Oceaneering International Inc (OII) 2025 Q4 法說會逐字稿

Hello and welcome to Oceaneering's fourth quarter and full year 2025 earnings conference call. My name is Sarah and I will be your conference operator. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speaker's remarks. With that, I will now turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations.

大家好，歡迎參加 Oceaneering 2025 年第四季及全年業績電話會議。我叫莎拉，我將擔任你們的會議接線生。所有線路均已靜音，以防止任何背景噪音。演講結束後將有問答環節。接下來，我將把電話交給 Oceaneering 的投資人關係資深總監 Hilary Frisbie。

Thanks, Sarah. Good morning and welcome to Oceaneering's fourth quarter and full year 2025 earnings conference call. Today's call is being webcast and a replay will be available on our website. With me today are Roderick Larson, President and Chief Executive Officer, who will provide our prepared comments, and Michael Sumruld, Senior Vice President and Chief Financial Officer. After Rod's remarks, we will open the call for questions.

謝謝你，莎拉。早安，歡迎參加 Oceaneering 2025 年第四季及全年業績電話會議。今天的電話會議將進行網路直播，回放將在我們的網站上提供。今天與我一同出席的有總裁兼執行長羅德里克·拉爾森，他將發表我們準備好的發言；還有高級副總裁兼首席財務官邁克爾·薩姆魯德。羅德發言結束後，我們將開始接受提問。

Before we begin, please note that statements made during this call regarding our future financial performance, business strategy, plans for future operations, and industry conditions are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our 4th quarter press release, which is posted on our website. I'll now turn the call over to Rod.

在開始之前，請注意，本次電話會議中有關我們未來財務業績、業務策略、未來營運計畫和產業狀況的聲明均為前瞻性聲明，符合 1995 年《私人證券訴訟改革法案》的安全港條款。我們今天的評論也包括非GAAP財務指標。更多詳情以及與最直接可比較的 GAAP 財務指標的核對，請參閱我們網站上發布的第四季度新聞稿。現在我將把電話交給羅德。

Good morning and thanks for joining the call today. We closed out 2025 with strong execution across the business, making continued progress against our strategic priorities. Our performance reflected continued pricing progression in key businesses, strong operational delivery, and growing contributions from aerospace and defense technologies or AdTech. Importantly, this translated into meaningful cash generation with our cash balance increasing to $689 million at year end, further strengthening our financial flexibility.

早安，感謝各位參加今天的電話會議。2025 年末，我們各項業務都取得了強勁的執行力，並在策略重點方面持續取得進展。我們的業績反映了關鍵業務持續的價格上漲、強勁的營運交付，以及航空航太和國防技術或廣告技術不斷增長的貢獻。重要的是，這轉化為可觀的現金流，到年底我們的現金餘額增加到 6.89 億美元，進一步增強了我們的財務靈活性。

During 2025, we generated order intake of $3.7 billion which represented a book to bill ratio of 1.33 up from 1.1 in 2024. Expanded adjusted EBITDA margins by 140 basis points with each operating segment realizing year over year improvements, achieved 99% ROV uptime for the second consecutive year and for the seventh time in the past 10 years, improved ROV, improved pricing in our ROV business by 7% over the course of the year,

2025 年，我們實現了 37 億美元的訂單收入，訂單出貨比為 1.33，高於 2024 年的 1.1。調整後 EBITDA 利潤率提高了 140 個基點，各營運部門均實現了同比改善；ROV 正常運行時間連續第二年達到 99%，這也是過去 10 年中的第七次達到這一水平；ROV 性能得到提升；ROV 業務定價在年內提高了 7%。

Won the highest ever initial contract award in Oceaneering's history through our AdTech business, integrated GDI into our integrity management and digital solutions or IMDS segment, repurchased approximately 1.8 million shares for $40 million and grew our cash balance by $191 million. As safety remains foundational to everything we do, I'm especially proud of our record low total recordable incident rate, or TRIR, of 0.22 achieved in 2025.

透過我們的廣告科技業務，贏得了 Oceaneering 史上最高的初始合約金額；將 GDI 整合到我們的誠信管理和數位解決方案（IMDS）部門；以 4,000 萬美元的價格回購了約 180 萬股股票；並將我們的現金餘額增加了 1.91 億美元。安全始終是我們一切工作的基石，我特別為我們在 2025 年實現的創紀錄的最低總可記錄事故率 (TRIR) 0.22 感到自豪。

Today I'll cover our fourth quarter and full year 2025 results, our market outlook for 2026, consolidated guidance for 2026, and our segment outlook for the full year and 1st quarter of 2026.

今天我將介紹我們 2025 年第四季和全年業績、2026 年市場展望、2026 年綜合業績指引以及 2026 年全年和第一季各業務板塊展望。

I'll start by reviewing our fourth quarter 2025 results. We delivered a solid fourth quarter in line with typical seasonality driven by strong operational execution in several of our business segments. Compared to the fourth quarter of 2024, consolidated revenue of $669 million was driven by substantial growth in AdTech, which partially offset lower revenue in our energy-focused businesses, resulting in a 6% decline from the same period last year. The revenue decrease in energy was primarily due to the unusually high number of international intervention and installation projects that are offshore projects group or OPG performed in the fourth quarter of 2024 that did not repeat in the fourth quarter of 2025.

我將首先回顧我們2025年第四季的業績。第四季業績穩健，符合季節性規律，這主要得益於我們多個業務部門的強勁營運執行。與 2024 年第四季相比，合併收入為 6.69 億美元，這主要得益於廣告科技業務的大幅成長，部分抵消了能源業務收入的下降，導致與去年同期相比下降了 6%。能源收入下降主要是由於 2024 年第四季度海上項目集團 (OPG) 執行的國際幹預和安裝項目數量異常多，而這些項目在 2025 年第四季度並未重複出現。

Consolidated operating income of $65.4 million also declined year over year, with increases in AdTech manufactured products and subsea robotics, or SSR, partially offsetting significantly lower results in OPG stemming from the intervention and installation projects in the fourth quarter of 2024 that I mentioned previously. IMDS was also lower compared to last year. We reported net income of $178 million or $1.76 per share, a 217% increase year over year. This improvement was largely due to a $156 million discrete tax benefit related to the release of US valuation allowances.

