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Get filing alertsOceaneering reports Q2 revenue up 10% to $768M, raises full-year EBITDA guidance to $400M-$440M
Filed July 22, 2026 · Period ending July 22, 2026 · ~1 min read
Key Changes
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high
Q2 revenue rose 10% to $768M, operating income up 11% to $88.2M, and net income up 19% to $65.0M; adjusted EBITDA of $115M exceeded guidance and grew 11% year-over-year.
Exhibit 99.1 view on EDGAR → -
high
Full-year 2026 adjusted EBITDA guidance raised to $400M-$440M based on strong first-half performance and positive expectations for the remainder of the year.
Exhibit 99.1 view on EDGAR → -
high
Issued $500M of 6.875% senior notes due 2034, tendered for 2028 notes, and expanded revolving credit facility from $215M to $345M with maturity extended to July 2031; transactions complete in Q3.
Exhibit 99.1 view on EDGAR → -
medium
Offshore Projects Group revenue jumped 22% with operating income reaching $30.0M (16% margin) driven by favorable project mix including additional international installation and intervention projects.
Exhibit 99.1 view on EDGAR → -
medium
Q3 2026 EBITDA expected in the range of $115M-$125M with consolidated revenue projected to increase; four of five operating segments expected to grow or hold steady.
Exhibit 99.1 view on EDGAR →
Summary
Oceaneering delivered strong Q2 2026 results with revenue up 10% to $768 million and adjusted EBITDA of $115 million exceeding the top end of guidance. Net income attributable to Oceaneering rose 19% to $65.0 million, reflecting operational leverage across the business.
The Offshore Projects Group was a standout performer with revenue up 22% and operating margin expanding to 16%, driven by favorable project mix and strong execution on international installation and intervention work. Management raised full-year 2026 adjusted EBITDA guidance to $400 million-$440 million based on first-half outperformance and positive expectations for the second half.
The company also completed a comprehensive refinancing to address 2028 debt maturities, issuing $500 million of 6.875% senior notes due 2034 and expanding its revolving credit facility to $345 million with maturity extended to July 2031. These transactions, finalizing in Q3, extend the debt maturity profile and increase liquidity to support strategic initiatives. For Q3 2026, the company expects EBITDA of $115 million-$125 million with revenue growth across most segments, maintaining the positive momentum from the first half.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR → · paraphrased
Consolidated third quarter 2026 revenue is projected to increase and EBITDA is expected to be in the range of $115 million to $125 million. ... SSR revenue and operating income are expected to increase. Manufactured Products revenue and operating income are expected to slightly decrease. OPG revenue and operating income are expected to increase. IMDS revenue is expected to increase and operating income is expected to be relatively flat. ADTech revenue and operating income are expected to increase. Unallocated Expenses are expected to be in the $50 million range.
For Q3 2026, Oceaneering expects consolidated revenue to increase year-over-year with EBITDA in the range of $115 million to $125 million. At the segment level, four of five operating segments are projected to grow revenue and operating income (SSR, OPG, ADTech) or see mixed results (IMDS revenue up, operating income flat; Manufactured Products both slightly down). Unallocated expenses are expected around $50 million.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify