Oceaneering Reports Second Quarter 2020 Results

HOUSTON, July 29, 2020 /PRNewswire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported a net loss of $24.8 million, or $(0.25) per share, on revenue of $427 million for the three months ended June 30, 2020. Adjusted net loss was $14.2 million, or $(0.14) per share, reflecting the impact of $9.6 million of pre-tax adjustments associated with restructuring expenses and foreign exchange losses recognized during the quarter and $3.3 million of other discrete tax adjustments.

During the prior quarter ended March 31, 2020, Oceaneering reported a net loss of $368 million, or $(3.71) per share, on revenue of $537 million. Adjusted net income was $3.5 million, or $0.04 per share, reflecting the impact of $393 million of pre-tax adjustments, primarily $379 million associated with goodwill impairments, asset impairments and write-offs recognized during the quarter.

Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (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 EBITDA Margins, Free Cash Flow, Adjusted Operating Income (Loss) and Margins by Segment, 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.

                                                                            
            
              Summary of Results


                                                                      
       
              (in thousands, except per share amounts)




                                         
           Three Months Ended                                           
            Six Months Ended



                                     
       Jun 30,                        
           Mar 31,                                
            Jun 30,





                             2020                              2019                       2020                   2020                          2019






     Revenue                     $
       427,216                                $
            495,781                                       $
        536,668               $
       963,884    $
        989,667



     Gross Margin         42,537                              41,983                                 46,752                                  89,289      69,570


      Income (Loss) from
       Operations         (5,182)                            (9,635)                             (380,757)                               (385,939)   (31,349)


      Net Income (Loss)  (24,788)                           (35,182)                              (367,598)                               (392,386)   (60,009)




      Diluted Earnings
       (Loss) Per Share            $
       (0.25)                                $
            (0.36)                                       $
        (3.71)               $
       (3.96)    $
        (0.61)



Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "Considering all of the uncertainties surrounding the crude oil markets and the COVID-19 pandemic, we were satisfied with our second quarter 2020 results. For the second quarter, we generated adjusted EBITDA of $40.5 million, exceeding consensus estimates, and we generated $26.9 million of free cash flow. These positive results were partially attributable to our actions to substantially reduce structural costs in light of an expected continuation of lower demand for our services and products. The positive effect of these cost reductions is reflected in our 9% consolidated adjusted EBITDA margin for the second quarter of 2020, which declined by only 14 basis points as compared to the first quarter of 2020, despite a 20% decrease in revenue.

"As expected, compared to the first quarter of 2020, the aggregate result of our energy segments declined during the second quarter of 2020. However, this decline was partially offset by improved performance in our non-energy segment, Advanced Technologies, and lower Unallocated Expenses. We did experience some operational disruptions and delays due to COVID-19 during the second quarter but the safety protocols we, and the industry, put into place in response to the pandemic limited impacts to our employees and customers.

"Sequentially, ROV adjusted operating performance declined as anticipated, primarily due to the lower number of working drilling rigs. This led to fewer days on hire for drill support services that were slightly offset by a marginal increase in days on hire for vessel-based services. Our fleet use during the quarter was 64% in drill support and 36% in vessel-based activity, compared to 68% and 32%, respectively, during the first quarter. Revenue declined 12%, primarily due to a 9% decrease in ROV days on hire. ROV adjusted EBITDA margin remained relatively unchanged at 31% during the second quarter of 2020 as compared to the adjusted EBITDA margin of 32% achieved during the first quarter of 2020.

"At the end of June 2020 our ROV fleet size was 250, unchanged from the first quarter. For the second quarter, utilization was 59%, down from 65% achieved for the quarter ended March 31, 2020. As of June 30, 2020, we had ROV contracts on 86 of the 139 floating rigs under contract, resulting in a drill support market share of 62%.

"Subsea Products adjusted operating results declined during the second quarter of 2020, as compared to the first quarter of 2020, on significantly lower revenue. Revenue in our manufactured products business was impacted by the delayed receipt of materials, customer-driven project delays, and reduced working hours due to COVID-19. Revenue in our service and rental business declined due to decreased activity, including the uncertainty of timing of our riserless light well intervention project in Angola. Persistent cost-reduction efforts helped us to achieve an adjusted operating margin consistent with the margin generated in the first quarter of 2020.

"Our Subsea Products backlog at June 30, 2020 was $486 million, compared to our March 31, 2020 backlog of $528 million. As expected, there were low levels of bookings during the second quarter, as many of our customers delayed investment decisions due to the uncertainties regarding oil prices and potential COVID-19-related operating risks. Revenue replacement during the quarter was 67% and our book-to-bill ratio for the trailing 12 months was 0.83.

"The second quarter 2020 Subsea Projects adjusted operating performance improved, as compared to the first quarter of 2020, on lower revenue. Revenue declined due to decreased customer activity, but we were pleased that adjusted operating results improved due to better project execution and ongoing cost-reduction activity. Asset Integrity's adjusted operating results declined sequentially on lower revenue and as a result of non-recurring costs on certain completed projects.

"For our non-energy segment, Advanced Technologies, second quarter 2020 adjusted operating results improved sequentially due to good performance from our government businesses. COVID-19 continues to adversely affect our commercial businesses. However cost reduction measures implemented during the first quarter of 2020 limited the financial impact on our second quarter 2020 results. Unallocated Expenses for the quarter were sequentially lower as the return on market-based assets held in a trust for the benefit of certain post-retirement obligations improved, as compared to a first quarter loss. Additionally, we had reduced information technology costs during the quarter.

"For the second quarter of 2020, our cash balance increased to $334 million, as we generated $26.9 million of free cash flow, largely driven by positive contributions from operations and working capital, and continued scrutiny of our capital expenditures.

