(Offshore-energy.biz) Texas-headquartered Oceaneering International has reported an operating income of $44.2 million for its Subsea Robotics division in the first three months of 2024, a 31% increase compared to the first quarter of 2023.
In Q1 2024, Oceaneering reported a net income of $15.1 million on revenue of $599 million, while adjusted net income was $13.9 million, reflecting the positive impact of $2.2 million in foreign exchange gains, and the associated $0.8 million of tax effects, along with $0.2 million of expenses related to discrete tax adjustments.
The remotely operated vehicle (ROV) fleet count was 250 in Q1 2024 and the average ROV revenue per day on hire of $10,009 was 9% higher, utilization improved to 64%, and days on hire increased 2% to 14,536. ROV fleet use during the quarter was 66% in drill support and 34% in vessel-based activity, compared to 65% and 35% respectively in Q1 2023.
Brazil Energy Insight 
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