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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oceaneering International Inc | NYSE:OII | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.02 | -0.09% | 23.37 | 23.67 | 22.86 | 23.16 | 587,914 | 21:03:35 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended June 30, 2017
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from to
|
Delaware
|
95-2628227
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
|
|
11911 FM 529
Houston, Texas
|
77041
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Large accelerated filer
|
þ
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
|
|
|
Emerging growth company
|
¨
|
Part I
|
|
||
|
|
|
|
Item 1.
|
|
||
|
|
|
|
|
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|
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|
|
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Item 2.
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Item 3.
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|
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Item 4.
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||
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Part II
|
|
||
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Item 1.
|
|
||
Item 6.
|
|
||
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||
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|
||
Item 1.
|
Financial Statements.
|
|
|
Jun 30, 2017
|
|
Dec 31, 2016
|
||||
(in thousands, except share data)
|
|
|
||||||
|
|
(unaudited)
|
|
|
||||
ASSETS
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
482,339
|
|
|
$
|
450,193
|
|
Accounts receivable, net of allowances for doubtful accounts of $5,543 and $8,288
|
|
466,456
|
|
|
489,749
|
|
||
Inventory, net
|
|
266,636
|
|
|
280,130
|
|
||
Other current assets
|
|
46,274
|
|
|
42,523
|
|
||
Total Current Assets
|
|
1,261,705
|
|
|
1,262,595
|
|
||
Property and Equipment, at cost
|
|
2,744,441
|
|
|
2,728,125
|
|
||
Less accumulated depreciation
|
|
1,644,251
|
|
|
1,574,867
|
|
||
Net Property and Equipment
|
|
1,100,190
|
|
|
1,153,258
|
|
||
Other Assets:
|
|
|
|
|
||||
Goodwill
|
|
450,801
|
|
|
443,551
|
|
||
Other non-current assets
|
|
279,105
|
|
|
270,911
|
|
||
Total Other Assets
|
|
729,906
|
|
|
714,462
|
|
||
Total Assets
|
|
$
|
3,091,801
|
|
|
$
|
3,130,315
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
81,676
|
|
|
$
|
77,593
|
|
Accrued liabilities
|
|
401,230
|
|
|
430,771
|
|
||
Total Current Liabilities
|
|
482,906
|
|
|
508,364
|
|
||
Long-term Debt
|
|
794,099
|
|
|
793,058
|
|
||
Other Long-term Liabilities
|
|
323,651
|
|
|
312,250
|
|
||
Commitments and Contingencies
|
|
|
|
|
|
|
||
Shareholders’ Equity:
|
|
|
|
|
||||
Common Stock, par value $0.25 per share; 360,000,000 shares authorized; 110,834,088 shares issued
|
|
27,709
|
|
|
27,709
|
|
||
Additional paid-in capital
|
|
221,731
|
|
|
227,566
|
|
||
Treasury stock; 12,567,965 and 12,768,726 shares, at cost
|
|
(719,706
|
)
|
|
(731,202
|
)
|
||
Retained earnings
|
|
2,260,353
|
|
|
2,295,234
|
|
||
Accumulated other comprehensive loss
|
|
(298,942
|
)
|
|
(302,664
|
)
|
||
Total Shareholders' Equity
|
|
1,491,145
|
|
|
1,516,643
|
|
||
Total Liabilities and Shareholders' Equity
|
|
$
|
3,091,801
|
|
|
$
|
3,130,315
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands, except per share data)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Revenue
