Oceaneering International Inc

Shares of Matador Resources, Oceaneering, Northern Oil and Gas, and Talos Energy jumped in afternoon trading after Iran ruled out extending a 60-day memorandum of understanding with the United States. The June 17 memorandum was meant to reopen the Strait of Hormuz while the two sides negotiated a nuclear deal within 60 days, CNBC reported. President Trump told Fox News he has no time schedule and is not in a hurry, while a senior Iranian official told Reuters that Tehran would shift from defense to offense if diplomacy fails. Matador Resources rose 3.2%, Oceaneering rose 3.3%, Northern Oil and Gas rose 3.2%, and Talos Energy rose 3.3%. Talos Energy is up 45.9% since the beginning of the year and at $16.41 per share is trading close to its 52-week high of $16.59 from May 2026.

Oceaneering International and Kongsberg Gruppen have been jointly selected by the U.S. Department of Defense's Defense Innovation Unit to develop an Extra Large Uncrewed Undersea Vehicle for the Combat Autonomous Maritime Platform program. The award places Oceaneering in a central role within a high-profile autonomous undersea defense initiative, aligning with its existing subsea robotics and remote operations capabilities. The work currently focuses on concept definition and design, with no immediate visibility on production-scale orders or long-term revenue. Oceaneering reported sales of US$768.18 million and net income of US$65.02 million for the second quarter of 2026, and the company has repurchased US$170.82 million of stock since 2014. The partnership with Kongsberg, which has a long history in maritime systems, may help Oceaneering compete for future phases against peers such as General Dynamics, Lockheed Martin, and Saab.

Oilfield services provider SLB will report earnings this Friday before market hours. Analysts expect revenue to decline 7.6% year on year, a further deceleration from the 5.8% decrease recorded in the same quarter last year. The company beat revenue expectations last quarter with $8.72 billion, though that was down 6.3% year on year. Peers in the oilfield services segment have already reported, with Oceaneering delivering 10% revenue growth and Halliburton posting a 3.7% increase, both topping estimates. SLB's stock price was unchanged over the last month, while the segment's average share price rose 5.2%, and it heads into earnings with an average analyst price target of $60.93 compared to the current share price of $47.73.

Oceaneering International reported second-quarter revenue of $768.2 million, exceeding Wall Street estimates by 4.3% and growing 10% year on year. GAAP earnings per share reached $0.65, a 49.8% beat over the consensus estimate of $0.43. Adjusted EBITDA came in at $114.5 million, representing a 14.9% margin and an 8.5% beat, while operating margin held steady at 11.5%. Free cash flow margin declined to 4.2% from 6.7% a year earlier, and the company's market capitalization stood at $4.49 billion. Shares rose 3.2% to $46.40 following the release.

The global unmanned underwater vehicles market is projected to grow from USD 6.91 billion in 2026 to USD 19.22 billion by 2031, at a CAGR of 22.7%, according to a new report by MarketsandMarkets. The market spans autonomous underwater vehicles and remotely operated vehicles, with growth driven by naval modernization programs, offshore energy inspection needs, and rising investment in oceanographic research. Asia-Pacific is the largest region in 2026, while military and defense leads by application and AUVs are the fastest-growing type. Key players include Kongsberg, L3Harris Technologies, and Oceaneering International.

Petrobras has signed an agreement with Brazilian regulator ANP to bring 335 temporarily abandoned offshore wells into compliance with safety and environmental rules. The company will pay 300 million reais, approximately 58 million dollars, to ANP and has until the end of 2030 to meet the requirements. Petrobras stated it has already brought 233 of the 335 wells into compliance. Separately, Oceaneering International has expanded its collaboration with Petrobras through a four-year contract for remotely operated vehicle services, covering two work-class ROVs and specialized tooling packages for monitoring and positioning support.

Oceaneering International has been awarded a four-year contract by Petrobras to provide remotely operated vehicle services offshore Brazil. The company will supply two work-class ROVs and specialized tooling packages, along with monitoring and positioning support services, with operations expected to begin in 2027. The ROV systems will be deployed from the AKOFS Offshore vessel Aker Wayfarer, which Petrobras has contracted for intervention, installation and abandonment activities. Financial terms were not disclosed. Oceaneering noted it has supported Petrobras' subsea engineering campaigns for more than a decade and has operated in Brazil for nearly 30 years through its subsidiary Marine Production Systems do Brasil.

Oceaneering International has priced a private offering of $500 million in senior notes due 2034, bearing an interest rate of 6.875% and maturing on July 15, 2034. The company intends to use the net proceeds to finance the purchase of any and all of its 6% notes due 2028, with the remainder allocated to general corporate purposes including repayment, redemption, and repurchase of outstanding debt. Earlier on May 21, Oceaneering secured an integrated offshore installation contract for the West Delta Deep Marine gas field development project in Egypt, which is expected to generate significant revenue in 2026 through the provision of integrated solutions, remotely operated vehicles, and survey services.

Oceaneering International announced the expiration and results of its cash tender offer to purchase any and all of its outstanding 6.000% Senior Notes due 2028. As of the expiration time on June 30, 2026, valid tenders were received for approximately $399.8 million principal amount of the notes, representing 79.95% of the $500 million aggregate principal amount outstanding. The purchase price is $1,018.46 per $1,000 principal amount, plus accrued and unpaid interest. Oceaneering expects to accept all validly tendered notes and those delivered under guaranteed delivery procedures, with settlement expected on July 6, 2026, subject to the closing of its offering of $500 million of 6.875% Senior Notes due 2034. The company also intends to redeem any remaining outstanding notes on or around July 25, 2026.