Oceaneering International Inc (OII) 2026 Q1 法說會逐字稿

Hello, welcome to Oceaneering's First-Quarter 2026 Earnings Conference Call.

您好，歡迎參加 Oceaneering 2026 年第一季財報電話會議。

My name is Sarah, and I will be your conference operator.

我叫 Sarah，將擔任本次會議的接線員。

(Operator Instructions)

（接線員指示）

With that, I will now turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations. Please go ahead.

接下來，我將把電話交給 Oceaneering 投資人關係資深總監 Hilary Frisbie。請開始。

Thanks, Sarah.

謝謝你，Sarah。

Good morning, and welcome to Oceaneering's First-Quarter 2026 Results Conference Call.

各位早安，歡迎參加 Oceaneering 2026 年第一季業績電話會議。

Today's call is being webcast, and a replay will be available on our website.

今天的電話會議將進行網路直播，並可於我們的網站收看重播。

With me today are Rod Larson, President and Chief Executive Officer and Mike Sumruld, Senior Vice President and Chief Financial Officer. Rod and Mike will provide our prepared remarks, and then we'll take your questions.

今天與我一同出席的有總裁暨執行長 Rod Larson，以及資深副總裁暨財務長 Mike Sumruld。Rod 與 Mike 將先發表準備好的談話內容，之後我們將回答各位的提問。

Before we begin, please note that statements made on this call about 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 1,995. Our remarks also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures are included in our first-quarter press release, which is available on our website.

在開始之前，請注意，本次電話會議中關於我們未來財務表現、業務策略、未來營運計畫及產業狀況的陳述，均屬於前瞻性陳述，並依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款作出。我們的談話亦包含非 GAAP 財務衡量指標。更多細節以及與最直接可比之 GAAP 財務衡量指標的調節，已載於我們第一季新聞稿，並可於本公司網站取得。

I'll now turn the call over to Rod.

現在我把電話交給 Rod。

Good morning, and thanks for joining the call today.

各位早安，感謝今天加入本次電話會議。

I'm pleased with our first-quarter results, which reinforce our confidence in the year ahead. We generated consolidated revenue and adjusted EBITDA consistent with our guidance and drove strong commercial momentum, capturing new awards and extensions across the portfolio. At the segment level, Aerospace and Defense Technologies or ADTech, posted significant year-over-year revenue growth as expected, indicating steady demand across our defense portfolio.

我對我們第一季的表現感到滿意，這也強化了我們對未來一年的信心。我們的合併營收與調整後 EBITDA 符合我們的指引，並推動了強勁的商務動能，在整體產品組合中取得新的得標與合約延展。在事業部層級，航太與國防科技（Aerospace and Defense Technologies，簡稱 ADTech）如預期般呈現顯著的年增營收成長，顯示我們國防產品組合的需求穩健。

Despite softer energy sector activity, Subsea Robotics or SSR and manufactured products both delivered year-over-year increases in revenue, demonstrating the resilience of our portfolio. Overall, this positions us well to deliver on our full-year guidance.

儘管能源產業活動較為疲弱，海底機器人（Subsea Robotics，簡稱 SSR）與製造產品兩項業務仍皆實現年增營收，展現我們產品組合的韌性。整體而言，這使我們具備良好條件以達成全年指引。

Importantly, we further solidified our outlook with a strong first-quarter order intake of approximately $1 billion, one of the healthiest intakes since 2020, which resulted in a constructive first-quarter book-to-bill ratio. SSR awards totaled approximately $300 million, including projects extending to 2031, which improves our visibility into utilization levels across the next several years.

更重要的是，我們以第一季約 10 億美元的強勁接單進一步鞏固展望，這是自 2020 年以來最健康的接單水準之一，並帶來具建設性的第一季接單出貨比（book-to-bill）比率。SSR 得標金額合計約 3 億美元，其中包含延伸至 2031 年的專案，提升了我們對未來數年各項資產使用率水準的能見度。

In addition, we secured multiple survey contracts for the Ocean Intervention II that will keep the vessel highly utilized for the next three quarters and showcase its range of capabilities, including simultaneous operations. ADTech added approximately $175 million in new contract awards, exercised options, and increases to existing contract values.