"Although we are encouraged by our second quarter 2020 results, uncertainty remains for the rest of 2020. Many of the markets we serve will likely continue to be impacted by the effects of and associated responses to COVID-19, as well as potential reductions in customer spending as a consequence of the volatility in the macro drivers surrounding commodity prices. As a result, we are not providing segment financial guidance for the third quarter or second half of 2020. We affirm that Unallocated Expenses are forecast to be in the high-$20 million range per quarter. For the year, we affirm guidance for capital expenditures in the range of $45 million to $65 million, our cash tax payments in the range of $30 million to $35 million, and our expectation of CARES Act tax refunds in the range of $16 million to $34 million.

"In our first quarter 2020 earnings release, we outlined our plan for a targeted reduction of annualized expenses in the range of $125 million to $160 million by the end of 2020, inclusive of $35 million to $40 million of reduced depreciation expense. These cost reduction efforts are progressing well, and we estimate that, since launching those efforts, approximately $85 million of annualized cost reductions have been initiated, with additional savings expected to be achieved throughout the remainder of the year. We continue to expect the cash costs associated with these actions to approximate $15 million in 2020.

"Preserving our liquidity and balance sheet remains a high priority in the current environment. We expect to generate positive free cash flow for the full year of 2020 based on actions we are taking to achieve cost reductions, reduced capital spending, lower cash taxes, our expectation for CARES Act tax refunds, and cash expected to be generated from working capital for the remainder of the year."

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: forecasted Unallocated Expenses per quarter, and annual capital expenditures and cash tax payments; targeted reduction range of annualized expenses, including depreciation expense; timing and anticipation of additional savings from cost reduction actions already initiated; cash costs associated with cost reduction actions; belief in generating positive free cash flow during 2020, and the bases for that belief, including expectations regarding: actions to achieve cost reductions, capital spending, cash taxes, CARES Act tax refunds, and cash from working capital for the remainder of the year.

The forward-looking statements included in this release are based on our 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. Among the 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; 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; the continuing effects of the COVID-19 pandemic and the governmental, customer, supplier, and other responses thereto; cancellations of contracts, change orders and other contractual modifications 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 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 10Q 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.

Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, entertainment, and aerospace industries.

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

Contact:
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
investorrelations@oceaneering.com

                                                                                                                                                                                           
              
                OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES




                                                                                                                                                                                                
              
                CONDENSED CONSOLIDATED BALANCE SHEETS




                                                                                                                                                                                                                                                                                                             
              Jun 30,                                       
              Dec 31,
                                                                                                                                                                                                                                                                                                                                 2020                                                    2019



                                                                                                                                                                                                                                                                                                                                       
           
                (in thousands)



     ASSETS


                                                      Current assets (including cash and cash
                                                       equivalents of $333,509 and $373,655)                                                                                                                                                                           $
              1,131,908                                                         $
              1,244,436


                                                      Net property and
                                                       equipment                                                                                                                                                                                                 647,864                                                     776,532


                                                      Other assets                                                                                                                                                                                                                       349,012                                               719,695



                                                                       
              Total Assets                                                                                                                                                                         $
              2,128,784                                                         $
              2,740,663






     LIABILITIES AND EQUITY


                                                      Current
                                                       liabilities                                                                                                                                                                                                                                     $
              452,444                                                           $
       600,956


                                                      Long-term debt                                                                                                                                                                                                                     806,006                                               796,516


                                           
              Other long-term liabilities                                                                                                                                                                          244,925                                                     267,782


                                                      Equity                                                                                                                                                                                                                             625,409                                             1,075,409



                                                                                  Total Liabilities and Equity                                                                                                                                                         $
              2,128,784                                                         $
              2,740,663





                                                                                                                                                                                           
              
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




                                                                                                                                                                                                                
              For the Three Months Ended                                                                                
          For the Six Months Ended


                                                                                                                                                                                     Jun 30,                                      Jun 30,                
              Mar 31,                                  
              Jun 30,                                       
              Jun 30,
                                                                                                                                                                                         2020                                         2019                                2020                                                                                                             2019
                                                                                                                                                                                                                                                                                                                                 2020



                                                                                                                                                                                                                                                 
              
                (in thousands, except per share amounts)




                                                      Revenue                                                                                                             $
              427,216                                                             $
              495,781                                                            $
             536,668                                             $
           963,884          $
     989,667


                                                      Cost of services and
                                                       products                                      384,679                                                   453,798                                                            489,916                                                     874,595                                               920,097



                                                      Gross margin                                    42,537                                                    41,983                                                             46,752                                                      89,289                                                69,570


                                                      Selling, general and
                                                       administrative
                                                       expense                                        47,719                                                    51,618                                                             55,741                                                     103,460                                               100,919


                                                      Long-lived assets
                                                       impairments                                                                                                                                                               68,763                                                      68,763


                                                      Goodwill impairment                                                                                                                                                       303,005                                                     303,005



                                                      Income (loss)
                                                       from
                                                       operations                                                             (5,182)                                                 (9,635)                                                (380,757)                                                           (385,939)                                               (31,349)


                                                      Interest
                                                       income                                                                                                       511                                                              1,848                                                       1,277                                                 1,788                                      4,452


                                                      Interest expense, net
                                                       of amounts
                                                       capitalized                                  (11,611)                                                  (10,199)                                                          (12,462)                                                   (24,073)                                             (19,623)


                                                      Equity in income
                                                       (losses) of
                                                       unconsolidated
                                                       affiliates                                        674                                                                                                                       1,197                                                       1,871                                                 (164)


                                                      Other income
                                                       (expense), net                                (3,660)                                                        7                                                            (7,128)                                                   (10,788)                                                  726



                                                      Income (loss)
                                                       before income
                                                       taxes                                        (19,268)                                                  (17,979)                                                         (397,873)                                                  (417,141)                                             (45,958)


