $7.3 million, or $0.07 per share, reflecting the impact of $71.4 million of net adjustments, primarily a $76.4 million pre-tax goodwill impairment in its Subsea Projects segment.

The Houston-based subsea engineering specialist generated quarterly revenue of $495 million, up from $484 million in Q4 2017, but down from $519 million sequentially.

For the full year 2018, Oceaneering reported a net loss of $212 million, or $2.16 per share, on revenue of $1.9 billion, against $166 million net profit and relatively flat revenue in 2017.

Adjusted net loss was $69.7 million, or 71 cents per share, reflecting the impact of $143 million including pre-tax goodwill impairment, forex losses and discrete tax benefits.

We expect our 2019 financial results to improve year-over-year based on increased activity across all of our segments. For the year, we anticipate generating $140 million to $180 million of EBITDA, with positive EBITDA contributions from each of our operating segments,” Roderick A. Larson, president and CEO of Oceaneering.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 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

9th International Conference Offshore Foundations

Offshore Foundations is a technical event for experts in the wind industry. The goal is to push forward technical development for future foundation concepts.

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OGA 2019

Malaysia‚Äôs Oil, Gas and Energy (OGE) industry has been contributing about one-fifth to the national GDP…

read more >

Brasil Offshore 2019

The commemorative 20th anniversary edition of Brasil Offshore will be held under the auspices…

read more >