OII refinances $500M 2028 debt with 2034 notes, expands credit line $130M; Q2 op income +11%

Filed July 23, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 24, 2025 · ~2 min read

Key Changes

• high

  Issued $500M 6.875% senior notes due 2034 (net proceeds ~$492M), tendered/redeemed all $500M 2028 notes, and expanded revolving credit facility from $215M to $345M with maturity extended to July 2031. Secured-debt covenant relaxed from 15% of tangible assets to greater of $350M or 100% EBITDA.

  Notes: 2034 Senior Notes, Tender Offer, Revolving Credit Facility Amendment verify on EDGAR →
• high

  Working capital rose 23% YoY to $854M (cash +45% to $629M), providing substantial liquidity alongside the expanded credit facility. H1 2026 cash declined $59M vs $63M in H1 2025, with lower growth capex ($16M vs $33M) and reduced buybacks ($10.1M vs $20M).

  MD&A: Working capital and cash position verify on EDGAR →
• high

  Q2 2026 operating income +11% YoY on 10% revenue growth, driven by OPG project mix and broad portfolio strength. All segments grew except IMDS (impacted by Middle East conflict). ADTech recorded $6.8M contract-dispute accrual (net $5.5M after $1.3M release), expected to settle over multi-year contract life.

  MD&A: Operating income YoY, ADTech contract dispute verify on EDGAR →