                                                      Provision (benefit)
                                                       for income taxes                                5,520                                                    17,203                                                           (30,275)                                                   (24,755)                                               14,051



                                                      Net Income (Loss)                                        $
              (24,788)                                                           $
              (35,182)                                                           $
              (367,598)                                                        $
              (392,386)                                       $
     (60,009)






     Weighted average diluted shares outstanding                                                                                                                              99,273                                                    98,929                                                               99,055                                                  99,164                               98,822



     Diluted earnings (loss) per share                                $
              (0.25)                                               $
              (0.36)                                                             $
              (3.71)                                                               $
              (3.96)                                                           $
       (0.61)





     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 Six Months Ended


                                                                                                                     Jun 30, 2020                                       Jun 30, 2019                                      Mar 31, 2020                                  Jun 30, 2020                                   Jun 30, 2019



                                                                                                                                                                                 
              
                ($ in thousands)





     Remotely Operated Vehicles


                                                          
              Revenue                                                        $
              98,778                                                              $
              120,363                                                        $
              111,780                                                    $
              210,558                        $
              220,709


                                     Gross margin                                                              $
              13,788                                                            $
              17,360                                                           $
              18,112                                                     $
              31,900                             $
           26,781


                                               
              Operating income (loss)                                                  $
              5,975                                                                $
              8,688                                                          $
              9,066                                                     $
              15,041                         $
              10,106


                                                        Operating income (loss) %                             6
            %                                           7
            %                                                       8
            %                                              7
            %                                    5
           %


                                   Days available                                                22,750                                                           25,006                                                            22,750                                             45,500                                           49,512


                                    Days utilized                                                13,501                                                           15,423                                                            14,853                                             28,354                                           28,365


                                      Utilization                                          59
            %                                                    62
            %                                                     65
            %                                      62
            %                                          57
      %





     Subsea Products


                                                          
              Revenue                                                       $
              130,655                                                              $
              138,910                                                        $
              194,838                                                    $
              325,493                        $
              267,754


                                     Gross margin                                                              $
              21,578                                                            $
              21,029                                                           $
              28,639                                                     $
              50,217                             $
           33,344


                                               
              Operating income (loss)                                                  $
              9,068                                                                $
              7,413                                                       $
              (91,858)                                                  $
              (82,790)                         $
              6,937


                                                        Operating income (loss) %                             7
            %                                           5
            %                                                    (47)
            %                                           (25)
            %                                    3
           %


                                              
              Backlog at end of period                                                $
              486,000                                                              $
              596,000                                                        $
              528,000                                                    $
              486,000                        $
              596,000





     Subsea Projects


                                                          
              Revenue                                                        $
              56,326                                                               $
              75,104                                                         $
              61,455                                                    $
              117,781                        $
              164,832


                                     Gross margin                                                               $
              6,331                                                             $
              5,472                                                          $
              (2,114)                                                     $
              4,217                             $
           14,505


                                               
              Operating income (loss)                                                    $
              845                                                                   $
              87                                                      $
              (145,290)                                                 $
              (144,445)                         $
              2,979


                                                        Operating income (loss) %                             2
            %                                                                    %                                              (236)                                                    (123)
                                                                                                                                                                                                                                                        %                                                        %                                   2
            %





     Asset Integrity


                                                          
              Revenue                                                        $
              48,077                                                               $
              61,156                                                         $
              59,132                                                    $
              107,209                        $
              121,845


                                     Gross margin                                                               $
              4,155                                                             $
              6,423                                                            $
              8,729                                                     $
              12,884                             $
           12,695


                                               
              Operating income (loss)                                                $
              (2,598)                                                             $
              (1,302)                                                     $
              (109,441)                                                 $
              (112,039)                       $
              (2,015)


                                                        Operating income (loss) %                           (5)
            %                                         (2)
            %                                                             (185)                                                    (105)
                                                                                                                                                                                                                                                        %                                                        %                                 (2)
            %





     Advanced Technologies


                                                          
              Revenue                                                        $
              93,380                                                              $
              100,248                                                        $
              109,463                                                    $
              202,843                        $
              214,527


                                     Gross margin                                                              $
              15,089                                                            $
              13,386                                                           $
              13,428                                                     $
              28,517                             $
           28,634


                                               
              Operating income (loss)                                                  $
              9,707                                                                $
              7,241                                                       $
              (10,585)                                                     $
              (878)                        $
              16,840


                                                        Operating income (loss) %                            10
            %                                           7
            %                                                    (10)
            %                                                                    %                        8
           %





     Unallocated Expenses


                                     Gross margin                                                            $
              (18,404)                                                         $
              (21,687)                                                        $
              (20,042)                                                   $
             (38,446)                            $
         (46,389)


                                               
              Operating income (loss)                                               $
              (28,179)                                                            $
              (31,762)                                                      $
              (32,649)                                                  $
              (60,828)                      $
              (66,196)




      Total


                                                            
              Revenue                                                       $
              427,216                                                              $
              495,781                                                        $
              536,668                                                    $
              963,884                        $
              989,667


                                     Gross margin                                                              $
              42,537                                                            $
              41,983                                                           $
              46,752                                                     $
              89,289                             $
           69,570


                                               
              Operating income (loss)                                                $
              (5,182)                                                             $
              (9,635)                                                     $
              (380,757)                                                 $
              (385,939)                      $
              (31,349)


                                                        Operating income (loss) %                           (1)
            %                                         (2)
            %                                                    (71)
            %                                           (40)
            %                                  (3)
           %





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



                                                                                                                                                    
              
                SELECTED CASH FLOW INFORMATION




                                                                                                                                         
              For the Three Months Ended                                                                For the Six Months Ended


