Oceaneering International Inc (OII) 10-K Annual Report February 2014

February 18, 2014 - Houston, Texas - Oceaneering International, Inc. (NYSE:OII) today reported record fourth quarter and annual earnings for the periods ended December 31, 2013.

For the fourth quarter of 2013, Oceaneering earned net income of $93.4 million, or $0.86 per share, on revenue of $894.8 million. During the corresponding period in 2012, net income was $80.6 million, or $0.74 per share, on revenue of $780.9 million. For the year 2013, Oceaneering reported net income of $371.5 million, or $3.42 per share, on revenue of $3.3 billion. For the year 2012, net income was $289.0 million, or $2.66 per share, on revenue of $2.8 billion.

Fourth quarter 2013 results included a $3.3 million charge to establish an allowance for doubtful accounts related to Remotely Operated Vehicles (ROV) receivables from OGX Petróleo e Gás S.A., which initiated a court-supervised restructuring under Brazilian bankruptcy law during the period. This charge was recorded as an ROV selling, general and administrative expense.

Summary of Results

(in thousands, except per share amounts)



	Three Months Ended						Year Ended
	December 31,				Sept. 30,		December 31,
	2013		2012		2013		2013		2012
Revenue	$	894,798	$	780,949	$	853,297	$	3,287,019	$	2,782,604
Gross Margin	197,805		172,528		205,492		765,536		627,858
Income from Operations	136,753		118,750		153,736		545,116		428,597
Net Income	$	93,433	$	80,602	$	104,407	$	371,500	$	289,017

Diluted Earnings Per Share	$	0.86	$	0.74	$	0.96	$	3.42	$	2.66

Quarterly EPS increased year over year due to profit improvements by all oilfield business operations, led by ROV and Subsea Products. Subsea Products achieved record quarterly operating income.

Annual EPS increased as all operating segments attained higher income. Four of five segments achieved record operating income. Although not a record, Subsea Projects operating income increased by 48%. Overall operating margin was the second highest in Oceaneering’s history.

M. Kevin McEvoy, President and Chief Executive Officer, stated, “Results for the fourth quarter and the year were exemplary as we achieved record EPS in each period. Our ability to produce these exceptional results is largely attributable to our global focus on deepwater and subsea completion activity, the business expansion strategy we have in place, and our solid operational execution.

The following information was filed by Oceaneering International Inc (OII) on Tuesday, February 18, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Oceaneering International Inc provided additional information to their SEC Filing as exhibits

Exhibit 21.01: Subsidiaries Of Oceaneering

Exhibit 23.01: Consent Of Independent Registered Public Accounting Firm

Exhibit 31.01: Rule 13A 14(A)/15D 14(A) Certification Of Principal Executive Officer

Exhibit 31.02: Rule 13A 14(A)/15D 14(A) Certification Of Principal Financial Officer

Exhibit 32.01: Section 1350 Certification Of Principal Executive Officer

Exhibit 32.02: Section 1350 Certification Of Principal Financial Officer

Ticker: OII
CIK: 73756
Form Type: 10-K Annual Report
Accession Number: 0000073756-14-000006
Submitted to the SEC: Thu Feb 20 2014 4:04:10 PM EST
Accepted by the SEC: Thu Feb 20 2014
Period: Tuesday, December 31, 2013
Industry: Oil And Gas Field Services

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Oceaneering International Inc (OII) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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