Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported fourth quarter and full year 2024 results.

Fourth Quarter 2024 Results

Revenue of $713 million, a 9% increase year over year
Operating income of $77.9 million, a 64% increase year over year
Net income of $56.1 million, a 26% increase year over year
Adjusted EBITDA of $102 million, a 35% increase year over year
Cash flow provided by operating activities of $128 million and free cash flow of $94.5 million, with an ending cash position of $498 million

Full Year 2024 Results

Revenue of $2.7 billion, a 10% increase year over year
Operating income of $246 million, a 36% increase year over year
Net income of $147 million, a 51% increase year over year
Adjusted EBITDA of $347 million, a 20% increase year over year
Cash flow provided by operating activities of $203 million and free cash flow of $96.1 million
Share repurchases of 825,427 for approximately $20.0 million, including 403,198 shares repurchased in the fourth quarter for approximately $10.1 million

Rod Larson, President and Chief Executive Officer of Oceaneering, stated, "I am proud of the Oceaneering team for delivering on an ambitious fourth quarter that slightly exceeded our implied EBITDA guidance and consensus estimates. These results reflect our highest quarterly revenue since the fourth quarter of 2015 and we surpassed $100 million in adjusted EBITDA for the first time since the second quarter of 2016.

"For the full year 2024, we generated consolidated revenue of $2.7 billion, a 10% increase over 2023. Adjusted consolidated EBITDA increased 20% to $347 million, representing our sixth consecutive year of EBITDA growth, driven by our Subsea Robotics (SSR), Manufactured Products, and Offshore Projects Group (OPG) segments. Cash flow provided by operating activities for the year was $203 million and free cash flow was $96.1 million, a year-over-year decrease of 12%, primarily due to increased net working capital from higher activity levels and increased cash taxes.

"Looking into 2025 and beyond, I'm excited for our future. In 2025, our team will remain focused on growing the company and delivering on our plan that projects growth in revenue and operating income in each operating segment. During the year, we will continue to integrate and identify market expansion opportunities for Global Design Innovation Ltd., a U.K.-based provider of digital and software services, which we acquired in the fourth quarter. Our year-end backlog combined with our sales pipeline are foundational to driving growth in 2025, as reflected in our guidance for the year. However, due to the potential impacts of increased geopolitical uncertainties, we have adjusted the lower end of our guidance range for EBITDA."

Full Year 2025 Guidance:

Net income is expected in the range of $160 million to $190 million
Consolidated EBITDA is expected in the range of $380 million to $430 million
Free cash flow is expected in the range of $110 million to $130 million
Capital expenditures are expected in the range of $130 million to $140 million, inclusive of $15 million to $20 million related to implementation of a new ERP system

Fourth Quarter 2024 Segment Results

As compared to the fourth quarter of 2023:

SSR operating income of $63.5 million reflected an increase of 26%. EBITDA margin was 36%, an increase of 361 basis points compared to the same period last year. Although Remotely Operated Vehicle (ROV) fleet utilization declined slightly from 68% to 66%, the impact of fewer days utilized was more than offset by a 12% year-over-year increase in ROV average revenue per day utilized to $10,786.
Manufactured Products operating income declined $1.3 million on an 8% increase in revenue, with operating income margin declining to 3%. Backlog was $604 million on December 31, 2024, a 3% decrease compared to the same period in 2023, with declines in Mobile Robotics outpacing gains in energy products. The book-to-bill ratio was 0.97 for the 12-month period ending on December 31, 2024.
OPG operating income of $39.3 million represented a significant year-over-year improvement, primarily due to increased activity in the Gulf of Mexico and West Africa. Revenue increased 14% and operating income margin improved to 21% from 9% in the fourth quarter of 2023.
Integrity Management and Digital Solutions (IMDS) operating income was $1.2 million lower and operating income margin decreased to 3% from 5% on a 14% increase in revenue.
Aerospace and Defense Technologies (ADTech) revenue increased slightly year over year to $98.8 million. Operating income decreased approximately $1.1 million and margin declined to 10% from 12% due to costs associated with an ERP implementation and changes in project mix.
At the corporate level, Unallocated Expenses of $41.1 million were in line with guidance for the quarter.

First Quarter 2025 Guidance

As compared to the first quarter of 2024, consolidated first quarter 2025 revenue is expected to increase and EBITDA is expected to increase significantly to the range of $80 million to $90 million.