                                                                                                                         Jun 30, 2020                       Jun 30, 2019                            Mar 31, 2020                    Jun 30, 2020                            Jun 30, 2019



                                                                                                                                                                                      
              
                (in thousands)




      Capital Expenditures, including
       Acquisitions                                                          $
              10,631                                                        $
              40,898                                               $
       27,229                                           $
              37,860                       70,862





      Depreciation and amortization:


      Energy Services and Products


                                                    Remotely
                                                     Operated
                                                     Vehicles                                                      $
              22,892                                                   $
              26,871                                              $
              25,725                               $
      48,617            $
      54,861


                                                    Subsea
                                                     Products                                        10,024                                                        12,366                                      62,454                                                72,478                      25,357


                                                    Subsea
                                                     Projects                                         4,597                                                         7,550                                     143,346                                               147,943                      15,432


                                                    Asset
                                                     Integrity                                          190                                                         1,570                                     111,385                                               111,575                       3,204



      Total Energy Services and Products                                                                                           37,703                                                      48,357                                   342,910                                     380,613                       98,854



     Advanced Technologies                                                                                                           634                                                         765                                    12,178                                      12,812                        1,595



     Unallocated Expenses                                                                                                            361                                                       1,182                                     1,108                                       1,469                        2,341



                                                    Total
                                                     Depreciation
                                                     and
                                                     Amortization                                                  $
              38,698                                                   $
              50,304                                             $
              356,196                              $
      394,894           $
      102,790






     Goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $310 million in the three months ended March 31, 2020 and the six months ended June 30, 2020.



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 SEC Regulation G). 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 and Free Cash Flow, as well as the following by segment: Adjusted Operating Income and Margins, EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and Adjusted Operating Income and Margin 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 and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) 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.

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




                                                                                                                                     
              For the Three Months Ended


                                                                                        
     Jun 30, 2020                                          
              Jun 30, 2019                                 
              Mar 31, 2020


                                                                              Net Income               Diluted EPS                          Net Income                           Diluted EPS                Net Income                 Diluted EPS
                                                                          (Loss)                                                        (Loss)                                                         (Loss)



                                                                                                                        
              
                (in thousands, except per share amounts)




      Net income (loss) and diluted EPS
       as reported in accordance with
       GAAP                                            $
     (24,788)                                 $
           (0.25)                                                      $
              (35,182)                            $
          (0.36)              $
        (367,598) $
        (3.71)



      Pre-tax adjustments for the
       effects of:


                                         Long-lived
                                          assets
                                          impairments                                                                                                                                                          68,763


                                         Long-lived
                                          assets
                                          write-offs                                                                                                                                                            7,328


                                         Goodwill
                                          impairment                                                                                                                                                          303,005


                                         Restructuring
                                          expenses and
                                          other                     5,708                                                                                                                                        6,630


                                         Foreign
                                          currency
                                          (gains)
                                          losses                    3,908                                                                          (59)                                                          7,050



      Total pre-tax adjustments                  9,616                                                         (59)                                                                           392,776




      Tax effect on pre-tax adjustments
       at the applicable jurisdictional
       statutory rate in effect for
       respective periods                      (2,331)                                                          12                                                                           (45,355)




     Discrete tax items:


          Share-based compensation                  16                                                            1                                                                                987


          Uncertain tax positions                  735                                                        1,268                                                                            (9,652)



         U.S. CARES Act                         1,159                                                                                                                                       (33,784)



         Valuation allowances                   3,245                                                                                                                                         65,208



         Other                                (1,887)                                                       2,436                                                                                950



                                         Total
                                          discrete tax
                                          adjustments               3,268                                                                         3,705                                                          23,709



                                         Total of
                                          adjustments              10,553                                                                         3,658                                                         371,130



      Adjusted Net Income (Loss)                       $
     (14,235)                                 $
           (0.14)                                                      $
              (31,524)                            $
          (0.32)                 $
         3,532    $
        0.04



      Weighted average diluted shares
       outstanding utilized for Adjusted
       Net Income (Loss)                                           99,273                                                                                     98,929                                                                         99,649





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




                                                                                                                                                 
          For the Six Months Ended


                                                                     
       Jun 30, 2020                                   
              Jun 30, 2019


                                                                                                            Net Income                             Diluted EPS                        Net Income             Diluted EPS
                                                                                                       (Loss)
                                                                                                                                                                          
              (Loss)



                                                                                                                                    
              
          (in thousands, except per share amounts)




      Net income (loss) and diluted EPS
       as reported in accordance with
       GAAP                                                         $
       (392,386)                                      $
              (3.96)                                                       $
     (60,009)             $
     (0.61)



      Pre-tax adjustments for the
       effects of:


                                         Long-lived
                                          assets
                                          impairments                                   68,763


                                         Long-lived
                                          assets
                                          write-offs                                     7,328


                                         Goodwill
                                          impairment                                   303,005


                                         Restructuring
                                          expenses and
                                          other                                         12,338


                                         Foreign
                                          currency
                                          (gains)
                                          losses                                        10,958                                                                     (673)



      Total pre-tax adjustments                           402,392                                                                     (673)




      Tax effect on pre-tax adjustments
       at the applicable jurisdictional
       statutory rate in effect for
       respective periods                                (47,686)                                                                      141




     Discrete tax items:


          Share-based compensation                          1,003                                                                       987


          Uncertain tax positions                         (8,917)                                                                    2,290



         U.S. CARES Act                                 (32,625)



         Valuation allowances                             68,453                                                                     1,539



         Other                                             (937)                                                                      295



                                         Total
                                          discrete tax
                                          adjustments                                   26,977                                                                     5,111



                                         Total of
                                          adjustments                                  381,683                                                                     4,579



