Oceaneering International Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Oceaneering International, Inc. has submitted its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

OCEANEERING INTERNATIONAL INC (OII) filed a Annual Report (10-K) with the SEC on February 23, 2024. Oceaneering International, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 5875 North Sam Houston Parkway West, Suite 400, Houston, TX 77086. The company's IRS number is 952628227. The filing includes data for fiscal years 2020, 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking OCEANEERING INTERNATIONAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Oceaneering's financial health, operational segments, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data and risk factors disclosed in this report are essential for understanding the company's position within the oil and gas field services industry and its ability to navigate market challenges.

Risk Assessment

Risk Level: medium — OCEANEERING INTERNATIONAL INC shows moderate risk based on this filing. The company operates in the oil, gas field services sector, which is subject to significant market volatility and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Oceaneering's performance drivers and potential challenges in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 001-10945 — SEC File Number (SEC filing identifier)
• 952628227 — IRS Number (Company tax identifier)

Key Players & Entities

• OCEANEERING INTERNATIONAL INC (company) — Filer name
• 0000073756 (company) — Central Index Key
• 1389 (company) — Standard Industrial Classification code
• DE (company) — State of Incorporation
• 713-329-4500 (company) — Business Phone
• 2023-12-31 (date) — Fiscal Year End
• 2024-02-23 (date) — Filing Date

FAQ

Industry Context

Oceaneering International operates in the Oil, Gas Field Services sector, providing specialized services and products to the offshore oil and gas industry.

Regulatory Implications

The company is subject to standard SEC regulations for public filings, including the requirement to submit a comprehensive annual report (10-K).

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year ended December 31, 2023.
2. Review any disclosed risk factors that could impact future operations.
3. Note the company's principal business address and contact information for further inquiries.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for Oceaneering International Inc.

Key Financial Figures

• $0.25 — ich registered Common stock, par value $0.25 per share OII New York Stock Exchange
• $1.4 b — or approximately 58% of our revenue, or $1.4 billion, for the year ended December 31,
• $100 million — al flexibility. In 2021, we repurchased $100 million of our 4.650% Senior Notes due 2024 (th
• $200 million — 23, we completed a private placement of $200 million aggregate principal amount of additiona
• $400 million — and, to repurchase all of the remaining $400 million principal amount outstanding of the 202

Filing Documents

• oii-20231231.htm (10-K) — 1818KB
• oii_exhibit401x12312023.htm (EX-4.01) — 44KB
• oii_exhibit2101x12312023.htm (EX-21.01) — 24KB
• oii_exhibit2301x12312023.htm (EX-23.01) — 5KB
• oii_exhibit3101x12312023.htm (EX-31.01) — 11KB
• oii_exhibit3102x12312023.htm (EX-31.02) — 11KB
• oii_exhibit3201x12312023.htm (EX-32.01) — 6KB
• oii_exhibit3202x12312023.htm (EX-32.02) — 6KB
• oii_exhibit9701x12312023.htm (EX-97.01) — 41KB
• oii-20231231_g1.jpg (GRAPHIC) — 20KB
• oii-20231231_g2.jpg (GRAPHIC) — 203KB
• 0000073756-24-000008.txt (&nbsp;) — 12267KB
• oii-20231231.xsd (EX-101.SCH) — 91KB
• oii-20231231_cal.xml (EX-101.CAL) — 84KB
• oii-20231231_def.xml (EX-101.DEF) — 688KB
• oii-20231231_lab.xml (EX-101.LAB) — 1254KB
• oii-20231231_pre.xml (EX-101.PRE) — 991KB
• oii-20231231_htm.xml (XML) — 1382KB

Business

Item 1. Business Cautionary Statement Concerning Forward-Looking Statements Information About Our Executive Officers

Risk Factors

Item 1A. Risk Factors

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments

Cybersecurity

Item 1C. Cybersecurity

Legal Proceedings

Item 3. Legal Proceedings

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Controls and Procedures

Item 9A. Controls and Procedures

Other Information

Item 9B. Other Information

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance

Executive Compensation

Item 11. Executive Compensation

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules

Form 10-K Summary

Item 16. Form 10-K Summary

Signatures

Signatures Index to Financial Statements and Schedules Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Comprehensive Income (Loss) Consolidated Statements of Cash Flows Consolidated Statements of Equity

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1 Table of Contents / PART I

Business

Item 1. Business. GENERAL DEVELOPMENT OF BUSINESS Oceaneering International, Inc. ("Oceaneering," "we," "us" or "our") is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries. Oceaneering was organized as a Delaware corporation in 1969 out of the combination of three diving service companies founded in the early 1960s. Since our establishment, we have concentrated on the development and marketing of underwater services and products to meet customer needs requiring the use of advanced technology. The continued evolution of applying our advanced technologies has expanded our presence into numerous adjacent markets focused on autonomous robotics. We believe we are one of the world's largest underwater services contractors. The services and products we provide to the energy industry include remotely operated vehicles, survey and positioning services, specialty subsea hardware, engineering and project management, subsea intervention services, including manned diving and asset integrity and non-destructive testing services. Our foreign operations, principally in Africa, Asia and Australia, United Kingdom, Brazil, and Norway accounted for approximately 58% of our revenue, or $1.4 billion, for the year ended December 31, 2023. Our business segments are contained within two businesses—services and products provided primarily to the oil and gas industry, and to a lesser extent, the mobility solutions and offshore renewables industries, among others ("Energy"), and services and products provided to non-energy industries ("Aerospace and Defense Technologies"). Our four business segments within the Energy business are Subsea Robotics, Manufactured Products, Offshore Projects Group and Integrity Management & Digital Solutions. We report our Aerospace and Defense Technologies business as one segment. Unallocated Expenses are expenses not associated wit

View Full Filing

View this 10-K filing on SEC EDGAR