綜合營業收入為 6,540 萬美元，年減。廣告科技製造產品和水下機器人（SSR）的成長部分抵消了 OPG 因我之前提到的 2024 年第四季度幹預和安裝項目而導致的業績大幅下降。與去年相比，IMDS 也有所下降。我們公佈的淨收入為 1.78 億美元，即每股 1.76 美元，年增 217%。這項改善主要歸功於與釋放美國估值準備金相關的 1.56 億美元的單獨稅收優惠。

Our consolidated adjusted EBITDA of $90.5 million was at the high end of our guidance range, but as expected declined year over year for the same reasons that revenue and operating income declined.

我們經調整後的合併 EBITDA 為 9,050 萬美元，處於我們預期範圍的高端，但正如預期的那樣，由於與收入和營業收入下降相同的原因，同比有所下降。

Additionally, during the fourth quarter, we generated $221 million of cash from operating activities and invested approximately $30 million in organic capital expenditures with approximately 55% allocated to growth and 45% to maintenance. Free cash flow for the quarter was $191 million benefiting from the timing of customer payments, including early receipt of payments originally due in the first quarter of 2026.

此外，在第四季度，我們從營運活動中產生了 2.21 億美元的現金，並投資了約 3,000 萬美元用於有機資本支出，其中約 55% 用於成長，45% 用於維護。本季自由現金流為 1.91 億美元，受益於客戶付款的時間安排，包括提前收到原定於 2026 年第一季到期的款項。

As of December 31, 2025, our cash balance was $689 million a 38% increase compared to the end of 2024.

截至 2025 年 12 月 31 日，我們的現金餘額為 6.89 億美元，比 2024 年底成長了 38%。

Now let's look at our segment results for the fourth quarter of 2025 as compared to the fourth quarter of 2024.

現在讓我們來看看 2025 年第四季與 2024 年第四季相比，我們各業務部門的業績狀況。

SSR operating income of $67.8 million was 7% higher on relatively flat revenue.

SSR 的營業收入為 6,780 萬美元，年增 7%，而收入基本持平。

Even the margins improved to 38% from 36%, largely due to improved ROV pricing and increased tooling volumes. Survey results decreased on lower activity levels in the Americas as certain projects originally planned for the fourth quarter of 2025 shifted to the first quarter of 2026. The revenue split between our ROV business and our combined tooling and survey businesses as a percentage of our total SSR revenue was relatively flat at 78% and 22% respectively.

利潤率也從 36% 提高到 38%，這主要歸功於 ROV 定價的提高和工具產量的增加。調查結果顯示，美洲地區的活動水準有所下降，因為一些原計劃在 2025 年第四季開展的專案推遲到了 2026 年第一季。我們的 ROV 業務和工具及勘測業務的總收入佔 SSR 總收入的比例相對穩定，分別為 78% 和 22%。

Average ROV revenue per day utilized increased 7% from $10,481 in 2024 to $11,210 in 2025, with 1/4 quarter exit rate of $11,550. These pricing improvements offset the impacts of the lower ROV fleet utilization during the quarter, which declined to 62%. Most of the decline came from vessel support of our OPG vessels, as drill support utilization was slightly higher compared to the fourth quarter of 2024. During the quarter, 67% of ROV days utilized were for drill support and 33% were for vessel services.

2024 年至 2025 年，ROV 平均每日營收成長 7%，從 10,481 美元增至 11,210 美元，四分之一季退出率為 11,550 美元。這些價格方面的改善抵消了本季度 ROV 船隊利用率下降（降至 62%）的影響。大部分下降來自我們 OPG 船舶的船舶支持，因為鑽井支援的利用率與 2024 年第四季相比略高。本季度，ROV 作業天數的 67% 用於鑽井支持，33% 用於船舶服務。

As of December 31, 2025, we had 60% of the contracted floating rig market with ROV contracts on 81 of the 136 floating rigs under contract. We ended the quarter and the year with a fleet of 250 ROV systems, including 16 upgraded work class ROV systems that replaced 16 systems that were retired in 2025.

截至 2025 年 12 月 31 日，我們在已簽訂合約的浮式鑽井平台市場中佔據了 60% 的份額，在 136 個已簽訂合約的浮式鑽井平台上，有 81 個平台簽訂了 ROV 合約。本季末和本年度末，我們擁有 250 套 ROV 系統，其中包括 16 套升級版作業級 ROV 系統，這些系統取代了 2025 年退役的 16 套系統。

Turning to manufactured products, our fourth quarter revenue of $132 million decreased 7% year over year. Operating income of $20.4 million and operating income margin of 15% increased considerably due to conversion of high margin backlog in our umbilical's business and improved results in our non-energy projects. Year-end 2025 backlog was $511 million a decrease of 15% compared to December 31, 2024.

從製成品來看，我們第四季的營收為 1.32 億美元，年減 7%。由於臍帶纜業務中高利潤積壓訂單的轉換以及非能源項目績效的改善，營業收入達到 2,040 萬美元，營業利潤率達到 15%，大幅成長。截至 2025 年底，積壓訂單為 5.11 億美元，比 2024 年 12 月 31 日減少了 15%。

The book to bill ratio of 0.84 for the full year of 2025 declined compared to 0.97 in the full year of 2024, largely based on the timing of orders. It is worth noting that manufactured products' full year 2025 revenue of $569 million and operating income of $72 million represented their highest level since 2020 when we combined our energy and non-energy products into the same segment.