At the segment level, for the first quarter of 2025, as compared to the first quarter of 2024:

SSR revenue is expected to increase and operating profitability is expected to significantly increase.
Manufactured Products revenue and operating profitability are forecasted to remain flat.
OPG revenue and operating profitability are projected to improve significantly.
IMDS revenue and operating profitability are expected to remain flat.
ADTech revenue and operating profitability are projected to remain flat.
Unallocated Expenses are expected to be in the $45 million range.

Non-GAAP Financial Measures

Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2025 Consolidated EBITDA and Free Cash Flow Estimates, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Conference Call Details

Oceaneering has scheduled a conference call and webcast on Thursday, February 20, 2025 at 10:00 a.m Central Time, to discuss its results for the fourth quarter of 2024, as well as its outlook for 2025. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call.

Forward-Looking Statements

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's: full-year 2025 guidance range for net income, consolidated EBITDA, free cash flow generation, and capital expenditures; first quarter 2025 guidance for consolidated revenue, consolidated EBITDA, revenue and profitability by operating segment, and Unallocated Expenses; expectations for improved financial performance and condition in the first quarter of 2025, led by gains in SSR and OPG; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy, or significant (which is used herein to indicate a change of 20% or greater).

The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; cancellations of contracts, change orders, and other contractual modifications, force majeure declarations and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering's latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

About Oceaneering

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries.

For more information, please visit www.oceaneering.com.


OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

													Dec 31, 2024			Dec 31, 2023
													(in thousands)
ASSETS
	Current assets (including cash and cash equivalents of $497,516 and $461,566)												$	1,387,896		$	1,305,659
	Net property and equipment													420,098			424,293
	Other assets													528,353			509,054
			Total Assets										$	2,336,347		$	2,239,006

LIABILITIES AND EQUITY
	Current liabilities												$	796,938		$	732,476
	Long-term debt													482,009			477,058
	Other long-term liabilities													337,078			395,389
	Equity													720,322			634,083
			Total Liabilities and Equity										$	2,336,347		$	2,239,006

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

				For the Three Months Ended									For the Year Ended
				Dec 31, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2024			Dec 31, 2023
				(in thousands, except per share amounts)

	Revenue			$	713,450		$	654,629		$	679,811		$	2,661,161		$	2,424,706
	Cost of services and products				571,513			549,000			548,849			2,175,667			2,025,735
		Gross margin			141,937			105,629			130,962			485,494			398,971
	Selling, general and administrative expense				64,057			58,179			59,629			239,224			217,643
		Operating income (loss)			77,880			47,450			71,333			246,270			181,328
	Interest income				3,407			3,081			3,275			12,124			15,425
	Interest expense				(9,741	)		(7,921	)		(9,456	)		(37,917	)		(36,523	)
	Equity in income (losses) of unconsolidated affiliates				142			445			323			929			2,061
	Other income (expense), net				(2,862	)		3,564			3,133			3,510			(1,236	)
		Income (loss) before income taxes			68,826			46,619			68,608			224,916			161,055
	Provision (benefit) for income taxes				12,727			2,090			27,371			77,448			63,652
		Net Income (Loss)		$	56,099		$	44,529		$	41,237		$	147,468		$	97,403

Weighted average diluted shares outstanding					102,140			102,366			102,613			102,369			102,156
Diluted earnings (loss) per share				$	0.55		$	0.43		$	0.40		$	1.44		$	0.95

The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

SEGMENT INFORMATION

				For the Three Months Ended									For the Year Ended
				Dec 31, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2024			Dec 31, 2023
			($ in thousands)
Subsea Robotics
		Revenue		$	212,190		$	199,505		$	215,715		$	829,822		$	752,521
Operating income (loss)				$	63,526		$	50,594		$	65,698		$	235,211		$	174,293
Operating income (loss) %					30	%		25	%		30	%		28	%		23	%
	ROV days available				23,000			23,000			23,000			91,500			91,250
	ROV days utilized				15,211			15,682			15,796			61,382			61,874
	ROV utilization				66	%		68	%		69	%		67	%		68	%

Manufactured Products
		Revenue		$	142,999		$	132,994		$	143,734		$	555,500		$	493,692
Operating income (loss)				$	4,163		$	5,435		$	11,278		$	43,000		$	35,551
Operating income (loss) %					3	%		4	%		8	%		8	%		7	%
Backlog at end of period				$	604,000		$	622,000		$	671,000		$	604,000		$	622,000

