Oceaneering ‘outperforms expectations’ so far in 2025 thanks to ‘resilient ROV use and strong vessel activity’

(offshore-energy.biz) U.S. subsea engineering and applied technology firm Oceaneering International has achieved a revenue of $675 million in the first quarter of 2025, a 13% increase year over year, outperforming expectations due to “resilient utilization of remotely operated vehicles (ROVs) and strong vessel activity”.

For Q1 2025, Oceaneering reported an operating income of $73.5 million, a 100% increase year over year, and a net income of $50.4 million, a 233% increase year over year.

Adjusted EBITDA was $96.7 million, a 57% increase year over year, not adjusted for a $10.4 million inventory reserve taken in the Manufactured Products segment.

“Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity predominately in the Gulf of Mexico and West Africa. We generated adjusted EBITDA of $96.7 million, exceeding both our guidance range and consensus estimates for the quarter,” said Rod Larson, President and Chief Executive Officer of Oceaneering.

“Compared to the same quarter last year, our consolidated first quarter 2025 operating income doubled on a 13% increase in revenue, driven by strong performances from our Subsea Robotics (SSR) and Offshore Projects Group (OPG) segments.”

As compared to Q1 2024, SSR operating income improved 35% to $59.6 million on a 10% increase in revenue. ROV fleet utilization was 67% and ROV revenue per day utilized was $10,788, reflecting year-over-year improvements.

Read full article: https://www.offshore-energy.biz/oceaneering-outperforms-expectations-so-far-in-2025-thanks-to-resilient-rov-use-and-strong-vessel-activity/