2025 年全年訂單出貨比為 0.84，低於 2024 年全年的 0.97，主要是由於訂單時間安排所致。值得注意的是，2025 年全年製造產品收入為 5.69 億美元，營業收入為 7,200 萬美元，這是自 2020 年我們將能源和非能源產品合併為同一部門以來的最高水準。

OPG revenue of $131 million decreased 29% compared to the same quarter last year, while operating income decreased to $15 million and operating income margin declined to 11%. This was expected and as noted earlier, primarily due to large international intervention and installation projects that OPG performed in the fourth quarter of 2024 that did not repeat in the fourth quarter of 2025.

OPG 的收入為 1.31 億美元，比去年同期下降了 29%；營業收入下降至 1,500 萬美元，營業利潤率下降至 11%。這是意料之中的，正如前面提到的，這主要是由於 OPG 在 2024 年第四季度執行的大型國際幹預和安裝項目在 2025 年第四季度沒有重複。

For IMDS, fourth quarter revenue declined due to lower activity levels in Europe and West Africa. Operating income declined by $2 million due to a combination of lower revenue and a loss associated with the resolution of a commercial dispute.

由於歐洲和西非的業務活動水準下降，IMDS第四季營收有所下降。由於收入下降以及與解決商業糾紛相關的損失，營業收入減少了 200 萬美元。

Our AdTech fourth quarter 2025 operating income increased 43% and operating income margin improved to 11% on a 29% increase in revenue as compared to the same period last year. These improvements are the result of new contracts awarded during the year and reflect our strategic initiative to increasingly leverage our offshore knowledge and capabilities to grow this segment.

與去年同期相比，我們的廣告科技業務2025年第四季營業收入成長了43​​%，營業利潤率提高至11%，營收成長了29%。這些改進是今年新簽訂合約的結果，體現了我們不斷利用海外知識和能力來發展這一領域的策略性舉措。

In addition to previously announced contract awards, AdTech completed 2025 with two fourth-quarter awards on unexercised options that are expected to generate meaningful revenue in 2026. AdTech's current backlog establishes a strong multi-year foundation for revenue growth extending beyond the traditional five-year planning horizon. Fourth quarter 2025 unallocated expenses of $52 million increased 26% compared to the same period last year, primarily for increased accruals for performance-based compensation.

除了先前宣布的合約授予外，AdTech 在 2025 年第四季還獲得了兩項未行使選擇權的授予，預計將在 2026 年產生可觀的收入。AdTech 目前的積壓訂單為未來多年的營收成長奠定了堅實的基礎，超越了傳統的五年規劃週期。2025 年第四季未分配支出為 5,200 萬美元，比去年同期成長 26%，主要原因是績效薪酬的應計費用增加。

Now I'll turn my focus to our consolidated full year 2025 results compared to 2024.

現在我將重點介紹我們 2025 年全年合併業績與 2024 年的比較。

For 2025, consolidated revenue increased 5% to $2.8 billion marking our fifth consecutive year of revenue growth. With the exception of IMDS, each of our operating segments achieved revenue increases. Consolidated 2025 operating income of $305 million improved by $58 million or 24%, and adjusted EBITA of $401 million improved by $54 million or 16% compared to 2024. EBITDA of growth was realized for all of our operating segments.

2025 年，合併收入成長 5% 至 28 億美元，標誌著我們連續第五年實現營收成長。除了IMDS外，我們每個營運部門都實現收入成長。2025 年綜合營業收入為 3.05 億美元，比 2024 年成長 5,800 萬美元，增幅 24%；調整後 EBITA 為 4.01 億美元，比 2024 年成長 5,400 萬美元，增幅 16%。我們所有營運部門的 EBITDA 均實現了成長。

Cash flow from operations increased $116 million to $319 million primarily due to timing of customer collections in the fourth quarter.

由於第四季顧客收款時間的調整，經營活動產生的現金流增加了 1.16 億美元，達到 3.19 億美元。

We invested $111 million in organic capital expenditures representing a 4% increase over 2024 levels. For the full year of 2025, free cash flow was $208 million compared to $96.1 million in 2024. At year-end we had total liquidity of $904 million comprised of $689 million in cash and cash equivalents and $215 million dollars to be clear, from our undrawn revolving credit facility.

我們在有機資本支出方面投資了 1.11 億美元，比 2024 年的水準成長了 4%。2025 年全年自由現金流為 2.08 億美元，而 2024 年為 9,610 萬美元。截至年底，我們的總流動資金為 9.04 億美元，其中包括 6.89 億美元的現金及現金等價物，以及 2.15 億美元（需要說明的是），來自我們未提取的循環信貸額度。

Now turning to our 2026 market outlook, we expect AdTech to be our primary growth driver in 2026 based on our current backlog and expectations for increased spending across defense and government markets. In the US, we anticipate a well-funded defense environment with steady activity in subsea critical infrastructure protection, unmanned subsea systems, and submarine sustainment. Internationally, geopolitical tensions and increased allied spending create additional opportunities for our AUVs, resident systems, and subsea monitoring solutions.

現在展望 2026 年的市場前景，根據我們目前的積壓訂單以及對國防和政府市場支出增加的預期，我們預計廣告技術將成為 2026 年我們的主要成長動力。在美國，我們預期國防資金充足，水下關鍵基礎設施保護、無人水下系統和潛艦維護等領域將維持穩定發展。在國際上，地緣政治緊張局勢和盟國支出的增加為我們的自主水下航行器、駐留系統和水下監測解決方案創造了更多機會。

For energy focused businesses, we expect 2026 results to reflect a global oil market that remains oversupplied early in the year and gradually tightens as the year progresses. Consistent with that backdrop, offshore activity levels are expected to be relatively flat in the first half of 2026, with increased activity in the second half of the year and into 2027.