Offshore Projects Group
		Revenue		$	184,386		$	161,239		$	147,539		$	591,037		$	546,366
Operating income (loss)				$	39,313		$	15,155		$	20,294		$	73,699		$	64,546
Operating income (loss) %					21	%		9	%		14	%		12	%		12	%

Integrity Management & Digital Solutions
		Revenue		$	75,062		$	65,977		$	73,622		$	291,866		$	255,282
Operating income (loss)				$	2,025		$	3,205		$	714		$	9,827		$	13,373
Operating income (loss) %					3	%		5	%		1	%		3	%		5	%

Aerospace and Defense Technologies
		Revenue		$	98,813		$	94,914		$	99,201		$	392,936		$	376,845
Operating income (loss)				$	9,930		$	11,010		$	12,219		$	42,201		$	45,003
Operating income (loss) %					10	%		12	%		12	%		11	%		12	%

Unallocated Expenses
Operating income (loss)				$	(41,077	)	$	(37,949	)	$	(38,870	)	$	(157,668	)	$	(151,438	)

Total
		Revenue		$	713,450		$	654,629		$	679,811		$	2,661,161		$	2,424,706
Operating income (loss)				$	77,880		$	47,450		$	71,333		$	246,270		$	181,328
Operating income (loss) %					11	%		7	%		10	%		9	%		7	%

The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations.

SELECTED CASH FLOW INFORMATION

		For the Three Months Ended						For the Year Ended
		Dec 31, 2024		Dec 31, 2023		Sep 30, 2024		Dec 31, 2024		Dec 31, 2023
		(in thousands)

Capital Expenditures, including Acquisitions		$	61,023	$	34,045	$	24,886	$	134,285	$	100,726

Depreciation and Amortization:
Energy Services and Products
	Subsea Robotics	$	12,049	$	13,264	$	12,076	$	48,916	$	54,365
	Manufactured Products		2,979		3,096		3,061		12,452		12,220
	Offshore Projects Group		5,033		6,921		5,399		22,451		27,956
	Integrity Management & Digital Solutions		1,615		902		1,348		6,025		3,608
Total Energy Services and Products			21,676		24,183		21,884		89,844		98,149
Aerospace and Defense Technologies			705		619		696		2,620		2,504
Unallocated Expenses			2,761		695		2,683		10,979		4,307
	Total Depreciation and Amortization	$	25,142	$	25,497	$	25,263	$	103,443	$	104,960

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2024 Consolidated Adjusted EBITDA and Free Cash Flow, and 2025 Consolidated EBITDA and Free Cash Flow Estimates, as well as the following by segment: EBITDA, EBITDA Margins, Adjusted EBITDA, and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the first quarter of 2025 and for the full year of 2025, we cannot reliably predict certain of the necessary line-items for the reconciliations to net income and, accordingly, have excluded them. EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA Margins, and Free Cash Flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA Margins, and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

		For the Three Months Ended
		Dec 31, 2024					Dec 31, 2023					Sep 30, 2024
		Net Income (Loss)			Diluted EPS		Net Income (Loss)			Diluted EPS		Net Income (Loss)			Diluted EPS
		(in thousands, except per share amounts)

Net income (loss) and diluted EPS as reported in accordance with GAAP		$	56,099		$	0.55	$	44,529		$	0.43	$	41,237		$	0.40
Pre-tax adjustments for the effects of:
	Foreign currency (gains) losses		2,789					(2,275	)				(424	)
Total pre-tax adjustments			2,789					(2,275	)				(424	)

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods			77					851					603
Discrete tax items:
Share-based compensation			(9	)				(58	)				(2	)
Uncertain tax positions			2,744					(2,036	)				(1,178	)
Valuation allowances			(24,058	)				(20,350	)				(1,759	)
Other			(182	)				(1,230	)				(1,247	)
	Total discrete tax adjustments		(21,505	)				(23,674	)				(4,186	)
	Total of adjustments		(18,639	)				(25,098	)				(4,007	)
Adjusted Net Income (Loss)		$	37,460		$	0.37	$	19,431		$	0.19	$	37,230		$	0.36
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)						102,140					102,366					102,613



Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)

							For the Year Ended
							Dec 31, 2024					Dec 31, 2023
							Net Income (Loss)			Diluted EPS		Net Income (Loss)			Diluted EPS
							(in thousands, except per share amounts)

Net income (loss) and diluted EPS as reported in accordance with GAAP							$	147,468		$	1.44	$	97,403		$	0.95
Pre-tax adjustments for the effects of:
	Foreign currency (gains) losses							(866	)				1,359
Total pre-tax adjustments								(866	)				1,359

Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods								1,540					(837	)
Discrete tax items:
Share-based compensation								(1,985	)				(1,428	)
Uncertain tax positions								3,123					15,441
Valuation allowances								(20,726	)				(16,099	)
Other								(11,410	)				(13,890	)
	Total discrete tax adjustments							(30,998	)				(15,976	)
	Total of adjustments							(30,324	)				(15,454	)
Adjusted Net Income (Loss)							$	117,144		$	1.14	$	81,949		$	0.80
Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)											102,369					102,156



EBITDA and Adjusted EBITDA and Margins

			For the Three Months Ended									For the Year Ended
			Dec 31, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2024			Dec 31, 2023
			($ in thousands)

Net income (loss)			$	56,099		$	44,529		$	41,237		$	147,468		$	97,403
Depreciation and amortization				25,142			25,497			25,263			103,443			104,960
	Subtotal			81,241			70,026			66,500			250,911			202,363
Interest expense, net of interest income				6,334			4,840			6,181			25,793			21,098
Amortization included in interest expense				(1,555	)		460			(1,537	)		(6,075	)		574
Provision (benefit) for income taxes				12,727			2,090			27,371			77,448			63,652
	EBITDA			98,747			77,416			98,515			348,077			287,687
Adjustments for the effects of:
	Foreign currency (gains) losses			2,789			(2,275	)		(424	)		(866	)		1,359
		Total of adjustments		2,789			(2,275	)		(424	)		(866	)		1,359
	Adjusted EBITDA		$	101,536		$	75,141		$	98,091		$	347,211		$	289,046

Revenue			$	713,450		$	654,629		$	679,811		$	2,661,161		$	2,424,706

EBITDA margin %				14	%		12	%		14	%		13	%		12	%
Adjusted EBITDA margin %				14	%		11	%		14	%		13	%		12	%



Free Cash Flow

		For the Three Months Ended									For the Year Ended
		Dec 31, 2024			Dec 31, 2023			Sep 30, 2024			Dec 31, 2024			Dec 31, 2023
		(in thousands)
Net Income (loss)		$	56,099		$	44,529		$	41,237		$	147,468		$	97,403
Non-cash adjustments:
	Depreciation and amortization		25,142			25,497			25,263			103,443			104,960
	Other non-cash		(8,575	)		(22,486	)		7,440			3,291			(13,370	)
Other increases (decreases) in cash from operating activities			55,711			105,275			17,991			(50,988	)		20,962
Cash flow provided by (used in) operating activities			128,377			152,815			91,931			203,214			209,955
Purchases of property and equipment			(33,874	)		(34,045	)		(24,886	)		(107,136	)		(100,726	)
Free Cash Flow		$	94,503		$	118,770		$	67,045		$	96,078		$	109,229








RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

2025 Consolidated EBITDA Estimate

											For the Three Months Ending
											March 31, 2025
											Low			High
											(in thousands)
Income (loss) before income taxes											$	49,000		$	57,000
Depreciation and amortization												25,000			26,000
	Subtotal											74,000			83,000
Interest expense, net of interest income												6,000			7,000
	Consolidated EBITDA										$	80,000		$	90,000

											For the Year Ending
											December 31, 2025
											Low			High
											(in thousands)
Income (loss) before income taxes											$	254,000		$	295,000
Depreciation and amortization												100,000			105,000
	Subtotal											354,000			400,000
Interest expense, net of interest income												26,000			30,000
	Consolidated EBITDA										$	380,000		$	430,000


2025 Free Cash Flow Estimate

											For the Year Ending
											December 31, 2025
											Low			High
											(in thousands)
Net income (loss)											$	160,000		$	190,000
Depreciation and amortization												100,000			105,000
Other increases (decreases) in cash from operating activities												(20,000	)		(25,000	)
Cash flow provided by (used in) operating activities												240,000			270,000
Purchases of property and equipment												(130,000	)		(140,000	)
Free Cash Flow											$	110,000		$	130,000



