Oceaneering Reports Third Quarter 2026 Results
Business Wire•21/10/2026•17:01 ET
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Key Highlights
- ➤Q3 revenue increased 6% year over year to $785 million
- ➤Net income attributable to Oceaneering decreased 26% to $52.6 million
- ➤Q4 2026 EBITDA guidance set at $85 million to $95 million
- ➤Initial 2027 EBITDA guidance set at $430 million to $480 million
- ➤$500 million senior notes issuance lifted total liquidity above $1.0 billion
Expert Statements
Rod Larson, President and Chief Executive Officer of Oceaneering
“Our third-quarter results were in line with our guidance and consensus estimates. Subsea Robotics (SSR) delivered improved year-over-year results, while Offshore Projects Group (OPG) continued to perform well. We generated significant free cash flow during the quarter as a result of improved operational cash and lower tax payments and capital spend. We expect free cash flow generation to moderate in the fourth quarter, but we remain on track to achieve the top end of our full-year guidance.”
Rod Larson, President and Chief Executive Officer of Oceaneering
“As we look ahead, we expect to see typical seasonality and changes in geographic and project mix in the fourth quarter. Beyond the fourth quarter, we expect improved performance in 2027, with EBITDA increasing compared to 2026.”
Rod Larson, President and Chief Executive Officer of Oceaneering
“Third-quarter bookings included meaningful awards across SSR, Manufactured Products, and Aerospace and Defense Technologies (ADTech). Together with our existing backlog and sales opportunities across our businesses, this provides a solid foundation as we enter 2027. Based on our current expectations, we are initiating full-year 2027 EBITDA guidance in the range of $430 million to $480 million.”
Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported third quarter 2026 results.
Net income attributable to Oceaneering decreased 26% to $52.6 million.
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