      Adjusted Net Income (Loss)                                     $
       (10,703)                                      $
              (0.11)                                                       $
     (55,430)             $
     (0.56)



      Weighted average diluted shares
       outstanding utilized for Adjusted
       Net Income (Loss)                                                                99,164                                                                                            98,822





                                                                                                                                 
              
              EBITDA and Adjusted EBITDA and Margins




                                                                                                             
        For the Three Months Ended                                                                        
       For the Six Months Ended


                                                                                           Jun 30, 2020                         Jun 30, 2019                                          Mar 31, 2020                         Jun 30, 2020                     Jun 30, 2019



                                                                                                                                         
             
               ($ in thousands)





              Net income (loss)                                    $
      (24,788)                                   $
              (35,182)                                                $
              (367,598)                                             $
              (392,386)                                     $
        (60,009)



              Depreciation and amortization                                                               38,698                                            50,304                                             356,196                                              394,894                               102,790



                                               Subtotal                          13,910                                           15,122                                      (11,402)                                                    2,508                                     42,781


               Interest expense, net of interest income                                                   11,100                                             8,351                                              11,185                                               22,285                                15,171


               Amortization included in interest expense                                                     333                                             (335)                                              (333)                                                                                    (675)


               Provision (benefit) for income taxes                                                         5,520                                            17,203                                            (30,275)                                            (24,755)                               14,051



                                               EBITDA                            30,863                                           40,341                                      (30,825)                                                       38                                     71,328



               Adjustments for the effects of:


                                               Long-lived
                                                assets
                                                impairments                                                                                                                   68,763                                                    68,763


                                               Restructuring
                                                expenses and
                                                other                             5,708                                                                                         6,630                                                    12,338


                                               Foreign
                                                currency
                                                (gains) losses                    3,908                                             (59)                                        7,050                                                    10,958                                      (673)



                                    
              Total of adjustments                               9,616                                       (59)                                                   82,443                                      92,059                                          (673)



                                               Adjusted EBITDA                          $
             40,479                                             $
              40,282                                                     $
              51,618                                            $
         92,097                              $
     70,655






              Revenue                                               $
      427,216                                     $
              495,781                                                   $
              536,668                                                $
              963,884                                     $
          989,667





    EBITDA margin %                                                                               7
           %                                       8
           %                                        (6)
          %                                                                  %           7
            %



    Adjusted EBITDA margin %                                                                      9
           %                                       8
           %                                         10
          %                                        10
            %                          7
            %




                                                                                                     
             
            Free Cash Flow




                                                                
         For the Three Months Ended                                            
     For the Six Months Ended


                                            Jun 30, 2020                                Jun 30, 2019                  Mar 31, 2020                 Jun 30, 2020                    Jun 30, 2019





                                                                                    
              
           (in thousands)


      Net Income (loss)                                    $
         (24,788)                                     $
          (35,182)                             $
             (367,598)                     $
        (392,386)           $
        (60,009)


      Non-cash adjustments:


                                  Depreciation and amortization,
                                   including goodwill impairment                       38,698                                     50,304                               356,196            394,894                      102,790


                                
     Other non-cash                                           41                                        495                                64,137             64,178                          557


      Other increases
       (decreases) in cash from
       operating activities                       23,567                                    37,968                                   (84,885)                             (61,318)            29,371



      Cash flow provided by
       (used in) operating
       activities                                 37,518                                    53,585                                   (32,150)                                5,368             72,709


      Purchases of property and
       equipment                                (10,631)                                 (40,898)                                   (27,229)                             (37,860)          (70,862)




     Free Cash Flow                                         $
         26,887                                        $
          12,687                               $
             (59,379)                      $
        (32,492)            $
          1,847








                                                                                                                                   
            
              Adjusted Operating Income (Loss) and Margins by Segment




                                                                                                                                                         
              For the Three Months Ended June 30, 2020


                                                                                              Remotely           
            Subsea           
            Subsea                        
              Asset                     Advanced                     Unallocated       
     Total
                                                                                         Operated                   Products                  Projects                               Integrity                      Tech.                       Expenses
                                                                                         Vehicles



                                                                                                                                                               
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                        $
       5,975                            $
       9,068                                                   $
              845                                             $
        (2,598)                                    $
         9,707              $
     (28,179)                  $
        (5,182)




     Adjustments for the effects of:


                                                 Restructuring
                                                  expenses and
                                                  other                       1,336                           1,646                                        1,250                                              1,536                                             (235)                        175       5,708



                                               
     Total of adjustments                            1,336                               1,646                                                     1,250                                  1,536                                 (235)                  175                   5,708





      Adjusted Operating Income (Loss)                             $
       7,311                           $
       10,714                                                 $
              2,095                                             $
        (1,062)                                    $
         9,472              $
     (28,004)                     $
         526






     Revenue                                                     $
       98,778                          $
       130,655                                                $
              56,326                                              $
        48,077                                    $
         93,380                               $
     427,216


      Operating income (loss) % as reported in
       accordance with GAAP                        6
            %                      7
     %                                 2
          %                                    (5)
            %                                    10
          %                                                   (1)
       %


      Operating income (loss)% using adjusted
       amounts                                     7
            %                      8
     %                                 4
          %                                    (2)
            %                                    10
          %                                                                %




                                                                                                                                                         
              For the Three Months Ended June 30, 2019


                                                                                              Remotely           
            Subsea           
            Subsea                        
              Asset                     Advanced                     Unallocated       
     Total
                                                                                         Operated                   Products                  Projects                               Integrity                      Tech.                       Expenses
                                                                                         Vehicles



                                                                                                                                                               
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                        $
       8,688                            $
       7,413                                                    $
              87                                             $
        (1,302)                                    $
         7,241              $
     (31,762)                  $
        (9,635)