此外，我們為 Ocean Intervention II 取得多項測量（survey）合約，將使該船舶在未來三個季度維持高使用率，並展現其多元能力，包括同步作業。ADTech 新增約 1.75 億美元的新合約得標、選擇權行使，以及既有合約價值的增加。

We also progressed on the technology front. As we shared on our last earnings call, we formally introduced Momentum, our next-generation electric work-class ROV, which delivers improvements in supervised autonomy, endurance and reliability. We expect to mobilize it on one of our US Gulf vessels during the second quarter.

我們在技術面也持續推進。如同在上次財報電話會議中分享的，我們正式推出 Momentum——我們的新一代電動工作級 ROV，可在監督式自主能力、續航力與可靠性方面帶來提升。我們預期將於第二季在美國墨西哥灣的一艘船舶上進行部署。

We continue to develop our autonomous systems portfolio, including our Freedom platform. One commercial unit is currently operating in West Africa, and we are moving towards testing and customer demonstration of a specialized Freedom vehicle for the Defense Innovation Unit, or DIU, which reinforces our position as a provider of dual-use technology in the energy and growing defense markets.

我們持續發展自主系統產品組合，包括 Freedom 平台。目前有一套商用單位正在西非運作；同時，我們正朝向為國防創新單位（Defense Innovation Unit，簡稱 DIU）進行一款專用 Freedom 載具的測試與客戶展示邁進，這也強化了我們在能源市場與成長中的國防市場中，作為雙用途技術供應商的定位。

In ADTech, we delivered the U.S. Navy's submarine rescue diving and recompression system following a multi-year complex rebuild and recertification of this globally deployable mission-critical capability. Beyond our subsea markets, I am very proud of the support we provided to NASA's Artemis program and the safety of its astronauts, applying decades of deep-sea harsh environment experience to the unique demands of space.

在 ADTech 方面，我們在歷經多年、複雜的重建與重新認證後，已交付美國海軍的潛艦救援潛水與再壓艙系統，這是一項可全球部署、任務關鍵的能力。除海底市場之外，我也非常自豪我們對 NASA 阿提米絲（Artemis）計畫及太空人安全所提供的支援，將數十年深海嚴苛環境經驗應用於太空的獨特需求。

The successful launch and return of Artemis II showcase this work, incorporating our advanced products and technologies. We value NASA's trust in us. Alongside these milestones, we are always navigating an evolving geopolitical environment. Let me address the impact of Middle East conflict on Oceaneering before Mike gets into our detailed financial results.

Artemis II 的成功發射與返航展現了這項成果，並納入我們的先進產品與技術。我們珍視 NASA 對我們的信任。與這些里程碑並行，我們也持續因應不斷演變的地緣政治環境。在 Mike 進入詳細財務結果之前，讓我先說明中東衝突對 Oceaneering 的影響。

First and foremost, the safety of Oceaneers is our top priority and all in the region are accounted for and safe. We have enacted established protocols, are in frequent contact with our teams in the region, and are taking necessary precautions to safeguard our people and property. Operationally, we've experienced intermittent disruption during this period, though the consolidated financial impact has thus far been modest.

首先也是最重要的，Oceaneering 員工的安全是我們的首要任務；目前在該地區的所有人員均已確認並安全無虞。我們已啟動既定的應變流程，並與當地團隊保持密切聯繫，採取必要預防措施以保護人員與資產。營運方面，這段期間我們經歷間歇性干擾，但截至目前合併財務影響仍屬有限。

Integrity Management and Digital Solutions or IMDS, has the greatest exposure in the region and has therefore been the most effective. We are coordinating closely with our customers and partners to manage these impacts and are monitoring conditions.

完整性管理與數位解決方案（Integrity Management and Digital Solutions，簡稱 IMDS）在該地區曝險最高，因此也受到的影響最為顯著。我們正與客戶及合作夥伴密切協調以管理相關影響，並持續監控情勢。

So with that context, I'll turn the call over to Mike to summarize our first quarter results, and then I'll be back to provide our outlook for the second quarter and full year of 2026.

在此背景之下，我將把電話交給 Mike，請他總結我們第一季的業績；之後我會再回來提供我們對 2026 年第二季與全年展望。

Mike?

