Oceaneering Q1 net income falls 28%

Oceaneering International

22/04/2026 22:14

Overview

U.S. offshore services and robotics firm's Q1 revenue rose 3%, beating analyst expectations

Adjusted EBITDA fell 13%, impacted by ADTech contract dispute and Middle East conflict

Net income declined 28% from prior year

Outlook

Oceaneering expects Q2 2026 EBITDA between $100 mln and $110 mln

Company maintains 2026 full-year EBITDA guidance of $390 mln to $440 mln

IMDS operating income for 2026 seen increasing year over year, but below prior forecast

Result Drivers

ADTECH CONTRACT DISPUTE - Operating income in Aerospace and Defense Technologies fell due to an accrual from a contract dispute resolution

LOWER ROV UTILIZATION - Subsea Robotics margins fell as ROV fleet utilization declined from 67% to 61%, with additional costs from technology development and vessel deployment

IMDS IMPACTED BY MIDDLE EAST CONFLICT - Integrity Management and Digital Solutions saw lower revenue and operating income, with Middle East activity flat due to regional conflict and lower volumes in West Africa and Australia

Company press release: ID:nBwbcbxra

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$692 mln
$670.94 mln (4 Analysts)
Q1 Net Income
$36.10 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the oil related services and equipment peer group is "buy."

Wall Street's median 12-month price target for Oceaneering International Inc is $33.00, about 14.2% below its April 22 closing price of $38.47

The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 13 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)