對於專注於能源領域的企業，我們預計 2026 年的業績將反映出全球石油市場在年初仍處於供應過剩狀態，並隨著時間的推移逐漸趨於緊張。在此背景下，預計 2026 年上半年海上作業活動水準將相對平穩，下半年及 2027 年作業活動將會增加。

According to the US Energy Information Administration, Brent crude oil prices are expected to average in the mid $50 to low $60 range in 2026, a level we believe supportive of deepwater activity broadly consistent with 2025. Spinergie forecasts that deepwater rig demand, which is indicative of ROV activity, will remain relatively flat in 2026.

根據美國能源資訊署的數據，預計 2026 年布蘭特原油價格平均將在每桶 50 美元中段至 60 美元低段之間，我們認為這一水平將支持深水油氣活動，與 2025 年的情況大致相同。Spinergie 預測，2026 年深水鑽井平台需求（可作為 ROV 活動的指標）將保持相對穩定。

Independent research indicates that final investment decisions or FIDs for deepwater projects are expected to increase in 2026. FIDs and subsea tree awards are key leading indicators for offshore activity over a 2-to-5-year horizon, including installations, equipment orders, and overall offshore spending. These indicators help inform the expected timing of demand for umbilical's, subsea hardware, and other subsea products such as our rotator valves, all of which are typically ordered 3 to 6 months following tree awards.

獨立研究表明，預計 2026 年深水項目的最終投資決策 (FID) 將會增加。最終投資決定 (FID) 和海底採油樹授予是未來 2 至 5 年海上活動的關鍵領先指標，包括安裝、設備訂單和整體海上支出。這些指標有助於了解臍帶纜、海底硬體和其他海底產品（如我們的旋轉閥）的預期需求時間，所有這些產品通常在採油樹授予後的 3 到 6 個月內訂購。

According to Rystad Energy, 42 deepwater FIDs are expected in 2026 compared to 37 in 2025 and increasing to approximately 75 in 2027.

據 Rystad Energy 稱，預計 2026 年將有 42 個深水最終投資決定 (FID)，而 2025 年為 37 個，2027 年將增加到約 75 個。

Subsea tree awards are forecasted to increase to approximately 300 awards in 2026 compared to 190 in 2025. Tree installations are expected to increase modestly to approximately 370 installations in 2026 compared to 343 in 2025.

預計到 2026 年，海底採油樹的授標數量將增加到約 300 個，而 2025 年為 190 個。預計到 2026 年，樹木栽種數量將略有增加，達到約 370 棵，而 2025 年為 343 棵。

Now I'll turn to our consolidated 2026 outlook.

現在我將談談我們對2026年的綜合展望。

Based on our current backlog, anticipated order intake, and market fundamentals, we project consolidated revenue in 2026 to grow in the low to mid-single-digit percentage range. Year over year, AdTech revenue will improve significantly. SSR and IMDS revenue improvement will largely offset anticipated declines in OPG and manufactured products.

根據我們目前的積壓訂單、預期訂單量和市場基本面，我們預計 2026 年合併收入將以個位數百分比的低到中等水準成長。廣告科技產業的收入將逐年顯著成長。SSR 和 IMDS 收入的改善將在很大程度上抵消 OPG 和製成品的預期下降。

Our current energy-related backlog includes a mix of multi-year contracts, including awards announced across multiple geographies and business segments, such as multi-year SSR contracts for ROV services in Angola and ROV and survey services in Brazil, and multi-year OPG contracts for inspection, maintenance and repair, or IMR, contract in Mauritania, and for riser light well intervention in the Caspian Sea.

我們目前與能源相關的積壓訂單包括多種多年期合同，其中包括在多個地區和業務部門宣布的授標合同，例如安哥拉的 ROV 服務多年期 SSR 合同、巴西的 ROV 和勘測服務多年期 SSR 合同，以及毛里塔尼亞的檢查、維護和維修 (IMR) 合同和里海的立管燈井幹預多年期 OPG 合同。

For the year, we anticipate generating $390 to $440 million of EBITDA with year to year improvements in all of our segments except for OPG. At the midpoint of this range, our 2026 EBITDA would represent a modest increase over our 2025 adjusted EBITDA. EBITDA margins are expected to improve in manufactured products and IMBS, remain stable in SSR and AdTech, and decrease in OPG.

今年，我們預計 EBITDA 將達到 3.9 億美元至 4.4 億美元，除 OPG 業務外，我們所有業務部門的業績都將逐年改善。依照該範圍的中點計算，我們 2026 年的 EBITDA 將比 2025 年調整後的 EBITDA 略有成長。預計製造業產品和IMBS的EBITDA利潤率將有所提高，SSR和AdTech的EBITDA利潤率將保持穩定，而OPG的EBITDA利潤率將有所下降。

We anticipate generating positive free cash flow of $100 million to $120 million. The year over year reduction in free cash flow primarily reflects the early receipt of approximately $37 million in customer payments in the fourth quarter of 2025 that were originally scheduled for the first quarter of 2026. At the midpoint of our EBITDA and free cash flow ranges, our cash conversion rate for 2025 and 2026 combined will be almost 40%. As has been the case over the last several years, we anticipate a substantial cash draw during the 1st quarter related to working capital changes associated with lower customer receipts, associated with early collections in 2025 that were scheduled for 2026, and the payment of performance-based incentive compensation.