      Adjusted Operating Income (Loss)                             $
       8,688                            $
       7,413                                                    $
              87                                             $
        (1,302)                                    $
         7,241              $
     (31,762)                  $
        (9,635)






     Revenue                                                    $
       120,363                          $
       138,910                                                $
              75,104                                              $
        61,156                                   $
         100,248                               $
     495,781


      Operating income (loss) % as reported in
       accordance with GAAP                        7
            %                      5
     %                                                   %                          (2)
            %                                     7
          %                                                   (2)
       %


      Operating income (loss)% using adjusted
       amounts                                     7
            %                      5
     %                                                   %                          (2)
            %                                     7
          %                                                   (2)
       %





                                                                                                                                  
              
            Adjusted Operating Income (Loss) and Margins by Segment






                                                                                                                                                          
              For the Three Months Ended March 31, 2020


                                                                                                Remotely            
            Subsea            
           Subsea                           
              Asset                        Advanced                      Unallocated      
          Total
                                                                                           Operated                    Products                  Projects                                   Integrity                        Tech.                        Expenses
                                                                                           Vehicles



                                                                                                                                                                
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                         $
       9,066                           $
       (91,858)                                               $
              (145,290)                                 $
              (109,441)                                 $
             (10,585)                 $
        (32,649)                        $
        (380,757)



      Adjustments for the effects of:


                                                 Long-lived
                                                  assets
                                                  impairments                                                  54,859                                        7,689                                                                                 6,215                                                      68,763


                                                 Long-lived
                                                  assets write-
                                                  offs                                                                                                      7,328                                                                                                                                            7,328


                                                 Goodwill
                                                  impairment                                                   51,302                                      129,562                                         110,753                                 11,388                                                     303,005


                                                 Restructuring
                                                  expenses and
                                                  other                        713                               1,668                                        1,480                                           1,694                                    795                                           280          6,630



                                               
     Total of adjustments                                713                               107,829                                               146,059                                   112,447                            18,398                         280                            385,726



      Adjusted Operating Income (Loss)                              $
       9,779                             $
       15,971                                                      $
              769                                      $
              3,006                                    $
              7,813                 $
         (32,369)                       $
             4,969






     Revenue                                                     $
       111,780                            $
       194,838                                                   $
              61,455                                     $
              59,132                                  $
              109,463                                         $
     536,668


      Operating income (loss) % as reported in      8
            %                    (47)
     %                                        (236)                                             (185)
       accordance with GAAP                                                                                                           %                                                 %                          (10)
     %                                                           (71)
            %


      Operating income (loss) % using adjusted
       amounts                                      9
            %                       8
     %                                  1
            %                                       5
            %                             7
     %                                                              1
            %





                                                                                                                                  
              
            Adjusted Operating Income (Loss) and Margins by Segment




                                                                                                                                                           
              For the Six Months Ended June 30, 2020


                                                                                                 Remotely             
            Subsea            
           Subsea                           
              Asset                     Advanced                      Unallocated      
         Total
                                                                                            Operated                     Products                  Projects                                   Integrity                     Tech.                        Expenses
                                                                                            Vehicles



                                                                                                                                                                
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                        $
      15,041                             $
        (82,790)                                               $
              (144,445)                              $
              (112,039)                                 $
            (878)                 $
         (60,828)                        $
           (385,939)




     Adjustments for the effects of:


                                                 Long-lived
                                                  assets
                                                  impairments                                                    54,859                                        7,689                                                                              6,215                                                  68,763


                                                 Long-lived
                                                  assets write-
                                                  offs                                                                                                        7,328                                                                                                                                     7,328


                                                 Goodwill
                                                  impairment                                                     51,302                                      129,562                                         110,753                              11,388                                                 303,005


                                                 Restructuring
                                                  expenses and
                                                  other                       2,049                                3,314                                        2,730                                           3,230                                 560                                       455         12,338



                                               
     Total of adjustments                               2,049                                109,475                                               147,309                                113,983                            18,163                     455                             391,434





      Adjusted Operating Income (Loss)                             $
      17,090                               $
        26,685                                                    $
              2,864                                   $
              1,944                                 $
            17,285                  $
         (60,373)                          $
             5,495






     Revenue                                                     $
      210,558                              $
        325,493                                                  $
              117,781                                 $
              107,209                                $
            202,843                                          $
     963,884


      Operating income (loss) % as reported in      7
            %                     (25)
     %                                         (123)                                             (105)
       accordance with GAAP                                                                                                             %                                                 %                                         %                                             (40)
          %


      Operating income (loss)% using adjusted
       amounts                                      8
            %                        8
     %                                   2
            %                                       2
            %                          9
     %                                                            1
          %




                                                                                                                                                           
              For the Six Months Ended June 30, 2019


                                                                                                 Remotely             
            Subsea            
           Subsea                           
              Asset                     Advanced                      Unallocated      
         Total
                                                                                            Operated                     Products                  Projects                                   Integrity                     Tech.                        Expenses
                                                                                            Vehicles



                                                                                                                                                                
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                        $
      10,106                                $
        6,937                                                    $
              2,979                                 $
              (2,015)                                $
            16,840                  $
         (66,196)                        $
            (31,349)





      Adjusted Operating Income (Loss)                             $
      10,106                                $
        6,937                                                    $
              2,979                                 $
              (2,015)                                $
            16,840                  $
         (66,196)                        $
            (31,349)






     Revenue                                                     $
      220,709                              $
        267,754                                                  $
              164,832                                 $
              121,845                                $
            214,527                                          $
     989,667


      Operating income (loss) % as reported in
       accordance with GAAP                         5
            %                        3
     %                                   2
            %                                     (2)
            %                          8
     %                                                          (3)
          %


