Oceaneering Sinks to Loss

Oceaneering has reported a net loss of $64.1 million, or 65 cents per share, for the three months ended December 31, 2018.

The result compares with net profit of $173.6 million same time last year. During the prior quarter ended September 30, 2018, Oceaneering reported a net loss of $66 million, or 67 cents per share.

Adjusted net income was $7.3 million, or $0.07 per share, reflecting the impact of $71.4 million of net adjustments, primarily a $76.4 million pre-tax goodwill impairment in its Subsea Projects segment.

The Houston-based subsea engineering specialist generated quarterly revenue of $495 million, up from $484 million in Q4 2017, but down from $519 million sequentially.

For the full year 2018, Oceaneering reported a net loss of $212 million, or $2.16 per share, on revenue of $1.9 billion, against $166 million net profit and relatively flat revenue in 2017.

Adjusted net loss was $69.7 million, or 71 cents per share, reflecting the impact of $143 million including pre-tax goodwill impairment, forex losses and discrete tax benefits.

“We expect our 2019 financial results to improve year-over-year based on increased activity across all of our segments. For the year, we anticipate generating $140 million to $180 million of EBITDA, with positive EBITDA contributions from each of our operating segments,” Roderick A. Larson, president and CEO of Oceaneering.

Subsea World News Staff