|
|
$
|
515,036
|
|
|
$
|
625,539
|
|
|
$
|
961,212
|
|
|
$
|
1,233,883
|
|
|
Cost of services and products
|
|
461,465
|
|
|
530,306
|
|
|
862,786
|
|
|
1,041,170
|
|
|||||
|
Gross Margin
|
|
53,571
|
|
|
95,233
|
|
|
98,426
|
|
|
192,713
|
|
||||
Selling, general and administrative expense
|
|
44,181
|
|
|
56,853
|
|
|
89,186
|
|
|
106,234
|
|
|||||
|
Income from Operations
|
|
9,390
|
|
|
38,380
|
|
|
9,240
|
|
|
86,479
|
|
||||
Interest income
|
|
2,045
|
|
|
1,442
|
|
|
3,382
|
|
|
1,737
|
|
|||||
Interest expense, net of amounts capitalized
|
|
(7,599
|
)
|
|
(6,207
|
)
|
|
(13,867
|
)
|
|
(12,599
|
)
|
|||||
Equity in income (losses) of unconsolidated affiliates
|
|
(394
|
)
|
|
263
|
|
|
(1,374
|
)
|
|
789
|
|
|||||
Other expense, net
|
|
(58
|
)
|
|
(1,405
|
)
|
|
(2,614
|
)
|
|
(7,393
|
)
|
|||||
|
Income (Loss) before Income Taxes
|
|
3,384
|
|
|
32,473
|
|
|
(5,233
|
)
|
|
69,013
|
|
||||
Provision for income taxes
|
|
1,252
|
|
|
10,164
|
|
|
169
|
|
|
21,601
|
|
|||||
|
Net Income (Loss)
|
|
$
|
2,132
|
|
|
$
|
22,309
|
|
|
$
|
(5,402
|
)
|
|
$
|
47,412
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|||||||||
Basic
|
|
98,263
|
|
|
98,060
|
|
|
98,201
|
|
|
98,006
|
|
|||||
Diluted
|
|
98,751
|
|
|
98,424
|
|
|
98,201
|
|
|
98,355
|
|
|||||
Earnings (Loss) per Share
|
|
|
|
|
|
|
|
|
|||||||||
Basic
|
|
$
|
0.02
|
|
|
$
|
0.23
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.48
|
|
|
Diluted
|
|
$
|
0.02
|
|
|
$
|
0.23
|
|
|
$
|
(0.06
|
)
|
|
$
|
0.48
|
|
|
Cash Dividends declared per Share
|
|
$
|
0.15
|
|
|
$
|
0.27
|
|
|
$
|
0.30
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
Net Income (Loss)
|
|
$
|
2,132
|
|
|
$
|
22,309
|
|
|
$
|
(5,402
|
)
|
|
$
|
47,412
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Foreign currency translation adjustments
|
|
10,783
|
|
|
(19,807
|
)
|
|
3,722
|
|
|
14,835
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||||
Total other comprehensive income (loss)
|
|
10,783
|
|
|
(19,807
|
)
|
|
3,722
|
|
|
14,835
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Total Comprehensive Income (Loss)
|
|
$
|
12,915
|
|
|
$
|
2,502
|
|
|
$
|
(1,680
|
)
|
|
$
|
62,247
|
|
|
|
Six Months Ended June 30,
|
||||||
(in thousands)
|
|
2017
|
|
2016
|
||||
Cash Flows from Operating Activities:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(5,402
|
)
|
|
$
|
47,412
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
106,967
|
|
|
119,760
|
|
||
Deferred income tax provision (benefit)
|
|
(23,771
|
)
|
|
761
|
|
||
Net loss on sales of property and equipment
|
|
320
|
|
|
8
|
|
||
Noncash compensation
|
|
7,710
|
|
|
8,558
|
|
||
Excluding the effects of acquisitions, increase (decrease) in cash from:
|
|
|
|
|
||||
Accounts receivable
|
|
23,293
|
|
|
65,660
|
|
||
Inventory
|
|
13,494
|
|
|
(14,570
|
)
|
||
Other operating assets
|
|
(10,855
|
)
|
|
48,533
|
|
||
Currency translation effect on working capital, excluding cash
|
|
(5,961
|
)
|
|
3,593
|
|
||
Current liabilities
|
|
(25,258
|
)
|
|
(119,182
|
)
|
||
Other operating liabilities
|
|
22,067
|
|
|
(15,932
|
)
|
||
Total adjustments to net income
|
|
108,006
|
|
|
97,189
|
|
||
Net Cash Provided by Operating Activities
|
|
102,604
|
|
|
144,601
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
|
||||
Purchases of property and equipment