      Operating income (loss)% using adjusted
       amounts                                      5
            %                        3
     %                                   2
            %                                     (2)
            %                          8
     %                                                          (3)
          %





                                                                                                                                       
            
              EBITDA and Adjusted EBITDA and Margins by Segment




                                                                                                                                                             
              For the Three Months Ended June 30, 2020


                                                                                                  Remotely           
            Subsea           
            Subsea                        
              Asset                     Advanced                         Unallocated        
     Total
                                                                                             Operated                   Products                  Projects                               Integrity                      Tech.                           Expenses
                                                                                             Vehicles                                                                                                                                                  and other



                                                                                                                                                                   
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                          $
       5,975                              $
       9,068                                                   $
              845                                             $
           (2,598)                                      $
             9,707                          $
      (28,179)                     $
       (5,182)




     Adjustments for the effects of:


                                                 Depreciation
                                                  and
                                                  amortization                  22,892                           10,024                                        4,597                                                190                                                    634                             361                 38,698


                                                 Other pre-tax                                                                                                                                                                                                                                    (2,653)               (2,653)



                                                 EBITDA                         28,867                           19,092                                        5,442                                            (2,408)                                                 10,341                        (30,471)                30,863




     Adjustments for the effects of:


                                                 Restructuring
                                                  expenses and
                                                  other                          1,336                            1,646                                        1,250                                              1,536                                                  (235)                            175                  5,708


                                                 Foreign
                                                  currency
                                                  (gains) losses                                                                                                                                                                                                                                    3,908                  3,908



                                               
     Total of adjustments                                1,336                               1,646                                                     1,250                                     1,536                                   (235)                        4,083                               9,616




     Adjusted EBITDA                                               $
       30,203                             $
       20,738                                                 $
              6,692                                               $
           (872)                                     $
             10,106                          $
      (26,388)                      $
       40,479






     Revenue                                                       $
       98,778                            $
       130,655                                                $
              56,326                                              $
           48,077                                      $
             93,380                                               $
     427,216


      Operating income (loss) % as reported in
       accordance with GAAP                          6
            %                        7
     %                                 2
          %                                    (5)
            %                                    10
          %                                                        (1)
           %



     EBITDA Margin                                 29
            %                       15
     %                                10
          %                                    (5)
            %                                    11
          %                                                          7
           %



     Adjusted EBITDA Margin                        31
            %                       16
     %                                12
          %                                    (2)
            %                                    11
          %                                                          9
           %




                                                                                                                                                             
              For the Three Months Ended June 30, 2019


                                                                                                  Remotely           
            Subsea           
            Subsea                        
              Asset                     Advanced                         Unallocated        
     Total
                                                                                             Operated                   Products                  Projects                               Integrity                      Tech.                           Expenses
                                                                                             Vehicles                                                                                                                                                  and other



                                                                                                                                                                   
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                          $
       8,688                              $
       7,413                                                    $
              87                                             $
           (1,302)                                      $
             7,241                          $
      (31,762)                     $
       (9,635)




     Adjustments for the effects of:


                                                 Depreciation
                                                  and
                                                  amortization                  26,871                           12,366                                        7,550                                              1,570                                                    765                           1,182                 50,304


                                                 Other pre-tax                                                                                                                                                                                                                                      (328)                 (328)



                                                 EBITDA                         35,559                           19,779                                        7,637                                                268                                                  8,006                        (30,908)                40,341




     Adjustments for the effects of:


                                                 Foreign
                                                  currency
                                                  (gains) losses                                                                                                                                                                                                                                     (59)                  (59)


                                               
     Total of adjustments                                                                                                                                                                                                                                          (59)                               (59)




     Adjusted EBITDA                                               $
       35,559                             $
       19,779                                                 $
              7,637                                                 $
           268                                       $
             8,006                          $
      (30,967)                      $
       40,282






     Revenue                                                      $
       120,363                            $
       138,910                                                $
              75,104                                              $
           61,156                                     $
             100,248                                               $
     495,781


      Operating income (loss) % as reported in
       accordance with GAAP                          7
            %                        5
     %                                                   %                          (2)
            %                                     7
          %                                                        (2)
           %



     EBITDA Margin                                 30
            %                       14
     %                                10
          %                                                               %                      8
          %                                                          8
           %



     Adjusted EBITDA Margin                        30
            %                       14
     %                                10
          %                                                               %                      8
          %                                                          8
           %



                                                                                                                                         
             
             EBITDA and Adjusted EBITDA and Margins by Segment




                                                                                                                                                              
              For the Three Months Ended March 31, 2020


                                                                                                    Remotely            
            Subsea            
           Subsea                           
              Asset                        Advanced                      Unallocated     
          Total
                                                                                               Operated                    Products                  Projects                                   Integrity                        Tech.                        Expenses
                                                                                               Vehicles                                                                                                                                                       and other



                                                                                                                                                                    
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                          $
       9,066                              $
       (91,858)                                               $
              (145,290)                                 $
              (109,441)                                $
             (10,585)                      $
        (32,649)                       $
        (380,757)




     Adjustments for the effects of:


                                                 Depreciation
                                                  and
                                                  amortization                  25,725                              62,454                                      143,346                                         111,385                                 12,178                                        1,108             356,196


                                                 Other pre-tax                                                                                                                                                                                                                                 (6,264)            (6,264)



                                                 EBITDA                         34,791                            (29,404)                                     (1,944)                                          1,944                                  1,593                                     (37,805)           (30,825)




     Adjustments for the effects of:


                                                 Long-lived
                                                  assets
                                                  impairments                                                      54,859                                        7,689                                                                                 6,215                                                          68,763


                                                 Restructuring
                                                  expenses and
                                                  other                            713                               1,668                                        1,480                                           1,694                                    795                                          280               6,630


