OCEANEERING INTERNATIONAL, INC. (NYSE:OII) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
On May 9, 2017, Rod Larson, our President and Chief Executive
Officer, will participate on the Subsea Services Trends Panel at
the Morgan Stanley Energy Conference>in Houston, TX. Interested
parties may view the conference handout given to the investors by
using the Investor Relations link at Oceaneering’s website,
www.oceaneering.com, beginning on May 8, 2017>after the close of
the market.
Officer, will participate on the Subsea Services Trends Panel at
the Morgan Stanley Energy Conference>in Houston, TX. Interested
parties may view the conference handout given to the investors by
using the Investor Relations link at Oceaneering’s website,
www.oceaneering.com, beginning on May 8, 2017>after the close of
the market.
The definitions and rationale for the use of the non-GAAP terms
EBITDA and Free Cash Flow in the Supplemental Financial Information
section of the handout and the reconciliations to their most
directly comparable GAAP financial measures can be found where the
terms first appear.
EBITDA and Free Cash Flow in the Supplemental Financial Information
section of the handout and the reconciliations to their most
directly comparable GAAP financial measures can be found where the
terms first appear.
The information furnished to this Item 7.01 shall not be deemed to
be “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, and will not be incorporated by
reference into any registration statement filed under the
Securities Act of 1933, as amended, unless specifically identified
therein as being incorporated therein by reference.
be “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, and will not be incorporated by
reference into any registration statement filed under the
Securities Act of 1933, as amended, unless specifically identified
therein as being incorporated therein by reference.
Please note that certain statements in the meetings and
accompanying handout are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995 and are subject to the “Safe
Harbor” provisions of those statutes. Forward-looking statements
are generally accompanied by words such as “estimate,”
“project,” “predict,” “believe,” “expect,” “anticipate,”
“plan,” “guidance,” “forecast,” “budget,” “goal,”
“should,” “would” or other words that convey the uncertainty of
future events or outcomes. Among other items, the forward-looking
statements in the meetings and handout include statements
regarding:
accompanying handout are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995 and are subject to the “Safe
Harbor” provisions of those statutes. Forward-looking statements
are generally accompanied by words such as “estimate,”
“project,” “predict,” “believe,” “expect,” “anticipate,”
“plan,” “guidance,” “forecast,” “budget,” “goal,”
“should,” “would” or other words that convey the uncertainty of
future events or outcomes. Among other items, the forward-looking
statements in the meetings and handout include statements
regarding:
|
|
our belief we have strong market positions;
|
|
|
our belief we have a solid balance sheet and cash flow;
|
|
|
our focus on return of capital to our shareholders;
|
|
|
our belief that, longer term, deepwater is still critical to
reserve replenishment; |
|
|
our belief that we will provide 10 ROVs and subsea tooling
aboard Heerema’s deepwater construction vessels and semi-submersible crane vessels on a global basis through 2020; |
|
|
our belief that we will provide eight ROVs, survey and
associated services, including subsea tooling, engineering, communication and data solutions, to support Mrsk’s global operations; |
|
|
our estimate that our newbuild Jones-Act compliant
multi-service support vessel, the Ocean Evolution, will be available in the latter part of 2017; |
|
|
our belief that we have financial flexibility to not only
operate through the cycle but also invest in Oceaneering’s future; |
|
|
our organic Capex estimate range for this year of $90
million>to $120 million; |
|
|
our intent to continue to consider investments that augment
our service or product offerings, with more focus on our customers operating expenses; |
|
|
our expectation to pay quarterly dividends of $0.15 per share
on a sustainable basis; |
|
|
our intent to consider share repurchases;
|
|
|
our belief that we are leveraged to deepwater, and
deepwater traits include: |
|
|
projects that take years to develop;
|
|
|
has largely oil reservoirs with high production flow rates;
|
|
|
has a well-capitalized customer base; and
|
|
|
investment is based on long-term commodity price
expectations; |
|
|
our 2017 full year and second quarter outlook, including:
|
|
|
challenging market conditions;
|
|
|
alignment of our operations with anticipate level of
activity; |
|
|
projection of being marginally profitable at the operating