我們預計將產生 1 億美元至 1.2 億美元的正自由現金流。自由現金流年減主要反映了在 2025 年第四季提前收到約 3,700 萬美元的客戶付款，這些款項原定於 2026 年第一季支付。依照我們 EBITDA 和自由現金流範圍的中點計算，我們 2025 年和 2026 年的現金轉換率總計將接近 40%。與過去幾年一樣，我們預計第一季將出現大量現金支出，這與客戶收入減少導致的營運資金變化有關，與 2025 年提前收回原定於 2026 年收回的款項有關，以及與支付績效激勵薪酬有關。

For 2026, we forecast our organic capital expenditures to total between $105 and $115 million with approximately 40% allocated to growth and 60% to maintenance. Compared to 2025, our energy focused capital expenditures are projected to be down 12%, while agtech spending is up to support recent contract awards.

預計到 2026 年，我們的有機資本支出總額將在 1.05 億美元至 1.15 億美元之間，其中約 40% 用於成長，60% 用於維護。與 2025 年相比，我們預計能源領域的資本支出將下降 12%，而農業科技領域的支出將增加，以支持最近授予的合約。

We forecast our 2026 interest expense net of interest income to be in the range of $21 to $26 million. We expect our cash 2026 tax payments to be in the range of $95 to $105 million.

我們預測 2026 年扣除利息收入後的淨利息支出將在 2,100 萬美元至 2,600 萬美元之間。我們預計 2026 年的現金稅款支付額將在 9,500 萬美元至 1.05 億美元之間。

Directionally in 2026 for our operations by segment, we expect continued improvements in SSR based on increased tooling volume, improved results from our survey business, and the full year benefit of pricing improvements achieved throughout 2025. Revenue growth is expected to be in the low to mid-single-digit percentage range, and EBITDA margins are expected to average in the mid-30% range for the full year.

從方向來看，2026 年我們各業務部門的營運將持續改善，基於工具產量的增加、測量業務績效的改善以及 2025 年價格改善帶來的全年效益，SSR 將持續改善。預計全年營收成長將處於個位數百分比的低至中等水平，EBITDA 利潤率預計全年平均在 30% 左右。

For ROVs, we project a service mix of approximately 65% drill support and 35% vessel services consistent with 2025. Our overall ROV fleet utilization is forecasted to be in the mid-60% range with higher activity levels during the second and 3rd quarters. We expect to sustain our ROV market share in the 55% to 60% range for drill support services. Average ROV revenue per day utilized in 2026 is expected to be relatively flat compared to our 2025 exit rate.

對於 ROV，我們預計到 2025 年，服務組合將大致為 65% 的鑽井支援和 35% 的船舶服務。我們預計整體 ROV 船隊利用率將達到 60% 左右，第二季和第三季活動水準將更高。我們預計在鑽井支援服務領域，我們的 ROV 市場份額將保持在 55% 至 60% 的範圍內。預計 2026 年 ROV 每日平均收入將與我們 2025 年的退出率相對穩定。

Survey results are expected to improve in 2026, supported by increased utilization of our Ocean Intervention 2 vessel, which we upgraded in 2025 to enable simultaneous autonomous survey operations. We have also deployed our Freedom Autonomous Underwater Vehicle or AUV on commercial operations in West Africa. We expect to deliver a second Freedom Vehicle to the Defense Innovation Unit in the first half of 2026.

預計 2026 年調查結果將有所改善，這得益於我們海洋幹預 2 號船的利用率提高，該船於 2025 年進行了升級，以實現同步自主調查作業。我們還在西非的商業運作中部署了我們的 Freedom 自主水下航行器（AUV）。我們預計將於 2026 年上半年向國防創新部門交付第二輛自由車輛。

Finally, as part of our fleet transition plan, we are pleased to announce that our newest electric class ROV, Momentum, is expected to be deployed on vessel support operations in the US Gulf later this year.

最後，作為我們船隊轉型計畫的一部分，我們很高興地宣布，我們最新的電動級 ROV「動量號」預計將於今年稍後在美國墨西哥灣部署，用於船舶支援作業。

For manufactured products, we expect meaningful improvements in operating income on slightly lower revenue driven by continued conversion of our existing umbilicals backlog, high absorption levels across our three umbilical plants, increased order activity in rotator, and cost reductions in our non-energy product lines. Operating income margin is expected to average in the mid-teens for the year.

對於製成品，我們預計在收入略有下降的情況下，營業收入將出現顯著改善，這主要得益於現有臍帶積壓訂單的持續轉化、我們三個臍帶工廠的高吸收率、旋轉器訂單活動的增加以及非能源產品線成本的降低。預計全年營業利益率平均約15%。

For OPG, revenue is expected to decrease, and operating income is expected to decrease significantly as projects shift toward traditional IMR work from installation and intervention work. We also project lower activity levels in the US Gulf and West Africa, partially offset by higher activity levels in Brazil, the Caspian and the Middle East.

對於 OPG 而言，隨著專案從安裝和介入工作轉向傳統的 IMR 工作，預計收入將下降，營業收入預計將大幅下降。我們也預期美國墨西哥灣沿岸地區和西非的活動水準將降低，但巴西、里海和中東地區的活動水準將有所提高，部分抵消了這一影響。

Overall for 2026, OPG operating income margins are expected to average in the mid-teens range for the year.

預計 2026 年 OPG 的全年營業利潤率平均將在 15% 左右。

IMDS operating income is forecasted to improve significantly on increased revenue with growth opportunities in digital and engineering services. Operating income margin is expected to improve to be in the mid-single-digit range for the year.

隨著數位和工程服務領域的成長機會，IMDS 的營業收入預計將大幅提高，收入也將隨之增加。預計全年營業利潤率將提高至個位數中段水準。

AdTech operating income is expected to improve on significantly higher revenue, with revenue and operating income growth in all three of our government-focused businesses. Operating income margins are expected to average in the low 10s for the year. Our growth expectations are underpinned by 2025 contract awards that span product development, maintenance, inspection, specialized technical services, and ongoing operations in complex maritime, space, and security environments.

