Oceaneering International Reports 4.3% Revenue Growth in Q2 2025

Oceaneering International, Inc. reported a revenue increase of 4.3% for the second quarter of 2025, reaching $698.2 million compared to $668.8 million in the same period last year. For the first half of 2025, the company generated $1.37 billion in revenue, up from $1.27 billion in the first half of 2024. The company’s operating income also saw a significant rise, with second-quarter operating income at $79.2 million, up from $60.4 million a year earlier, and a first-half operating income of $152.7 million compared to $97.1 million in 2024. This resulted in diluted earnings per share of $0.54 for the second quarter and $1.03 for the first half, compared to $0.34 and $0.49, respectively, in the prior year.

The financial performance reflects strategic improvements across several business segments, particularly in the Offshore Projects Group (OPG) and Aerospace and Defense Technologies (ADTech). The OPG segment benefited from higher-margin well intervention projects and improved vessel utilization, while the ADTech segment experienced increased activity due to new contract awards. The Subsea Robotics segment maintained steady revenue, although it faced seasonal variations in demand. The company also reported a backlog of $516 million in its Manufactured Products segment, down from $604 million at the end of 2024, indicating a book-to-bill ratio of 0.65 over the trailing twelve months.

Oceaneering's operational metrics showed a decline in cash and cash equivalents, which decreased to $434 million from $497.5 million at the end of 2024. The company utilized $3.5 million in operating activities and $52 million in capital expenditures during the first half of 2025, which included investments in ROV upgrades and replacements. The company also repurchased approximately 1.0 million shares for about $20 million during this period, reflecting its ongoing share repurchase program initiated in 2014.

The company’s balance sheet as of June 30, 2025, showed total assets of $2.33 billion, slightly down from $2.34 billion at the end of 2024. Total liabilities decreased to $1.48 billion from $1.62 billion, primarily due to a reduction in current liabilities. Oceaneering's long-term debt remained stable at $484.6 million, with no new borrowings under its revolving credit facility, which has $215 million available for future use. The company continues to comply with all financial covenants associated with its debt agreements.

Looking ahead, Oceaneering anticipates continued growth driven by strong demand in the energy sector and ongoing investments in technology and services. The company is also assessing the potential impacts of the recently enacted One Big Beautiful Bill Act on its tax provisions and overall financial strategy. With a focus on maintaining liquidity and capital resources, Oceaneering aims to support its operations and strategic growth initiatives while navigating the evolving market landscape.