|
|
(41,300
|
)
|
|
(52,944
|
)
|
||
Other investing activities
|
|
(1,014
|
)
|
|
(30,158
|
)
|
||
Distributions of capital from unconsolidated affiliates
|
|
1,424
|
|
|
3,926
|
|
||
Dispositions of property and equipment
|
|
630
|
|
|
1,976
|
|
||
Net Cash Used in Investing Activities
|
|
(40,260
|
)
|
|
(77,200
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
|
||||
Cash dividends
|
|
(29,479
|
)
|
|
(52,952
|
)
|
||
Other financing activities
|
|
(2,049
|
)
|
|
(1,945
|
)
|
||
Net Cash Used in Financing Activities
|
|
(31,528
|
)
|
|
(54,897
|
)
|
||
Effect of exchange rates on cash
|
|
1,330
|
|
|
(4,549
|
)
|
||
Net Increase in Cash and Cash Equivalents
|
|
32,146
|
|
|
7,955
|
|
||
Cash and Cash Equivalents—Beginning of Period
|
|
450,193
|
|
|
385,235
|
|
||
Cash and Cash Equivalents—End of Period
|
|
$
|
482,339
|
|
|
$
|
393,190
|
|
•
|
requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value, with changes in fair value recognized in net income;
|
•
|
simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment — when a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value;
|
•
|
eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet;
|
•
|
requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes;
|
•
|
requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments;
|
•
|
requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and
|
•
|
clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets.
|
(in thousands)
|
|
Jun 30, 2017
|
|
Dec 31, 2016
|
|||||
Inventory, net:
|
|
|
|
|
|||||
|
Remotely operated vehicle parts and components
|
|
$
|
117,168
|
|
|
$
|
118,236
|
|
|
Other inventory, primarily raw materials
|
|
149,468
|
|
|
161,894
|
|
||
|
Total
|
|
$
|
266,636
|
|
|
$
|
280,130
|
|
|
(in thousands)
|
|
Jun 30, 2017
|
|
Dec 31, 2016
|
||||
4.650% Senior Notes due 2024:
|
|
|
|
|
|||||
|
Principal amount of the notes
|
|
$
|
500,000
|
|
|
$
|
500,000
|
|
|
Issuance costs, net of amortization
|
|
(5,042
|
)
|
|
(5,385
|
)
|
||
|
Fair value of interest rate swaps on $200 million of principal
|
|
(859
|
)
|
|
(1,557
|
)
|
||
Term Loan Facility
|
|
300,000
|
|
|
300,000
|
|
|||
Revolving Credit Facility
|
|
—
|
|
|
—
|
|
|||
Long-term Debt
|
|
$
|
794,099
|
|
|
$
|
793,058
|
|
|
|
|
Jurisdiction
|
|
Periods
|
United States
|
|
2013
|
United Kingdom
|
|
2013
|
Norway
|
|
2007
|
Angola
|
|
2013
|
Brazil
|
|
2011
|
Australia
|
|
2012
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(in thousands)
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oilfield
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remotely Operated Vehicles
|
|
$
|
103,432
|
|
|
$
|
139,641
|
|
|
$
|
94,022
|
|
|
$
|
197,454
|
|
|
$
|
287,262
|
|
Subsea Products
|
|
174,893
|
|
|
190,897
|
|
|
150,639
|
|
|
325,532
|
|
|
385,709
|
|
|||||
Subsea Projects
|
|
75,545
|
|
|
138,662
|
|
|
62,956
|
|
|
138,501
|
|
|
268,084
|
|
|||||
Asset Integrity
|
|
58,192
|
|
|
73,864
|
|
|
52,658
|
|
|
110,850
|
|
|
143,464
|
|
|||||
Total Oilfield
|
|
412,062
|
|
|
543,064
|
|
|
360,275
|
|
|
772,337
|
|
|
1,084,519
|
|
|||||
Advanced Technologies
|
|
102,974
|
|
|
82,475
|
|
|
85,901
|
|
|
188,875
|
|
|
149,364
|
|
|||||
Total
|
|
$
|
515,036
|
|
|
$
|
625,539
|
|
|
$
|
446,176
|
|
|
$
|
961,212
|
|
|
$
|
1,233,883
|
|
Income (Loss) from Operations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oilfield
