Celebrating 50 Years
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BARCLAYS CEO Energy-Power Conference
New York, NY – September 3, 2014
Presentation File: PDF Link
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Oceaneering Announces BP Angola Contract Extension
September 10, 2014 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that BP p.l.c. (NYSE:BP) has exercised both one-year options to extend the Field Support Vessel Services contract with Oceaneering for work offshore Angola on Blocks 18 and 31. Under this contract term extension, Oceaneering will continue to provide project management, engineering, and vessel services through January 2017.
Two chartered vessels, the Ocean Intervention III and the Bourbon Oceanteam 101, will continue to be supplied during the contract term extension. Each vessel is outfitted with two Oceaneering work class remotely operated vehicles (ROVs) capable of working in 3,000 meters of water. The contract scope of work includes light subsea construction and inspection, maintenance, and repair services on existing and future subsea infrastructure. The contract has a provision for Oceaneering to continue to provide during the extension period, at BP’s option, a third vessel on a mutually agreed, as-needed basis. The third vessel currently being provided is the Bourbon Evolution 803, which is contracted through January 2015.
M. Kevin McEvoy, President and Chief Executive Officer, stated, “We are very pleased to have secured this contract extension from BP, one of our largest customers. In support of this contract, we are also providing ROV tooling, asset integrity, and installation and workover control system services. This extension strengthens our long-term commitment to Angola, which is a
growing market for our services and products.”
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release which are forward-looking involve risks and uncertainties that may impact Oceaneering’s actual results. The forward-looking statements in this press release concern Oceaneering’s: expected continuation of delivery of project management, engineering, and vessel services; intention to continue supplying two vessels equipped with Oceaneering ROVs; anticipated continuation to provide ROV tooling, asset integrity, and installation and workover control system services; belief that the contract extension further reinforces its long-term commitment to Angola; and belief that Angola is a growing market for Oceaneering’s services and products. Although Oceaneering’s management believes that the expectations reflected in these forward-looking statements are reasonable, Oceaneering can give no assurance that the expectations will prove to have been correct. The forward- looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation, changes in project design or schedule, contract cancellation, change orders and other modifications, and difficulties executing on the project. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected.
For a more complete discussion of these and other risk factors, please see Oceaneering’s filings with the Securities and Exchange Commission. Oceaneering undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise, except as required by applicable law.
For further information, please contact Jack Jurkoshek, Director Investor Relations,
Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; www.oceaneering.com; E-Mail investorrelations@oceaneering.com.
PR 1190
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Oceaneering to Participate at the 2014 Johnson Rice Energy Conference
September 23, 2014 – Houston, TX – Oceaneering International, Inc. (NYSE:OII) announced today that Marvin J. Migura, Executive Vice President, will deliver a presentation at the Johnson Rice Energy Conference in New Orleans, LA on Tuesday, September 30, 2014.
The presentation slides will be accessible after the close of the market on Monday, September 29, 2014, through the Investor Relations link at Oceaneering’s website, www.oceaneering.com. There will not be a webcast of the presentation.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, TX 77041; Telephone 713-329-4670; E-Mail investorrelations@oceaneering.com; www.oceaneering.com..
PR 1194
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Ocean Exchange – Savanna, Georgia – Oct. 5-7,2014
Date: October 5-7, 2014
Location: Savanna, Georgia
Venue: Savanna International Trade and Convention Center
For more information: http://www.oceanexchange.org/
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Hotzone – Houston, TX – Oct. 16-19, 2014
Date: October 16-19, 2014
Location: Houston, TX
Venue: Crowne Plaza Houston – Reliant Park
For more information: hotzone.mobi
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NSL – Falls Church, Virginia – Oct. 22-23, 2014
Date: October 22-23, 2014
Location: Falls Church , VA
Venue: Fairview Park Marriott
Booth: #3
For more information: http://www.navalsubleague.com/annual-symposium
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Johnson Rice & Company L.L.C.
New Orleans, LA – September 30, 2014
Presentation File: PDF Link
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Oceaneering Announces Third Quarter 2014 Earnings Release and Conference Call Dates
October 1, 2014 – Houston, TX – Oceaneering International, Inc. (NYSE: OII) announced it will release its third quarter 2014 earnings on Wednesday, October 29, 2014, after 5:00 p.m. Eastern (4:00 p.m. Central).
A conference call to discuss these results and the company’s future business outlook is scheduled for Thursday October 30, 2014, at 11:00 a.m. Eastern. This call will be webcast by Thomson Reuters and can be accessed through Oceaneering’s website at www.oceaneering.com/investor-relations/. An archived replay will be available starting one hour after the call ends.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, TX 77041; Telephone 713-329-4670; E-Mail investorrelations@oceaneering.com; www.oceaneering.com.