income line for the full year 2017; |
|
|
below the operating income line:
|
|
|
our projection of a loss from our equity investment in
Medusa Spar LLC as production has declined; and |
|
|
our projection of higher interest expense in 2017 due to
higher rates and less interest being capitalized; and |
|
|
our forecast of seasonal second quarter operating income
improvements from all our oilfield business segments, except for Subsea Products, which we expect to be relatively flat compared to the first quarter; |
|
|
our belief that, longer term, deepwater is still critical
to reserve replacement; |
|
|
our belief that deepwater projects remain key long-term
elements within both national and international oil company portfolios; |
|
|
our belief that Oceaneering further differentiate ourselves
with integrated solutions; |
|
|
our belief that we have strong liquidity and cash flow;
|
|
|
our belief we can maintain market position; and
|
|
|
our belief we will emerge from the current cycle ready for
the upturn. |
These forward-looking statements are based on our current
information and expectations that involve a number of risks,
uncertainties, and assumptions. Among the factors that could
cause the actual results to differ materially from those
indicated in the forward-looking statements are:
information and expectations that involve a number of risks,
uncertainties, and assumptions. Among the factors that could
cause the actual results to differ materially from those
indicated in the forward-looking statements are:
|
|
worldwide demand for oil and gas;
|
|
|
general economic and business conditions and industry
trends; |
|
|
delays in deliveries of deepwater drilling rigs;
|
|
|
delays in or cancellations of deepwater development
activities; |
|
|
the ability of the Organization of Petroleum Exporting
Countries, or OPEC, to set and maintain production levels; |
|
|
the level of production by non-OPEC countries;
|
|
|
the ability of oil and gas companies to generate funds for
capital expenditures; |
|
|
contract modifications or cancellations;
|
|
|
domestic and foreign tax policy;
|
|
|
laws and governmental regulations that restrict exploration
and development of oil and gas in various offshore jurisdictions; |
|
|
technological changes;
|
|
|
the political environment of oil-producing regions;
|
|
|
the price and availability of alternative fuels; and
|
|
|
overall economic conditions.
|
Should one or more of these risks or uncertainties materialize,
or should the assumptions underlying the forward-looking
statements prove incorrect, actual outcomes could vary
materially from those indicated. For additional information
regarding these and other factors that could cause our actual
results to differ materially from those expressed in our
forward-looking statements, see our filings with the Securities
and Exchange Commission, including our Annual Report on Form
10-K for the year ended December 31, 2015 and our Quarterly
Reports on Form 10-Q.
or should the assumptions underlying the forward-looking
statements prove incorrect, actual outcomes could vary
materially from those indicated. For additional information
regarding these and other factors that could cause our actual
results to differ materially from those expressed in our
forward-looking statements, see our filings with the Securities
and Exchange Commission, including our Annual Report on Form
10-K for the year ended December 31, 2015 and our Quarterly
Reports on Form 10-Q.
Except as required by applicable law, we do not undertake any
obligation to update or revise any of our forward-looking
statements, whether as a result of new information, future
events or otherwise.
obligation to update or revise any of our forward-looking
statements, whether as a result of new information, future
events or otherwise.
About OCEANEERING INTERNATIONAL, INC. (NYSE:OII)
Oceaneering International, Inc. is an oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. The Company’s business segments are contained within two businesses: services and products provided to the oil and gas industry (Oilfield) and all other services and products (Advanced Technologies). Its four business segments within the Oilfield business are Remotely Operated Vehicles (ROVs), Subsea Products, Subsea Projects and Asset Integrity. The services and products it provides to the oil and gas industry include remotely operated vehicles, specialty subsea hardware, engineering and project management, subsea intervention services, including manned diving, survey and positioning services and asset integrity and nondestructive testing services. The Company serves the defense, aerospace and commercial theme park industries. OCEANEERING INTERNATIONAL, INC. (NYSE:OII) Recent Trading Information
OCEANEERING INTERNATIONAL, INC. (NYSE:OII) closed its last trading session up +0.12 at 26.15 with 919,557 shares trading hands.