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remotely Operated Vehicles
|
|
$
|
10,376
|
|
|
$
|
18,020
|
|
|
$
|
5,925
|
|
|
$
|
16,301
|
|
|
$
|
45,007
|
|
Subsea Products
|
|
10,552
|
|
|
25,121
|
|
|
11,483
|
|
|
22,035
|
|
|
65,761
|
|
|||||
Subsea Projects
|
|
3,000
|
|
|
10,237
|
|
|
187
|
|
|
3,187
|
|
|
17,026
|
|
|||||
Asset Integrity
|
|
3,755
|
|
|
(805
|
)
|
|
2,267
|
|
|
6,022
|
|
|
(371
|
)
|
|||||
Total Oilfield
|
|
27,683
|
|
|
52,573
|
|
|
19,862
|
|
|
47,545
|
|
|
127,423
|
|
|||||
Advanced Technologies
|
|
7,632
|
|
|
5,528
|
|
|
5,026
|
|
|
12,658
|
|
|
6,121
|
|
|||||
Unallocated Expenses
|
|
(25,925
|
)
|
|
(19,721
|
)
|
|
(25,038
|
)
|
|
(50,963
|
)
|
|
(47,065
|
)
|
|||||
Total
|
|
$
|
9,390
|
|
|
$
|
38,380
|
|
|
$
|
(150
|
)
|
|
$
|
9,240
|
|
|
$
|
86,479
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oilfield
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Remotely Operated Vehicles
|
|
$
|
29,036
|
|
|
$
|
34,026
|
|
|
$
|
29,229
|
|
|
$
|
58,265
|
|
|
$
|
67,710
|
|
Subsea Products
|
|
12,785
|
|
|
12,952
|
|
|
12,999
|
|
|
25,784
|
|
|
25,759
|
|
|||||
Subsea Projects
|
|
7,781
|
|
|
8,353
|
|
|
8,080
|
|
|
15,861
|
|
|
16,872
|
|
|||||
Asset Integrity
|
|
1,780
|
|
|
2,843
|
|
|
1,460
|
|
|
3,240
|
|
|
5,756
|
|
|||||
Total Oilfield
|
|
51,382
|
|
|
58,174
|
|
|
51,768
|
|
|
103,150
|
|
|
116,097
|
|
|||||
Advanced Technologies
|
|
784
|
|
|
806
|
|
|
797
|
|
|
1,581
|
|
|
1,540
|
|
|||||
Unallocated Expenses
|
|
1,138
|
|
|
999
|
|
|
1,098
|
|
|
2,236
|
|
|
2,123
|
|
|||||
Total
|
|
$
|
53,304
|
|
|
$
|
59,979
|
|
|
$
|
53,663
|
|
|
$
|
106,967
|
|
|
$
|
119,760
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
third
quarter and the full year of
2017
operating results and earnings per share, and the contributions from our segments to those results (including anticipated revenue, operating income and utilization information), as well as the items below the operating income line;
|
•
|
demand and business activity levels;
|
•
|
our plans for future operations (including planned additions to and retirements from our remotely operated vehicle ("ROV") fleet, our intent regarding the new
multiservice subsea support
vessel scheduled for delivery
at the end of December 2017
and to be placed into service
during the first quarter of 2018
, and other capital expenditures);
|
•
|
our future cash flows;
|
•
|
the adequacy of our liquidity, cash flows and capital resources;
|
•
|
our expectations regarding shares to be repurchased under our share repurchase plan;
|
•
|
our expectations regarding future dividends and their sustainability;
|
•
|
our assumptions that could affect our estimated tax rate;
|
•
|
the implementation of new accounting standards and related policies, procedures and controls;
|
•
|
seasonality; and
|
•
|
industry conditions.
|
•
|
increased interest expense from higher interest rates, which affect our floating rate debt and our swaps to floating rates on $200 million of fixed-rate debt; and
|
•
|
a loss on our equity investment in Medusa Spar LLC, as production continues to decline.
|
•
|
$23 million
and
$66 million
, respectively, from changes in accounts receivable;
|
•
|
$(11) million
and
$49 million
, respectively, from changes in other operating assets; and
|
•
|
$(25) million
and
$(119) million
, respectively, from changes in current liabilities.
