HOUSTON, October 22, 2025 – Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported third quarter 2025 results.

•As compared to the third quarter of 2024:

◦Revenue increased 9% to $743 million;

◦Operating income increased 21% to $86.5 million;

◦Net income increased 73% to $71.3 million; and

◦Adjusted EBITDA increased 13% to $111 million.

•Cash flow provided by operating activities was $101 million and free cash flow was $77.0 million, with an ending cash position of $506 million.

•Shares repurchased were 440,814 for approximately $10.1 million.

Rod Larson, Oceaneering's President and Chief Executive Officer, stated, "Our team continues to deliver positive results in a dynamic market environment. In the third quarter, we generated adjusted EBITDA in excess of our guidance range and consensus estimates through solid performance across our segments. This includes the ongoing conversion of higher-margin backlog in Manufactured Products, a continued favorable project mix and steady vessel utilization in our Offshore Projects Group (OPG), and improvement in average remotely operated vehicle (ROV) revenue per day utilized in Subsea Robotics (SSR). In addition, we secured total inbound orders of $854 million, with notable contract wins in SSR, Aerospace and Defense Technologies (ADTech), and Manufactured Products.

"Looking forward to 2026, we are optimistic about our consolidated growth opportunities to be led by ADTech, although we expect the year to unfold differently than 2025. In the first quarter, we anticipate seasonally lower activity levels in our energy-focused businesses, with activity levels increasing in the second and third quarters. Accordingly, we are initiating full-year 2026 consolidated EBITDA guidance in the range of $390 million to $440 million."

As compared to the third quarter of 2024:

•SSR revenue of $219 million, operating income of $65.1 million, and EBITDA margin of 36% were essentially flat. ROV revenue per day utilized increased 6% to $11,254. ROV fleet utilization declined to 65%.

•Manufactured Products operating income of $24.7 million improved 119% and operating income margin expanded to 16% on a 9% increase in revenue. Backlog was $568 million on September 30, 2025. The book-to-bill ratio was 0.82 for the 12-month period ending on September 30, 2025.

•OPG operating income increased 17% to $23.7 million on a 16% increase in revenue. Operating income margin was flat at 14%.

•Integrity Management and Digital Solutions (IMDS) operating income increased significantly, and operating income margin improved on a 4% decrease in revenue due to the absence of a one-time, non-cash charge in the third quarter of 2024 related to the divestiture of the Maritime Intelligence division.

•ADTech operating income of $16.6 million represented an increase of 36% on a 27% increase in revenue. Operating income margin improved to 13%.

•At the corporate level, Unallocated Expenses increased 19% to $46.3 million.

As compared to the fourth quarter of 2024, consolidated fourth quarter 2025 revenue is expected to be lower. Consolidated EBITDA is forecast to be in the range of $80 million to $90 million.

At the segment level, for the fourth quarter of 2025, as compared to the fourth quarter of 2024:

•SSR revenue and operating income are expected to increase.

•Manufactured Products operating income is expected to increase significantly on lower revenue.

•OPG revenue and operating income are expected to decrease significantly due to the absence of international projects that positively impacted the fourth quarter of 2024.

•IMDS operating income is expected to decrease significantly on lower revenue.

•ADTech revenue and operating income are expected to increase significantly.

•Unallocated Expenses are expected to be in the $45 million range.

•Consolidated EBITDA is projected to be in the range of $390 million to $440 million.

•Free cash flow generation is forecast to be consistent with 2025 levels.

•Share repurchase activity is expected to continue.

Oceaneering will provide more specific guidance on its expectations for 2026 in its fourth quarter 2025 earnings release and conference call.

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, Fourth Quarter 2025 Consolidated EBITDA Estimate, 2025 Free Cash Flow Estimate, 2026 Consolidated EBITDA Estimate, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Oceaneering has scheduled a conference call and webcast on Thursday, October 23, 2025 at 10:00 a.m. Central Time, to discuss its results for the third quarter of 2025, guidance for the fourth quarter and full year of 2025, and initial guidance for the full year of 2026. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering.

More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: fourth quarter 2025 guidance for consolidated revenue, consolidated EBITDA, revenue and operating profitability by segment, and Unallocated Expenses; implied full-year 2025 guidance for consolidated EBITDA; initial full-year 2026 guidance for consolidated EBITDA; the expectations that 2026 free cash flow will be similar to 2025 levels and that share purchase activity will continue in 2026; activity levels quarter by quarter in 2026; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater).

The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

For more information, please visit www.oceaneering.com.

Contact:

investorrelations@oceaneering.com

Hilary Frisbie

Senior Director, Investor Relations

Oceaneering International, Inc.

713-329-4755

- Tables follow on next page -

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included adjusted net income (loss) and diluted earnings (loss) per Share (EPS), each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2024 consolidated adjusted EBITDA and free cash flow, and 2025 consolidated EBITDA and free cash flow estimates, as well as the following by segment: EBITDA, EBITDA margins, adjusted EBITDA, and adjusted EBITDA margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and adjusted EBITDA margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the fourth quarter of 2025, for the full year of 2025, and for the full year of 2026, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. EBITDA and EBITDA margins, adjusted EBITDA and adjusted EBITDA margins, and related information by segment are each non-GAAP financial measures. We define free cash flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins, and free cash flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins, and free cash flow (and the adjusted amounts thereof) may not be comparable to similarly titled measures that other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
Fourth Quarter 2025 Consolidated EBITDA Estimate
															For the Three Months Ending
															December 31, 2025
															Low						High
															(in thousands)
Income (loss) before income taxes															$	51,000					$	59,000
Depreciation and amortization															25,000						26,000
			Subtotal												76,000						85,000
Interest expense, net of interest income															6,000						7,000
Amortization included in interest expense															(2,000)						(2,000)
			Consolidated EBITDA												$	80,000					$	90,000
2025 Free Cash Flow Estimate
															For the Year Ending
															December 31, 2025
															Low						High
															(in thousands)
Net income (loss)															$	208,000					$	213,000
Depreciation and amortization															101,000						102,000
Other increases (decreases) in cash from operating activities															(84,000)						(65,000)
			Cash flow provided by (used in) operating activities												225,000						250,000
Purchases of property and equipment															(115,000)						(120,000)
			Free Cash Flow												$	110,000					$	130,000
2026 Consolidated EBITDA Estimate
															For the Year Ending
															December 31, 2026
															Low						High
															(in thousands)
Income (loss) before income taxes															$	270,000					$	307,000
Depreciation and amortization															105,000						114,000
			Subtotal												375,000						421,000
Interest expense, net of interest income															21,000						26,000
Amortization included in interest expense															(6,000)						(7,000)
			Consolidated EBITDA												$	390,000					$	440,000

    

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RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION
(continued)
EBITDA and Adjusted EBITDA and Margins by Segment
												For the Nine Months Ended September 30, 2025
												SSR						MP						OPG						IMDS						ADTech						Unallocated Expenses and other						Total
												($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP												$	189,279					$	52,090					$	81,021					$	10,865					$	43,521					$	(137,607)					$	239,169
Adjustments for the effects of:
			Depreciation and amortization									37,404						8,159						13,642						5,399						2,815						8,552						75,971
			Other pre-tax									—						—						—						—						—						1,322						1,322
			EBITDA									226,683						60,249						94,663						16,264						46,336						(127,733)						316,462
Adjustments for the effects of:
			Foreign currency (gains) losses									—						—						—						—						—						(5,481)						(5,481)
						Total of adjustments						—						—						—						—						—						(5,481)						(5,481)
Adjusted EBITDA												$	226,683					$	60,249					$	94,663					$	16,264					$	46,336					$	(133,214)					$	310,981
Revenue												$	643,529					$	436,566					$	485,268					$	217,566					$	332,653											$	2,115,582
Operating income (loss) % as reported in accordance with GAAP												29		%				12		%				17		%				5		%				13		%										11		%
EBITDA Margin												35		%				14		%				20		%				7		%				14		%										15		%
Adjusted EBITDA Margin												35		%				14		%				20		%				7		%				14		%										15		%
												For the Nine Months Ended September 30, 2024
												SSR						MP						OPG						IMDS						ADTech						Unallocated Expenses and other						Total
												($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP												$	171,685					$	38,837					$	34,386					$	7,802					$	32,271					$	(116,591)					$	168,390
Adjustments for the effects of:
			Depreciation and amortization									36,867						9,473						17,418						4,410						1,915						8,218						78,301
			Other pre-tax									—						—						—						—						—						2,639						2,639
			EBITDA									208,552						48,310						51,804						12,212						34,186						(105,734)						249,330
Adjustments for the effects of:
			Foreign currency (gains) losses									—						—						—						—						—						(3,655)						(3,655)
						Total of adjustments						—						—						—						—						—						(3,655)						(3,655)
Adjusted EBITDA												$	208,552					$	48,310					$	51,804					$	12,212					$	34,186					$	(109,389)					$	245,675
Revenue												$	617,632					$	412,501					$	406,651					$	216,804					$	294,123											$	1,947,711
Operating income (loss) % as reported in accordance with GAAP												28		%				9		%				8		%				4		%				11		%										9		%
EBITDA Margin												34		%				12		%				13		%				6		%				12		%										13		%
Adjusted EBITDA Margin												34		%				12		%				13		%				6		%				12		%										13		%