Oceaneering Q3 revenue rises 6% to $785M; net income falls 26%; initiates 2027 EBITDA guide $430-480M

OCEANEERING INTERNATIONAL INC

Revenue $785M (+6% YoY); operating income $92.2M (+7%); net income $52.6M (-26%); adjusted EBITDA $119M (+7%).
Cash flow from operations $163M; free cash flow $142M; cash $735M vs $506M a year ago; repurchased 101,038 shares for ~$5.0M.
SSR revenue $233M, operating income $75.4M (+16%), EBITDA margin 39%; ROV revenue/day $11,781; fleet utilization 65%.
Manufactured Products revenue +8%, operating income $25.1M, margin 15%, backlog $435M, book-to-bill 0.77; ADTech revenue $135M (+7%), operating income $14.7M.
Q4 2026 EBITDA guidance $85-95M; initial FY2027 EBITDA guidance $430-480M; issued $500M 6.875% senior notes due 2034, revolver expanded to $345M through July 2031.

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