                                                 Foreign
                                                  currency
                                                  (gains) losses                                                                                                                                                                                                                                 7,050               7,050



                                               
     Total of adjustments                                    713                                56,527                                                 9,169                                     1,694                            7,010                         7,330                               82,443




     Adjusted EBITDA                                               $
       35,504                                $
       27,123                                                    $
              7,225                                      $
              3,638                                   $
              8,603                      $
         (30,475)                      $
            51,618






     Revenue                                                      $
       111,780                               $
       194,838                                                   $
              61,455                                     $
              59,132                                 $
              109,463                                             $
     536,668


      Operating income (loss) % as reported in       8
            %                       (47)
     %                                        (236)                                             (185)
       accordance with GAAP                                                                                                               %                                                 %                          (10)
     %                                                          (71)
            %



     EBITDA Margin                                 31
            %                       (15)
     %                                (3)
            %                                       3
            %                             1
     %                                                           (6)
            %



     Adjusted EBITDA Margin                        32
            %                         14
     %                                 12
            %                                       6
            %                             8
     %                                                            10
            %



                                                                                                                                         
             
             EBITDA and Adjusted EBITDA and Margins by Segment




                                                                                                                                                              
              For the Six Months Ended June 30, 2020


                                                                                                   Remotely             
            Subsea            
           Subsea                             
              Asset                   Advanced                       Unallocated     
         Total
                                                                                              Operated                     Products                  Projects                                     Integrity                   Tech.                         Expenses
                                                                                              Vehicles                                                                                                                                                      and other



                                                                                                                                                                   
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                         $
      15,041                              $
        (82,790)                                               $
              (144,445)                              $
              (112,039)                                 $
              (878)                             $
         (60,828)                         $
           (385,939)




     Adjustments for the effects of:


                                                 Depreciation
                                                  and
                                                  amortization                 48,617                               72,478                                      147,943                                         111,575                               12,812                                      1,469                    394,894


                                                 Other pre-tax                                                                                                                                                                                                                             (8,917)                   (8,917)



                                                 EBITDA                        63,658                             (10,312)                                       3,498                                           (464)                              11,934                                   (68,276)                        38




     Adjustments for the effects of:


                                                 Long-lived
                                                  assets
                                                  impairments                                                      54,859                                        7,689                                                                               6,215                                                               68,763


                                                 Restructuring
                                                  expenses and
                                                  other                         2,049                                3,314                                        2,730                                           3,230                                  560                                        455                     12,338


                                                 Foreign
                                                  currency
                                                  (gains) losses                                                                                                                                                                                                                            10,958                     10,958



                                               
     Total of adjustments                                 2,049                                 58,173                                                  10,419                                3,230                             6,775                             11,413                                  92,059




     Adjusted EBITDA                                               $
      65,707                                $
        47,861                                                   $
              13,917                                   $
              2,766                                 $
              18,709                              $
         (56,863)                           $
            92,097






     Revenue                                                      $
      210,558                               $
        325,493                                                  $
              117,781                                 $
              107,209                                $
              202,843                                                       $
     963,884


      Operating income (loss) % as reported in       7
            %                      (25)
     %                                         (123)                                             (105)
       accordance with GAAP                                                                                                               %                                                 %                                         %                                             (40)
            %



     EBITDA Margin                                 30
            %                       (3)
     %                                   3
            %                                                                %           6
     %                                                                             %



     Adjusted EBITDA Margin                        31
            %                        15
     %                                  12
            %                                       3
            %                          9
     %                                                           10
            %




                                                                                                                                                              
              For the Six Months Ended June 30, 2019


                                                                                                   Remotely             
            Subsea            
           Subsea                             
              Asset                   Advanced                       Unallocated     
         Total
                                                                                              Operated                     Products                  Projects                                     Integrity                   Tech.                         Expenses
                                                                                              Vehicles                                                                                                                                                      and other



                                                                                                                                                                   
              
                ($ in thousands)


      Operating Income (Loss) as reported in
       accordance with GAAP                                         $
      10,106                                 $
        6,937                                                    $
              2,979                                 $
              (2,015)                                $
              16,840                              $
         (66,196)                         $
            (31,349)




     Adjustments for the effects of:


                                                 Depreciation
                                                  and
                                                  amortization                 54,861                               25,357                                       15,432                                           3,204                                1,595                                      2,341                    102,790


                                                 Other pre-tax                                                                                                                                                                                                                               (113)                     (113)



                                                 EBITDA                        64,967                               32,294                                       18,411                                           1,189                               18,435                                   (63,968)                    71,328




     Adjustments for the effects of:


                                                 Foreign
                                                  currency
                                                  (gains) losses                                                                                                                                                                                                                             (673)                     (673)


                                               
     Total of adjustments                                                                                                                                                                                                                                     (673)                                  (673)




     Adjusted EBITDA                                               $
      64,967                                $
        32,294                                                   $
              18,411                                   $
              1,189                                 $
              18,435                              $
         (64,641)                           $
            70,655






     Revenue                                                      $
      220,709                               $
        267,754                                                  $
              164,832                                 $
              121,845                                $
              214,527                                                       $
     989,667


      Operating income (loss) % as reported in
       accordance with GAAP                          5
            %                         3
     %                                   2
            %                                     (2)
            %                          8
     %                                                          (3)
            %



     EBITDA Margin                                 29
            %                        12
     %                                  11
            %                                       1
            %                          9
     %                                                            7
            %



     Adjusted EBITDA Margin                        29
            %                        12
     %                                  11
            %                                       1
            %                          9
     %                                                            7
            %

View original content:http://www.prnewswire.com/news-releases/oceaneering-reports-second-quarter-2020-results-301102562.html

SOURCE Oceaneering International, Inc.