Mike？

Thanks, Rod, and good morning.

謝謝你，Rod，各位早安。

Let me share our first quarter 2026 consolidated financial results. Overall, results were in line with the guidance we provided last quarter. As expected, we saw lower activity in our energy portfolio and significant improvement for ADTech.

我先分享我們 2026 年第一季合併財務結果。整體而言，結果符合我們上季提供的指引。如預期，我們在能源產品組合的活動量較低，而 ADTech 則有顯著改善。

Compared to the first quarter of 2025, revenue was $692 million, representing a 3% improvement with year-over-year revenue increases in SSR, manufactured products and ADTech. Operating income was $57.8 million, down 21%. Net income was $36 million or $0.36 per share, down 28% and adjusted EBITDA was $83.7 million, down 13%. The consolidated year-over-year comparisons are materially impacted by the record first quarter that our Offshore Project Group or OPG delivered last year.

與 2025 年第一季相比，營收為 6.92 億美元，年增 3%，其中 SSR、製造產品與 ADTech 的營收皆呈年增。營業利益為 5,780 萬美元，年減 21%。淨利為 3,600 萬美元，或每股 0.36 美元，年減 28%；調整後 EBITDA 為 8,370 萬美元，年減 13%。合併層級的年對年比較受到去年離岸專案事業群（Offshore Project Group，簡稱 OPG）創紀錄第一季表現的顯著影響。

Turning to our cash flow and liquidity, we utilized $59.1 million of cash for operating activities, largely for payment of performance-based incentive compensation and increased customer receivables. We invested $17.4 million in organic capital expenditures with approximately 54% allocated to growth and 46% allocated to maintenance. This resulted in negative free cash flow of $76.5 million, an improvement of $30 million compared to the first quarter of 2025.

接著談現金流與流動性，我們在營運活動中使用了 5,910 萬美元現金，主要用於支付績效型獎酬，以及客戶應收款增加。我們投入 1,740 萬美元於有機資本支出，其中約 54% 用於成長、46% 用於維護。因此自由現金流為負 7,650 萬美元，較 2025 年第一季改善 3,000 萬美元。

We ended the quarter with a cash balance of $607 million and $215 million available under our secured revolving credit facility, resulting in total liquidity of $822 million. Since we're discussing liquidity, let me address our share repurchase activity. We remain committed to an opportunistic and disciplined approach.

本季末現金餘額為 6.07 億美元，且在我們的擔保循環信用額度下尚有 2.15 億美元可用，使總流動性達 8.22 億美元。既然談到流動性，我也說明一下我們的庫藏股回購活動。我們仍致力於採取機會性且嚴謹的方式。

Given the heightened market volatility tied to the Middle East conflict and the resulting swings in our share price, we chose not to repurchase shares in the first quarter. We will evaluate share repurchases as the year progresses, as returning capital to our shareholders continues to be an important component of our capital deployment strategy.

鑑於與中東衝突相關的市場波動加劇，以及由此造成的股價起伏，我們選擇在第一季不進行股票回購。隨著年度推進，我們將評估回購時機；因為將資本回饋給股東仍是我們資本配置策略的重要組成。

Now let's look at our business operations by segment for the first quarter of 2026 as compared to the first quarter of 2025. SSR operating income of $55.5 million was down 7% on higher revenue.

現在讓我們按事業部來看 2026 年第一季相較於 2025 年第一季的營運表現。SSR 的營業利益為 5,550 萬美元，儘管營收較高，仍年減 7%。

Average ROV revenue per day utilized increased from $10,788 to $12,401, driven by improved pricing and discrete first-quarter items that boosted ROV revenue and are not expected to repeat. Specifically, we mobilized ROV systems for upcoming projects, which contributed revenue without associated ROV days utilized. We also completed a discrete cost reimbursement scope of work that contributed revenue with minimal margin.

