Oceaneering International Reports 12.6% Revenue Growth to $674.5 Million in Q1 2025

Oceaneering International, Inc. reported a significant increase in financial performance for the first quarter of 2025, with total revenue reaching $674.5 million, up 12.6% from $599.1 million in the same period last year. The company achieved a net income of $50.4 million, translating to earnings per share of $0.49, compared to $15.1 million and $0.15 per share in the prior year. This growth was primarily driven by strong performances in the Subsea Robotics and Offshore Projects Group segments, which benefitted from increased utilization of remotely operated vehicles (ROVs) and heightened vessel activity, particularly in the Gulf of Mexico and West Africa.

In terms of operational metrics, Oceaneering's Subsea Robotics segment generated $206 million in revenue, reflecting a 10.2% increase from the previous year, while the Offshore Projects Group saw revenue rise to $165 million, up 43.5%. The company reported a total operating income of $73.5 million, representing an operating margin of 11%, compared to 6% in the prior year. The increase in operating income was attributed to improved fleet utilization and higher average revenue per day for ROV services, which saw utilization rates rise to 67% from 64% year-over-year.

Oceaneering's balance sheet as of March 31, 2025, showed total assets of $2.28 billion, a decrease from $2.34 billion at the end of 2024. Current assets decreased to $1.34 billion, primarily due to a reduction in cash and cash equivalents, which fell to $382 million from $498 million. The company also reported a decrease in current liabilities to $706 million, down from $797 million, indicating improved liquidity management. The total equity attributable to shareholders increased to $773 million, up from $714 million, reflecting retained earnings growth.

Strategically, Oceaneering has continued to focus on enhancing its service offerings and expanding its market presence. The company has been actively managing its capital expenditures, which totaled $26 million in the first quarter, consistent with the previous year. Oceaneering also repurchased approximately 0.5 million shares for $10 million during the quarter, as part of its ongoing share repurchase program. Looking ahead, the company anticipates continued demand for its services, particularly in the energy sector, despite potential challenges posed by macroeconomic factors such as tariffs and inflation.

Overall, Oceaneering's first-quarter results reflect a positive trajectory in revenue and profitability, supported by strategic operational improvements and a focus on market expansion. The company remains optimistic about its future performance, with expectations of sustained growth driven by ongoing demand in its core business segments.