由於收入大幅成長，廣告科技業務的營業收入預計將有所改善，我們所有三個以政府為中心的業務部門的收入和營業收入均將實現成長。預計全年營業利益率平均在 10% 左右。我們2025年獲得的合約涵蓋產品開發、維護、檢驗、專業技術服務以及在複雜的海事、太空和安全環境中的持續運營，這為我們的成長預期提供了支撐。

Supporting mission critical defense and space operations for 2026, we anticipate unallocated expenses to average approximately $50 million per quarter with increases associated with the wage inflation, IT costs, and foreign exchange impacts.

為了支持 2026 年的關鍵國防和太空行動，我們預計未分配支出平均每季約為 5,000 萬美元，並會因薪資上漲、IT 成本和外匯影響而增加。

Now I'll discuss our outlook for the first quarter of 2026 as compared to the first quarter of 2025.

現在我將討論我們對 2026 年第一季的展望，並與 2025 年第一季進行比較。

On a consolidated basis, we expect our consolidated revenue to decrease and even to be in the range of $80 to$90 million. This guidance range is driven by our expectation for lower activity levels in energy markets at the start of 2026, which we expect to improve as the year progresses. For SSR, we project revenue to increase slightly and operating income to decrease given the geographic mix of ROV activity. We anticipate the mix to be more favorable as we progress through the year.

從合併層面來看，我們預計合併收入將會下降，甚至可能在 8,000 萬至 9,000 萬美元之間。這項指引範圍是基於我們對 2026 年初能源市場活躍度較低的預期，我們預期隨著時間的推移，這項預期將會改善。對於SSR，鑑於ROV活動的地理分佈情況，我們預計收入將略有增長，而營業收入將有所下降。我們預計隨著時間的推移，這種組合會更加有利。

In manufactured products, we forecast operating income to increase significantly on slightly lower revenue due to continued backlog conversion and the absence of the inventory release that impacted our theme park ride business in the first quarter of 2025.

在製造業方面，我們預測，由於積壓訂單的持續轉化以及2025年第一季度影響我們主題公園遊樂設施業務的庫存釋放的取消，儘管收入略有下降，但營業收入仍將大幅增長。

We expect OPG revenue and operating income to decrease significantly on lower vessel utilization and changes in project mix in the US Gulf and lower international activity. We project IMDS revenue and operating income to be relatively flat. For AdTech, we expect significantly higher revenue and increased operating income on changes in Project Mix. We forecast unallocated expenses to be in the range of $50 million.

我們預計，由於船舶利用率降低、美國墨西哥灣項目組合變化以及國際業務活動減少，OPG 的收入和營業利潤將大幅下降。我們預期IMDS的營收和營業利潤將保持相對穩定。對於廣告科技產業而言，我們預期專案組合的變化將帶來更高的收入和營業利潤。我們預計未分配費用將在 5000 萬美元左右。

In closing, I want to thank our employees for their dedication throughout 2025. Through their efforts, we saw momentum in each of our segments that gives us increased visibility into the future, including strengthening contributions from AdTech, growing opportunities in digital and software services, and expanding opportunities in international projects. As we move into 2026, we remain focused on working safely and reliably, supporting our customers and creating value for our shareholders. We appreciate everyone's continued interest in Oceaneering and will now be happy to take any questions you may have.

最後，我要感謝我們的員工在 2025 年的奉獻精神。透過他們的努力，我們看到各個業務板塊都取得了進展，這讓我們對未來有了更清晰的認識，包括加強廣告技術方面的貢獻、增加數位和軟體服務方面的機會，以及擴大國際項目方面的機會。展望 2026 年，我們將繼續專注於安全可靠地開展工作，支持我們的客戶，並為我們的股東創造價值。我們感謝大家一直以來對 Oceaneering 的關注，現在我們很樂意回答大家可能提出的任何問題。

(Operator Instructions)

（操作說明）

Your first question comes from Keith Beckman with Pickering Energy Partners. Your line is open.

你的第一個問題來自 Pickering Energy Partners 的 Keith Beckman。您的線路已開通。

Thanks for taking my question. Good morning. I wanted to ask kind of around; I noticed you guys have talked about increased defense and government spending. That AdTech looks to be stronger throughout the year with some awards. What's kind of the typical lead time and process of government services, type of projects from the time that they're awarded to kind of whenever they would show up for you typically? Is there a rough timeline on that, or lead time?

謝謝您回答我的問題。早安.我想打聽一下；我注意到你們討論過增加國防和政府開支的問題。廣告科技產業似乎在今年表現強勁，並斬獲了一些獎項。政府服務和專案從中標到最終交付，通常需要多長時間和怎樣的流程？是否有大致的時間表或準備時間？

It's really hard. It varies quite a bit. I mean some things depending on like if there's services for existing products, they ramp up quickly, some of the things we're working on, new things, that starts with, like every other project starts with engineering studies and then you go to prototyping and all those kinds of things so, it's hard to call, and I would just to give you an idea, it's a mix right now so the things we've been talking about are a mix of the two.

真的很難。差別很大。我的意思是，有些事情取決於現有產品的服務情況，如果服務需求增加，它們就能迅速發展；而我們正在研究的一些新事物，就像其他所有項目一樣，都是從工程研究開始，然後進行原型製作等等。所以很難說，我只是想給你一個概念，目前的情況是兩者的混合，我們一直在討論的事情也是這兩種情況的混合。

No, it's very helpful. Makes sense. The other question that I had was around AdTech as well again, whenever you think about kind of the other segments in your business, how have those really helped supplement what AdTech does and kind of the growth we've seen in that segment? I think it's kind of like your knowledge around ROVs and maybe how that helps, but any color on that?