每個已使用日的平均 ROV 收入由 10,788 美元增加至 12,401 美元，主要受惠於定價改善，以及第一季若干一次性項目推升 ROV 收入且預期不會重複發生。具體而言，我們為即將到來的專案動員 ROV 系統，因而在未產生相對應 ROV 已使用日的情況下貢獻收入。我們亦完成一項一次性的成本補償工作範圍，該項目在毛利極低的情況下貢獻了收入。

Looking ahead, we expect full-year 2026 average ROV revenue per day utilized to exceed 2025, but we do not expect to maintain the first quarter rate. SSR EBITDA margin declined to 32%, driven primarily by lower ROV utilization, which decreased to 61% as activity softened in both drill support and vessel services. We also saw our geographic mix shift somewhat to lower profitability regions as expected.

展望未來，我們預期 2026 全年每個已使用日的平均 ROV 收入將高於 2025，但不預期能維持第一季的水準。SSR EBITDA 利潤率下滑至 32%，主要因 ROV 使用率較低所致；隨著鑽井支援與船舶服務兩端活動轉弱，使用率降至 61%。此外，如預期般，我們的地理區域組合亦略為轉向獲利較低的地區。

We incurred costs to prepare the Ocean Intervention II for operations. And continue to invest in the Freedom vehicle ahead of upcoming defense customer trials. We expect SSR margins to rebound in the second quarter as utilization increases in ROV and surveying. For the quarter, the revenue split between ROV. Business and our combined tooling and survey businesses as a percentage of our total SSR revenue was unchanged from the first quarter of 2025 at 79% and 21%, respectively.

我們為 Ocean Intervention II 的營運準備而發生相關成本，並持續在即將到來的國防客戶測試前投資 Freedom 載具。我們預期 SSR 利潤率將於第二季隨著 ROV 與測量使用率提升而回升。本季 ROV 業務與我們合併之工具與測量業務占 SSR 總收入的比重，與 2025 年第一季相同，分別為 79% 與 21%。

ROV days utilized in favor of drill support was 67%, while vessel-based services were 33%, compared to 62% and 38%, respectively, in the first quarter of 2025. As of March 31, 2026, we had ROV contracts on 83 of the 143 floating rigs under contract or 58% market share. We maintained our fleet count of 250 ROV systems.

ROV 已使用日中，用於鑽井支援的占比為 67%，船舶型服務為 33%；相較之下，2025 年第一季分別為 62% 與 38%。截至 2026 年 3 月 31 日，我們在已簽約的 143 座浮式鑽井平台中，有 83 座簽有 ROV 合約，市占率為 58%。我們維持 250 套 ROV 系統的機隊規模不變。

Turning to manufactured products, revenue increased 6%. Operating income was $26.1 million or 18% of revenue, which is up 37%, excluding the $10.4 million theme park ride inventory reserve taken in the first quarter of 2025.

轉向製造產品業務，收入成長 6%。營業利益為 2,610 萬美元，占收入 18%；若排除 2025 年第一季提列的 1,040 萬美元主題樂園遊樂設施存貨備抵，營業利益年增 37%。

Revenue results benefited from the receipt of steel tubes, but at no margin, while operating income improved on continued execution of higher margin backlog and strong performance from our rotator valves business. Our backlog was $492 million on March 31, 2026, down $51 million from the first quarter of 2025.

收入表現受惠於鋼管到貨入帳，但該部分不具毛利；同時，營業利益因持續執行較高毛利的在手訂單，以及我們旋轉閥（rotator valves）業務的強勁表現而改善。截至 2026 年 3 月 31 日，我們在手訂單為 4.92 億美元，較 2025 年第一季減少 5,100 萬美元。

Our book-to-bill ratio of [0.91] was similar to the same period last year. We've seen backlog decline over the past two quarters, largely due to the timing of awards. While this segment is a lumpy, project-based business where backlog can change meaningfully from quarter-to-quarter, we have not seen a change in underlying demand.

我們的接單出貨比（book-to-bill）為 [0.91]，與去年同期相近。過去兩個季度在手訂單下滑，主要與得標時點有關。雖然此分部屬於波動較大的專案型業務，在手訂單可能季與季之間出現顯著變動，但我們未見基礎需求出現改變。

Our sales pipeline is healthy with a robust level of tendering activity and substantial opportunity value, and we expect to rebuild backlog in the coming quarters as projects move to award. OPG's results decreased as activity returned to more typical seasonal levels compared to a record first quarter last year, which included higher vessel utilization and a better service mix in the U.S. Gulf and international locations.

