Oceaneering International Inc (NYSE: OII)

Oceaneering International, Inc. is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace and manufacturing industries. The company provides work class ROVs, survey and positioning services, specialty subsea hardware, engineering and project management, subsea intervention services, and integrity management solutions.

Revenue is generated through dayrate contracts for ROV operations and vessel based services, fixed price contracts for manufactured products such as umbilicals and control valves, and service fees for integrity management, inspection, and engineering projects. The company serves offshore energy companies, aerospace and defense agencies including the US Navy and NASA, and industrial customers in manufacturing, healthcare, and warehousing sectors.

The company operates through the following segments: Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies.

• Subsea Robotics: This segment provides work class ROVs for drill support and vessel based services, survey services using autonomous underwater vessels and C Nav satellite positioning, and ROV tooling that interfaces with subsea equipment; it also offers the Liberty electric ROV, the Isurus TM high current capable ROV, and the Freedom hybrid AUV ROV for inspection and maintenance.

• Manufactured Products: This segment manufactures production control umbilicals, connection systems, clamp connectors, and subsea and topside control valves; it also delivers turnkey solutions that include project management, engineering design, fabrication, assembly, and installation of autonomous mobile robotic technology for industrial, manufacturing, healthcare, and warehousing markets.

• Offshore Projects Group: This segment offers integrated subsea project capabilities including riserless light well intervention, inspection maintenance and repair, installation and workover control systems, diving services, decommissioning, project management, engineering, drill pipe riser services, and wellhead load relief solutions using a fleet of owned and chartered dynamically positioned vessels.

• Integrity Management & Digital Solutions: This segment provides asset integrity management, corrosion management, inspection and nondestructive testing services for onshore and offshore facilities, and supplies software, digital, and connectivity solutions for the energy industry, including the Vision software acquired through the GDi purchase.

• Aerospace and Defense Technologies: This segment provides engineering services and manufacturing to the US Department of Defense, NASA, and major government contractors, supporting submarines, surface ships, and space exploration programs with custom equipment and maintenance services.

Oceaneering is regarded as one of the world's largest underwater services contractors and claims to operate the largest fleet of work class ROVs, giving it an estimated 60% market share among contracted floating drilling rigs. Competitive advantages include its global reach, integrated service offering across subsea robotics, manufactured products, project execution, and integrity management, and a reputation for safety and technical expertise. The company faces competition from other ROV providers, subsea hardware manufacturers, and specialized engineering firms in each of its markets.

The company serves a diverse customer base that includes major oil and gas exploration and production companies, aerospace and defense agencies such as the US Navy and NASA, and industrial firms in manufacturing, healthcare, and warehousing. The US government accounted for 12% of total revenue in 2025, while no other single customer exceeded 10% of revenue.