PR 1195
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Oceaneering Announces $300 Million Term Loan and $500 Million Revolving Credit Agreement
October 27, 2014– Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that it has entered into a new credit agreement providing for a $300 million three-year delayed-draw term loan and a $500 million five-year revolving credit facility. The new credit agreement replaces a prior agreement that was scheduled to mature on January 6, 2017. The banks participating in the new credit agreement are Wells Fargo Bank, National Association (“Wells Fargo”), DNB Capital LLC, HSBC Bank USA, National Association (“HSBC”), JPMorgan Chase Bank, N.A. (“JPM”), Bank of America, N.A., Standard Chartered Bank, The Bank of Tokyo- Mitsubishi UFJ, Ltd., Credit Suisse AG, and Barclays Bank PLC. The amount available under the revolving credit facility may be increased to up to $800 million at any time upon the agreement of Oceaneering and existing or additional lenders.
Borrowings under the new credit agreement will be used to refinance advances outstanding under the prior agreement and for other general corporate purposes. Wells Fargo Securities, LLC, DNB Markets, Inc., J.P. Morgan Securities LLC, and HSBC Securities (USA) Inc. acted as joint lead arrangers and joint bookrunners for the new credit agreement. Wells Fargo is the Administrative Agent under the new credit agreement, DNB Bank ASA is the Syndication Agent, and HSBC and JPM are Documentation Agents.
Robert P. Mingoia, Vice President and Treasurer, stated, “We are extremely pleased that our international group of banks has shown their confidence in our future business prospects. The new arrangement provides us medium-term capital at attractive rates and, coupled with our anticipated strong cash flow, provides us with continued financial flexibility.”
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s purposes for the new revolving credit facility, and its anticipated strong cash flow and continued financial flexibility. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are: industry conditions, prices of crude oil and natural gas, Oceaneering’s ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward- looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are fully described in Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10- Q filed with the Securities and Exchange Commission. Oceaneering undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise, except as required by applicable law.
Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 713-329-4670; www.oceaneering.com;
E-Mail investorrelations@oceaneering.com.
PR 1201
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Oceaneering Reports Record Quarterly Earnings
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Oceaneering Declares Quarterly Dividend
October 29, 2014 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced today that its Board of Directors declared a regular quarterly dividend of $0.27 per common share. The dividend is payable December 19, 2014 to shareholders of record at the close of business on November 28, 2014.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations,
Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; E-Mail investorrelations@oceaneering.com.
PR 1196
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Oceaneering to Participate at the Jefferies 2014 Global Energy Conference
November 10, 2014 – Houston, TX – Oceaneering International, Inc. (NYSE:OII) announced today that W. Cardon Gerner, Senior Vice President and Chief Financial Officer, and Jack Jurkoshek, Director, Investor Relations, will meet with institutional investors at the Jefferies Global Energy Conference in Houston, TX on Wednesday, November 12, 2014.
There will be no handout for this conference.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc.; Telephone 713-329-4670; www.oceaneering.com; E-Mail investorrelations@oceaneering.com.
PR 1200
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Oceaneering Announces Public Offering of Senior Notes
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Oceaneering Announces Pricing of Senior Notes
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Oceaneering Announces Vessel Charter
November 24, 2014 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced today that it has entered into a two-year charter for use of the Island Pride, a multi-service subsea support vessel owned by Island Offshore Shipping International AS. The vessel is expected to be available for work in the U.S. Gulf of Mexico (GOM) in early January 2015.
Prior to commencement of work, the Island Pride is anticipated to undergo modifications to enhance its service capabilities, including reconfiguration to accommodate two Oceaneering high- specification, work class ROVs. The vessel will also be equipped with a satellite communications system capable of transmitting streaming video for real-time work observation by shore personnel.
The Island Pride has an overall length of approximately 340 feet (103 meters), a Class II dynamic positioning system, accommodations for 94 personnel, a helideck, a 150-ton active heave compensated crane, and a working moonpool.
The vessel is expected to be used to augment Oceaneering’s ability to provide life-of-field and light construction services in the ultra-deep waters of the GOM and other international markets, depending on demand. These services include performing inspection, maintenance, and repair (IMR) projects and hardware installations. IMR projects are expected to include a wide range of subsea intervention tasks, including chemical well stimulation and hydrate remediation. Hardware installations are expected to include umbilicals, subsea trees, flowline jumpers, and flying leads.
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s: expectation of the Island Pride’s arrival location and timing availability for work; anticipated vessel modifications; anticipated utilization and locality; and expected services to be performed. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its advanced applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 713-329-4670; investorrelations@oceaneering.com.
PR 1202
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Oceaneering to Present at the 2014 Cowen and Company Ultimate Energy Conference
November 25, 2014 – Houston, TX – Oceaneering International, Inc. (NYSE:OII) announced today that M. Kevin McEvoy, President and Chief Executive Officer, will deliver a presentation at the Cowen and Company Ultimate Energy Conference in New York, NY on Tuesday, December 2, 2014.
The conference handout will be accessible after the close of the market on Monday, December 1, 2014, through a link on the Investor Relations page of Oceaneering’s website, http://www.oceaneering.com/investor-relations/. There will not be a webcast of the presentation.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc.; 713-329-4670; investorrelations@oceaneering.com.