我們的銷售管線維持健康，投標活動水準強勁且機會價值可觀；隨著專案進入授標階段，我們預期未來幾季將重建在手訂單。OPG 的表現下滑，因活動量回到較典型的季節性水準；相較之下，去年第一季創下紀錄，包含較高的船舶使用率，以及在美國墨西哥灣與國際地點更佳的服務組合。

Revenue was $135 million and operating income was $18 million, resulting in a 14% margin. Favorable project mix partially offset the lower activity, supported by installation work and continued execution on an international intervention project. IMDS's revenue, operating income and margin decreased due to lower activity in West Africa and Australia, the latter of which was the result of our decision to exit a low-margin contract.

收入為 1.35 億美元，營業利益為 1,800 萬美元，利潤率為 14%。在較低活動量下，有利的專案組合部分抵銷影響，並受安裝工程與持續執行一項國際介入（intervention）專案所支撐。IMDS 的收入、營業利益與利潤率下滑，原因為西非與澳洲活動量降低；其中澳洲的下滑係因我們決定退出一項低毛利合約。

We entered 2026 expecting growth in the Middle East based on several recent contract awards and initially realized some of these benefits as the year started. However, the Middle East conflict and associated activity decline led to regional results that were essentially flat compared to the first quarter last year. ADTech revenue increased to $131 million, reflecting higher volumes in our Oceaneering Technologies or OTECH and Marine Services Division or MSD business lines.

我們在進入 2026 年時，基於近期數項合約得標而預期中東將成長，且在年初確實初步實現部分效益。然而，中東衝突及相關活動下滑，使該區域表現與去年第一季相比基本持平。ADTech 收入增加至 1.31 億美元，反映 Oceaneering Technologies（OTECH）與 Marine Services Division（MSD）兩條業務線的出貨量提升。

In OTEC, growth was primarily tied to the large contract awarded in 2025, which is progressing on schedule. MSD results improved due to increased volume in submarine maintenance and repair work and an increase in dry deck shelter overhauls. Operating income and margin decreased primarily due to a net $5.5 million accrual related to the expected resolution of a previously disclosed contract dispute.

在 OTECH，成長主要來自 2025 年取得的大型合約，目前按進度推進。MSD 的表現改善，係因潛艦維護與修理工作量增加，以及乾甲板庇護艙（dry deck shelter）大修量提升。營業利益與利潤率下滑，主要因就先前已揭露的合約爭議預期解決而淨提列 550 萬美元應計費用。

While the agreement remains subject to final approval, we expect that it will resolve the matter, reduce uncertainty, and enable the team to focus on program execution and continued customer support. We anticipate settling our obligation over the life of the associated multi-year contract. Our unallocated expenses of $49.3 million were consistent with our expectations for the quarter and increased year-over-year due to a combination of wage inflation, foreign exchange impacts, and increased IT costs.

雖然該協議仍須取得最終核准，我們預期其將解決此事項、降低不確定性，並使團隊能專注於計畫執行與持續的客戶支援。我們預計在相關多年期合約期間內履行並結清我們的義務。本季未分攤費用為 4,930 萬美元，符合我們對本季的預期；年增主要由薪資通膨、匯率影響及 IT 成本增加等因素共同造成。

Let me turn the call back to Rod to discuss our outlook for the second quarter of 2026.

接下來我把電話交回 Rod，請他說明我們對 2026 年第二季的展望。

Thanks, Mike.

謝謝，Mike。

We expect to build on our first quarter results with sequential improvement. The quarter is shaping up as planned to support our guidance, even though we expected our consolidated results to be down year-over-year. On a consolidated basis, we expect our revenue to increase and EBITDA to be in the range of $100 million to $110 million.

我們預期在第一季成果基礎上，逐季改善。本季進展如計畫般支持我們的指引，儘管我們原先預期合併結果將較去年同期下滑。以合併基礎而言，我們預期收入將增加，EBITDA 將落在 1 億至 1.1 億美元區間。

Comparing our second quarter 2026 to 2025 by segment, for SSR, we expect increased revenue and flat operating income due to changes in geographic mix and increased survey activity. As previously communicated, we anticipate an improving geographic mix and higher utilization in the second-half of 2026.