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(dollars in thousands)
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|||||||||||
Revenue
|
|
$
|
515,036
|
|
|
$
|
625,539
|
|
|
$
|
446,176
|
|
|
$
|
961,212
|
|
|
$
|
1,233,883
|
|
|
Gross Margin
|
|
53,571
|
|
|
95,233
|
|
|
44,855
|
|
|
98,426
|
|
|
192,713
|
|
||||||
Gross Margin %
|
|
10
|
%
|
|
15
|
%
|
|
10
|
%
|
|
10
|
%
|
|
16
|
%
|
||||||
Operating Income (Loss)
|
|
9,390
|
|
|
38,380
|
|
|
(150
|
)
|
|
9,240
|
|
|
86,479
|
|
||||||
Operating Income %
|
|
2
|
%
|
|
6
|
%
|
|
—
|
%
|
|
1
|
%
|
|
7
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(dollars in thousands)
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|||||||||||
Remotely Operated Vehicles
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
$
|
103,432
|
|
|
$
|
139,641
|
|
|
$
|
94,022
|
|
|
$
|
197,454
|
|
|
$
|
287,262
|
|
|
Gross Margin
|
|
16,659
|
|
|
26,925
|
|
|
13,022
|
|
|
29,681
|
|
|
62,247
|
|
|||||
|
Operating Income
|
|
10,376
|
|
|
18,020
|
|
|
5,925
|
|
|
16,301
|
|
|
45,007
|
|
|||||
|
Operating Income %
|
10
|
%
|
|
13
|
%
|
|
6
|
%
|
|
8
|
%
|
|
16
|
%
|
||||||
|
Days available
|
|
25,300
|
|
|
28,959
|
|
|
25,219
|
|
|
50,519
|
|
|
57,778
|
|
|||||
|
Days utilized
|
|
12,267
|
|
|
16,057
|
|
|
11,488
|
|
|
23,755
|
|
|
32,062
|
|
|||||
|
Utilization
|
|
48
|
%
|
|
55
|
%
|
|
46
|
%
|
|
47
|
%
|
|
55
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subsea Products
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
174,893
|
|
|
190,897
|
|
|
150,639
|
|
|
325,532
|
|
|
385,709
|
|
|||||
|
Gross Margin
|
|
22,762
|
|
|
42,728
|
|
|
24,991
|
|
|
47,753
|
|
|
98,864
|
|
|||||
|
Operating Income
|
|
10,552
|
|
|
25,121
|
|
|
11,483
|
|
|
22,035
|
|
|
65,761
|
|
|||||
|
Operating Income %
|
6
|
%
|
|
13
|
%
|
|
8
|
%
|
|
7
|
%
|
|
17
|
%
|
||||||
|
Backlog at end of period
|
|
328,000
|
|
|
503,000
|
|
|
407,000
|
|
|
328,000
|
|
|
503,000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subsea Projects
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
75,545
|
|
|
138,662
|
|
|
62,956
|
|
|
138,501
|
|
|
268,084
|
|
|||||
|
Gross Margin
|
|
6,462
|
|
|
14,317
|
|
|
4,024
|
|
|
10,486
|
|
|
25,826
|
|
|||||
|
Operating Income
|
|
3,000
|
|
|
10,237
|
|
|
187
|
|
|
3,187
|
|
|
17,026
|
|
|||||
|
Operating Income %
|
4
|
%
|
|
7
|
%
|
|
—
|
%
|
|
2
|
%
|
|
6
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Integrity
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
58,192
|
|
|
73,864
|
|
|
52,658
|
|
|
110,850
|
|
|
143,464
|
|
|||||
|
Gross Margin
|
|
10,004
|
|
|
10,096
|
|
|
8,381
|
|
|
18,385
|
|
|
17,439
|
|
|||||
|
Operating Income (Loss)
|
|
3,755
|
|
|
(805
|
)
|
|
2,267
|
|
|
6,022
|
|
|
(371
|
)
|
|||||
|
Operating Income (Loss) %
|
6
|
%
|
|
(1
|
)%
|
|
4
|
%
|
|
5
|
%
|
|
—
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Oilfield