不，這很有幫助。有道理。我的另一個問題也與廣告技術有關，當你思考公司其他業務板塊時，這些板塊是如何真正幫助補充廣告技術業務，以及我們在該板塊看到的增長的？我覺得這有點像你對水下機器人（ROV）的了解程度，以及這種了解可能如何有所幫助，但你對此有什麼具體說明嗎？

No, I think you're right on and so we work in different places, right? So, one of them is more about just sort of those offshore operations, ROVs, vehicles, that kind of stuff. That's one of the groups that we talk about. The other one is our experience in maritime and working on things. We started with a lot of our welder expertise and the things we were doing offshore. So, in that case we do sub-safe work, so we're doing what we call, you'll hear us talk about submarine sustainment, and that's because we're doing a lot of the mechanical hull repair, sail repair, things like that when a submarine comes into dry dock for nuclear refueling.

不，我覺得你說得對，所以我們在不同的地方工作，對吧？所以，其中一本比較著重於海上作業、水下機器人、車輛之類的東西。這是我們討論的群體之一。另一個優點是我們在海事領域和相關工作方面的經驗。我們最初憑藉的是我們在焊接方面的大量專業知識以及我們在海上所做的工作。所以，在這種情況下，我們進行潛艇安全作業，也就是我們所說的潛艇維護，你會聽到我們談論潛艇維護，這是因為當潛艇進入乾船塢進行核燃料更換時，我們會進行大量的機械船體修理、帆修理等等工作。

So, we do a lot of that pressure vessel maintenance, and we're actually only ones that's actively doing that other than the submarine builders. So, that's a SubSafe certification they call it which is pretty unique. The third part is of course Oceaneering space system stuff we do everything from, the things that astronauts need to do in space, so creating tools, habitats, human interface, and not surprisingly that's about working in low gravity environments, like a diver does. So, our expertise with divers and tooling kind of translated into that business and then the other part. That came with that is suits and then finally thermal protection systems, which is sort of a shrouding that goes around the rocket's a fabric shrouding that's sacrificial. It burns up basically when the rocket rocket launches and and of course that business is pretty hot right now with both the return to space but also with the Golden Dome.

所以，我們做了很多壓力容器的維護工作，而且除了潛水艇製造商之外，實際上只有我們一家還在積極從事這項工作。所以，他們稱之為 SubSafe 認證，這相當獨特。第三部分當然是 Oceaneering 太空系統相關的內容，我們所做的一切，從太空人在太空中需要做的事情，到創造工具、棲息地、人機互動介面，毫不奇怪，這涉及到在低重力環境下工作，就像潛水員一樣。所以，我們在潛水員和工具方面的專業知識轉化到了這項業務以及其他方面。隨之而來的是防護服，最後是隔熱系統，這是一種環繞火箭的織物罩，可以犧牲。基本上，火箭發射時它就會燃燒殆盡。當然，隨著重返太空以及金頂計畫的推進，這項事業現在非常火爆。

Awesome. That was very helpful, and I appreciate you taking my questions. I'll turn it back. Thank you

驚人的。這對我幫助很大，感謝您解答我的問題。我會把它轉回去。謝謝

Your next question comes from Josh Jayne with Daniel Energy Partners. Your line is open.

下一個問題來自丹尼爾能源合作夥伴公司的喬許傑恩。您的線路已開通。

Good morning, Josh.

早安，喬希。

Good morning. Thanks for taking my questions. First one, I was just curious, could you talk about the future of IMDS and then also your, digital software offerings and how you could potentially expand them sort of outside of what you're doing with an energy?

早安.謝謝您回答我的問題。首先，我只是好奇，您能否談談IMDS的未來，以及您的數位軟體產品，還有您如何將它們擴展到您目前在能源領域之外的其他領域？

Those are kind of linked at the hip. It's it for us it's exciting because it's one of the first times we see sort of machine vision, machine learning and AI coming to play. So, we're going out to a rig and instead of just having people crawl all over and do spot checks with hammers and cameras and chipping paint and things looking at pressure vessels and. And primary containment on a on a surface on the on the surface side of the offshore platform, we actually are doing laser scanning. We will be able to take that laser scanning and build a 3D model of the rig and detect corrosion at a very precise level.

它們之間有著千絲萬縷的關係。對我們來說，這令人興奮，因為這是我們第一次看到機器視覺、機器學習和人工智慧發揮作用。所以，我們要去鑽井平台，而不是像以前那樣讓人們爬來爬去，用錘子、攝影機進行抽查，刮掉油漆，檢查壓力容器等等。對於海上平台水面一側的表面上的主要防護層，我們實際上正在進行雷射掃描。我們將能夠利用雷射掃描技術建立鑽井平台的 3D 模型，並非常精確地檢測腐蝕情況。

So, you detect that corrosion so you can be able to do a much. More comprehensive scan of the of the facility, but you can also quantify the corrosion and then start to predict, how long until failure, what are the parts we need to check more regularly, so it's a huge advantage to catching things early to being a lot more I would say precise with how you want to go out and do your inspections thereafter. The cool part and the thing we're really excited about, is while that really improves the top side inspection for our customers, we had some really successful tests about taking that underwater. So, we can inspect subsea infrastructure the same way with the laser scanning and the 3D model, we can be deploying that off an OPG vessel with an ROV and so we expect it we'll solve the customer's problem, but it'll also create demand for ROVs and vessels.