EBITDA and Adjusted EBITDA and Margins by Segment

			For the Three Months Ended December 31, 2024
			SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
			($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP			$	63,526		$	4,163		$	39,313		$	2,025		$	9,930		$	(41,077	)	$	77,880
Adjustments for the effects of:
	Depreciation and amortization			12,049			2,979			5,033			1,615			705			2,761			25,142
	Other pre-tax			—			—			—			—			—			(4,275	)		(4,275	)
	EBITDA			75,575			7,142			44,346			3,640			10,635			(42,591	)		98,747
Adjustments for the effects of:
	Foreign currency (gains) losses			—			—			—			—			—			2,789			2,789
		Total of adjustments		—			—			—			—			—			2,789			2,789
Adjusted EBITDA			$	75,575		$	7,142		$	44,346		$	3,640		$	10,635		$	(39,802	)	$	101,536

Revenue			$	212,190		$	142,999		$	184,386		$	75,062		$	98,813					$	713,450
Operating income (loss) % as reported in accordance with GAAP				30	%		3	%		21	%		3	%		10	%					11	%
EBITDA Margin				36	%		5	%		24	%		5	%		11	%					14	%
Adjusted EBITDA Margin				36	%		5	%		24	%		5	%		11	%					14	%


			For the Three Months Ended December 31, 2023
			SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
			($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP			$	50,594		$	5,435		$	15,155		$	3,205		$	11,010		$	(37,949	)	$	47,450
Adjustments for the effects of:
	Depreciation and amortization			13,264			3,096			6,921			902			619			695			25,497
	Other pre-tax			—			—			—			—			—			4,469			4,469
	EBITDA			63,858			8,531			22,076			4,107			11,629			(32,785	)		77,416
Adjustments for the effects of:
	Foreign currency (gains) losses			—			—			—			—			—			(2,275	)		(2,275	)
		Total of adjustments		—			—			—			—			—			(2,275	)		(2,275	)
Adjusted EBITDA			$	63,858		$	8,531		$	22,076		$	4,107		$	11,629		$	(35,060	)	$	75,141

Revenue			$	199,505		$	132,994		$	161,239		$	65,977		$	94,914					$	654,629
Operating income (loss) % as reported in accordance with GAAP				25	%		4	%		9	%		5	%		12	%					7	%
EBITDA Margin				32	%		6	%		14	%		6	%		12	%					12	%
Adjusted EBITDA Margin				32	%		6	%		14	%		6	%		12	%					11	%

			For the Three Months Ended September 30, 2024
			SSR			MP			OPG			IMDS			ADTech			Unallocated Expenses and other			Total
			($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP			$	65,698		$	11,278		$	20,294		$	714		$	12,219		$	(38,870	)	$	71,333
Adjustments for the effects of:
	Depreciation and amortization			12,076			3,061			5,399			1,348			696			2,683			25,263
	Other pre-tax			—			—			—			—			—			1,919			1,919
	EBITDA			77,774			14,339			25,693			2,062			12,915			(34,268	)		98,515
Adjustments for the effects of:
	Foreign currency (gains) losses			—			—			—			—			—			(424	)		(424	)
		Total of adjustments		—			—			—			—			—			(424	)		(424	)
Adjusted EBITDA			$	77,774		$	14,339		$	25,693		$	2,062		$	12,915		$	(34,692	)	$	98,091

Revenue			$	215,715		$	143,734		$	147,539		$	73,622		$	99,201					$	679,811
Operating income (loss) % as reported in accordance with GAAP				30	%		8	%		14	%		1	%		12	%					10	%
EBITDA Margin				36	%		10	%		17	%		3	%		13	%					14	%
Adjusted EBITDA Margin				36	%		10	%		17	%		3	%		13	%					14	%


EBITDA and Adjusted EBITDA and Margins by Segment

	For the Year Ended December 31, 2024
	SSR		MP		OPG		IMDS		ADTech		Unallocated Expenses and other			Total
	($ in thousands)
Operating Income (Loss) as reported in accordance with GAAP	$	235,211	$	43,000	$	73,699	$	9,827	$	42,201	$	(157,668	)	$

Oceaneering Reports Fourth Quarter 2024 and Full Year 2024 Results