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Revenue
|
|
$
|
412,062
|
|
|
$
|
543,064
|
|
|
$
|
360,275
|
|
|
$
|
772,337
|
|
|
$
|
1,084,519
|
|
|
Gross Margin
|
|
55,887
|
|
|
94,066
|
|
|
50,418
|
|
|
106,305
|
|
|
204,376
|
|
|||||
|
Operating Income
|
|
27,683
|
|
|
52,573
|
|
|
19,862
|
|
|
47,545
|
|
|
127,423
|
|
|||||
|
Operating Income %
|
7
|
%
|
|
10
|
%
|
|
6
|
%
|
|
6
|
%
|
|
12
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
||||||
Manufactured products
|
|
70
|
%
|
|
68
|
%
|
|
71
|
%
|
|
71
|
%
|
|
66
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Service and rental
|
|
30
|
%
|
|
32
|
%
|
|
29
|
%
|
|
29
|
%
|
|
34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(dollars in thousands)
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|||||||||||
Revenue
|
|
$
|
102,974
|
|
|
$
|
82,475
|
|
|
$
|
85,901
|
|
|
188,875
|
|
|
149,364
|
|
|||
Gross Margin
|
|
$
|
14,133
|
|
|
$
|
10,600
|
|
|
$
|
10,072
|
|
|
$
|
24,205
|
|
|
$
|
16,427
|
|
|
Operating Income
|
|
7,632
|
|
|
5,528
|
|
|
5,026
|
|
|
12,658
|
|
|
6,121
|
|
||||||
Operating Income %
|
|
7
|
%
|
|
7
|
%
|
|
6
|
%
|
|
7
|
%
|
|
4
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||
(dollars in thousands)
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|||||||||
Gross margin
|
|
$
|
16,449
|
|
|
$
|
9,433
|
|
|
$
|
15,635
|
|
|
32,084
|
|
|
28,090
|
|
|
Operating income
|
|
25,925
|
|
|
19,721
|
|
|
25,038
|
|
|
50,963
|
|
|
47,065
|
|
||||
Operating income % of revenue
|
|
5
|
%
|
|
3
|
%
|
|
6
|
%
|
|
5
|
%
|
|
4
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||
(in thousands)
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|
Mar 31, 2017
|
|
Jun 30, 2017
|
|
Jun 30, 2016
|
|||||||||
Interest income
|
|
$
|
2,045
|
|
|
$
|
1,442
|
|
|
$
|
1,337
|
|
|
3,382
|
|
|
1,737
|
|
|
Interest expense, net of amounts capitalized
|
|
(7,599
|
)
|
|
(6,207
|
)
|
|
(6,268
|
)
|
|
(13,867
|
)
|
|
(12,599
|
)
|
||||
Equity in income (losses) of unconsolidated affiliates
|
|
(394
|
)
|
|
263
|
|
|
(980
|
)
|
|
(1,374
|
)
|
|
789
|
|
||||
Other expense, net
|
|
(58
|
)
|
|
(1,405
|
)
|
|
(2,556
|
)
|
|
(2,614
|
)
|
|
(7,393
|
)
|
||||
Provision for income taxes
|
|
1,252
|
|
|
10,164
|
|
|
(1,083
|
)
|
|
169
|
|
|
21,601
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 1.
|
Legal Proceedings.
|
|
|
|
August 3, 2017
|
|
/
S
/ R
ODERICK
A. L
ARSON
|
Date
|
|
Roderick A. Larson
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
August 3, 2017
|
|
/
S
/ A
LAN
R. C
URTIS
|
Date
|
|
Alan R. Curtis
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
August 3, 2017
|
|
/
S
/ W. C
ARDON
G
ERNER
|
Date
|
|
W. Cardon Gerner
|
|
|
Senior Vice President and Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
1 Year Oceaneering Chart |
1 Month Oceaneering Chart |
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