所以，透過檢測腐蝕，您可以採取很多措施。可以對設施進行更全面的掃描，還可以量化腐蝕情況，然後開始預測故障發生的時間，哪些部件需要更定期地檢查，因此，及早發現問題具有巨大的優勢，而且可以說，之後進行檢查的方式也會更加精確。最酷、最讓我們興奮的是，雖然這確實改善了我們客戶的地面檢查，但我們也成功地進行了水下檢查測試。因此，我們可以用雷射掃描和 3D 模型以相同的方式檢查海底基礎設施，我們可以將其部署在 OPG 船上，並配備 ROV，因此我們預計這將解決客戶的問題，同時也會創造對 ROV 和船舶的需求。

That's helpful, thanks. Just one more that I wanted to ask. I want to dig into M&A a little bit. I know it obviously hasn't been as much of a focus for you in the last couple of years but just given that we've seen some on the rig side recently announced some larger deals, and I would say the current administration is pretty favorable towards moving deals. So, has any of this changed your thoughts moving forward on M&A, or should we expect Oceaneering just to sort of, operate how they've been over the last couple of years and sort of sticking to your knitting with the focus on free cash flow generation and returning it to shareholders with your capital allocation? Thanks.

很有幫助，謝謝。我還想問最後一個問題。我想稍微深入研究一下併購方面的問題。我知道這顯然不是你過去幾年關注的重點，但鑑於我們最近看到鑽井平台方面宣布了一些更大的交易，而且我認為現任政府對促成交易相當有利。那麼，這些是否改變了您未來在併購方面的想法？或者我們應該預期 Oceaneering 繼續像過去幾年那樣運營，專注於自由現金流的產生，並透過資本配置將其返還給股東？謝謝。

I don't think it's going to change my mind on big industry consolidation, right. To try to go and put things together that if you squint really hard look like they might go together, just to create a bigger company, but I mean it does give us a little bit of confidence as we go forward. The GDI acquisition was something we love a bolt on of technology that gave us this laser scanning thing I just talked about. I think the more we can look at how do we move to what the oil field needs next or what the defense side needs next and picking up new technologies that are great bolt-ons that, either give us broader participation in the market or up our technology game, I think those are really attractive.

我不認為這會改變我對大型產業整合的看法，對吧。試著將一些乍看之下似乎可以結合的東西組合在一起，只是為了創建一個更大的公司，但我的意思是，這確實給了我們一些前進的信心。收購 GDI 就像是為我們帶來了一項附加技術，讓我們擁有了我剛才提到的雷射掃描技術。我認為，我們越是關注石油領域或國防領域下一步需要什麼，並引進能夠讓我們更廣泛地參與市場或提昇技術水平的新技術，就越有吸引力。

If it's easier to do, it'll also, along with the financial wherewithal we're building with a strong balance sheet, it may encourage us to move into slightly bigger things. Yeah, I was going to add the same thing. I think for sure the balance sheet strength and the growth in cash over the last several years, given the excellent work that's happened here just gives us an opportunity, more flexibility and opportunity to do more when the time is right.

如果更容易做到，再加上我們透過強勁的資產負債表累積的財務實力，也可能鼓勵我們涉足更大一些的領域。是的，我也正想補充這一點。我認為，鑑於過去幾年裡公司取得的出色成績，資產負債表的穩健性和現金的增長，無疑為我們提供了機會、更大的靈活性，讓我們在時機成熟時能夠做得更多。

Understood. Thanks for taking my questions. I'll turn it back. Hey.

明白了。謝謝您回答我的問題。我會把它轉回去。嘿。

Thanks, Josh.

謝謝你，喬希。

(Operator Instruction)

（操作說明）

Your next question comes from Brandon Carnivale with Half Moon Capital. Your line is open.

下一個問題來自 Half Moon Capital 的 Brandon Carnivale。您的線路已開通。

Congrats on our great friend.

恭喜我們這位好朋友。

So curious if you're seeing any traction on the autonomous forklift side after kind of like the big delivery I think you had kind of exiting last year.

我很好奇，在去年你們完成那次大型交付之後，你們在自動駕駛堆高機方面是否看到了任何進展。

There's, I would say there's a lot of interest, and different people are looking at, whether they want to use it for truck loading and unloading, which is a huge opportunity for us, and we've been working on improving the capabilities for doing that. But also wherever it's just operating in places where it's not as conducive to have a driver on the forklift. So, it's a lot of interest, I would say it's spread out over a lot of what was a get to know your kind of activities. Somebody who wants to pick up 2 or 3 and do a test I think one of the things we learned is that the adoption we're going to be really keen on are you ready to adopt, if it's a brownfield app application are the people ready for it is the is the location ready for it, to make sure that those adoptions are smooth. That the interest is high. I think we just got to see how fast these things pick up.

我認為大家對此很感興趣，不同的人都在關注，他們是否想用它來裝卸卡車，這對我們來說是一個巨大的機會，我們一直在努力提高它在這方面的能力。但凡是在不適合堆高機司機駕駛堆高機的地方作業，堆高機也同樣適用。所以，我覺得大家對它很有興趣，它涵蓋了許多互相了解的活動。如果有人想買兩三個來測試一下，我認為我們學到的一點是，我們非常關注的採用情況是：你是否準備好採用？如果這是一個棕地應用，人們是否準備好了？地點是否準備好了？以確保這些採用過程順利進行。這表明人們對此很感興趣。我覺得我們只需要看看這些事情發展得有多快。

So, but we're still encouraged and the list is long, so we'll keep knocking on the doors and keep answering those calls.

所以，我們仍然備受鼓舞，而且名單很長，所以我們會繼續敲門，繼續接聽電話。

Thanks guys. Great work.

謝謝各位。幹得好。

Thank you.

謝謝。

This concludes the question-and-answer session. I'll turn the call to Rod Larson for closing remarks.

問答環節到此結束。接下來我將把電話交給羅德·拉爾森，請他作總結發言。

Well, since there's no more questions, I'll just wrap up by thanking everybody for joining the call. This concludes our 4th quarter and full year 2025 conference call. Have a great day.

好了，既然沒有其他問題了，我就最後感謝大家參加這次電話會議。本次2025年第四季及全年電話會議到此結束。祝你有美好的一天。

(Operator Instruction)

（操作說明）