PR 1205
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Cowen 2014
New York, NY – December 2, 2014
Presentation File: PDF Link
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Oceaneering Announces Promotion of Alan R. Curtis to Senior Vice President, Operations Support
December 15, 2014 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced the promotion of Alan R. Curtis to Senior Vice President, Operations Support. In this new role,
Mr. Curtis will be responsible for Human Resources, Information Technology, Supply Chain Management, Internal Audit, and Facilities.
Mr. Curtis joined Oceaneering in 1995 as a Financial Controller and most recently served as Vice President and Controller of Subsea Products. He is a graduate of Texas A&I University with a Bachelor’s degree in Accounting and is a Certified Public Accountant in the State of Texas.
Marvin J. Migura, Executive Vice President, stated, “Since Alan joined Oceaneering he excelled in his initial position of Controller and progressively assumed other challenging and significant responsibilities. He brings exceptional experience and leadership to this new role, which will be beneficial in forging a closer working relationship and collaboration between operations support staff and our operating groups.”
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its advanced applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 713-329-4670, investorrelations@oceaneering.com.
PR 1209
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Oceaneering Announces Share Repurchases and New Share Repurchase Program
December 15, 2014 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced today that it has repurchased 5.4 million shares of its common stock, at a cost of $354 million, since the end of the third quarter of 2014. This completed the stock repurchase program approved by its Board of Directors in 2010. Year to date, Oceaneering has repurchased 8.9 million shares, or approximately 8% of its shares outstanding as of the end of 2013, at a cost of $590 million.
Oceaneering also announced that its Board of Directors has approved a new share repurchase program under which the company may repurchase up to 10 million shares of its common stock on a discretionary basis. Ten million shares constitute about 10% of the company’s common shares currently outstanding.
The new program calls for the repurchases to be made in open market, or in privately negotiated transactions from time to time, in compliance with applicable laws, rules, and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, applicable legal requirements, and other relevant factors. The timing and amount of any repurchases will be determined by management based on its evaluation of these factors. Oceaneering expects that any shares repurchased will be held as treasury stock for future use. The program does not obligate Oceaneering to repurchase any particular number of shares.
M. Kevin McEvoy, President and Chief Executive Officer, stated, “The deepwater environment changed in 2014 and we have experienced a slowdown in deepwater activities. The market impact of this slowdown, in combination with our belief that Oceaneering’s stock has been undervalued, prompted us to escalate our share repurchases. Our recent repurchases, together with our new repurchase program, underscore our willingness to return cash to our shareholders and confidence in Oceaneering’s financial strength and future business prospects.
“We are continuing to pursue our growth strategy, and our top capital allocation priority is to fund investment opportunities to support it. We also expect to maintain our quarterly cash dividend program and to re-evaluate the amount annually during the second quarter. Our residual use of capital will be share repurchases at reasonable prices.
“We allocate capital within established capital structure targets intended to maintain investment grade debt ratings and a financial leverage ratio, which we define as net debt to trailing 12 months EBITDA, of between 1.0 to 1.0 and 1.5 to 1.0. We note that maintaining a financial leverage ratio within this range is not entirely within our control, and consequently can provide no assurance that our ratio will always be within this range. We believe that maintaining investment grade debt ratings has an intangible but strategic value in our ability to retain a preferred vendor status with our larger customers.
“We will be updating our 2015 earnings per share guidance in our 2014 year-end earnings release, which will be issued in the middle of February 2015. This updated guidance will take into account a revised estimate of our diluted share count, our recent $500 million senior notes offering, and a re-assessment of deepwater market conditions, in light of the Brent crude oil price decline of approximately 30% since we reported our third quarter 2014 results.”
Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s: determination of the timing and amount of any repurchases; expectation that repurchased shares will be held as treasury stock for future use; belief regarding its stock value; willingness to return cash to its shareholders; confidence in its financial strength and future business prospects; expectation of maintaining its quarterly cash dividend program and annual re- evaluation of the amount; anticipated residual use of capital for reasonably priced share repurchases; capital structure targets to maintain investment grade debt ratings and a financial leverage ratio of between 1.0 to 1.0 and 1.5 to 1.0; belief that maintaining investment grade debt ratings has an intangible but strategic value in its ability to retain a preferred vendor status with larger customers; and intent to update its 2015 EPS guidance in its 2014 year-end earnings release to be issued in mid-February 2015, taking into account a revised estimate of its diluted share count, its recent $500 million senior notes offering, and a re-assessment of deepwater market conditions. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.
We define EBITDA as net income plus provision for income taxes, interest expense, net, and depreciation and amortization. EBITDA is a non-GAAP financial measure. We have included EBITDA disclosures in this press release because EBITDA is widely used by investors for valuation, comparing our financial performance with the performance of other companies in our industry, and measuring financial leverage. Our presentation of EBITDA may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as an alternative for our reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP.
Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its advanced applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.
For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 713-329-4670, investorrelations@oceaneering.com.
PR 1207
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