以分部比較 2026 年第二季與 2025 年，對 SSR 而言，我們預期收入增加、營業利益持平，原因為地理區域組合變化及測量活動增加。如先前所溝通，我們預期 2026 年下半年地理區域組合將改善且使用率將提高。

For manufactured products, we expect revenue and operating income to both increase by a mid-single-digit percentage. For OPG, we expect flat revenue and decreased operating income with modestly lower vessel utilization in the U.S. And West Africa and a project mix shift to lower-margin inspection, maintenance, and repair or IMR work.

對製造產品而言，我們預期收入與營業利益皆以中個位數百分比成長。對 OPG 而言，我們預期收入持平、營業利益下降，原因為美國與西非船舶使用率略降，以及專案組合轉向毛利較低的檢測、維護與修理（inspection, maintenance, and repair，IMR）工作。

For IMDS, we expect revenue and operating income to decrease due to lower activity in West Africa and Australia. Middle East activity remains uncertain and will depend on how regional conditions evolve. For ADTech, we expect significantly higher revenue and higher operating income. We project unallocated expenses to be approximately $50 million. As wage inflation, foreign exchange impacts and increased IT costs are expected to persist.

對 IMDS 而言，我們預期收入與營業利益將因西非與澳洲活動量降低而下滑。中東活動仍具不確定性，將取決於區域情勢如何演變。對 ADTech 而言，我們預期收入顯著提高且營業利益增加。我們預估未分攤費用約為 5,000 萬美元，因薪資通膨、匯率影響與 IT 成本增加預期將持續。

Returning to our 2026 outlook, our full-year plan is progressing as expected despite the uncertainty in the Middle East. We anticipate an acceleration in energy market activity in the second-half of the year with the potential to add incremental work in our OpEx-oriented work streams earlier. Against that backdrop, we are reaffirming our consolidated guidance ranges of low to mid-single-digit revenue and EBITDA of $390 million to $440 million.

回到我們對 2026 年的展望，儘管中東存在不確定性，我們的全年計畫仍如預期推進。我們預期今年下半年能源市場活動將加速，並有機會在較早時間於以營運支出（OpEx）為導向的工作流中增加增量工作。在此背景下，我們重申合併指引區間：收入為低至中個位數成長，EBITDA 為 3.90 億至 4.40 億美元。

Comparing our full year 2026 to 2025 by operating segment. For SSR, we continue to forecast low to mid-single-digit percentage revenue growth. Average ROE revenue per day utilized is expected to increase slightly compared to our 2025 average. We anticipate that our ROE fleet utilization will be in the mid-60% range with higher activity levels during the second and third quarters, that we will maintain our drill support market share in the 55% to 60% range.

以營運分部比較 2026 全年與 2025 年。對 SSR 而言，我們仍預測收入將以低至中個位數百分比成長。每個已使用日的平均 ROE 收入預期將較 2025 年平均值小幅增加。我們預期 ROE 機隊使用率將落在 60% 中段區間，且第二、第三季活動水準較高；並將維持鑽井支援市占率在 55% 至 60% 的區間。

Tooling and survey results are expected to increase with improved utilization of the Ocean Intervention II based on recent contract wins. For the year, SSR EBITDA margins are forecasted to be in the mid-30% range. For manufactured products, we expect higher operating income on slightly lower revenue with operating income margins to range in the mid-teens. We expect high absorption in our umbilicals plants and a strong year from Rotator Products, which recently won its largest-ever contract. Based on our current sales funnel, which indicates that backlog will build in the second and third quarters, we forecast the book-to-bill ratio will be in the range of [0.9 to 1.0] for the full year.

隨著近期合約得標、Ocean Intervention II 的利用率提升，預期工具（Tooling）與測量（Survey）成果將增加。就全年而言，SSR 的 EBITDA 利潤率預估落在 30% 中段。就製造產品而言，我們預期在營收略降的情況下，營業利益將提高，營業利益率預計落在 10% 中段。我們預期臍帶纜（umbilicals）工廠將維持高吸收率，且 Rotator Products 將迎來強勁的一年；該業務近期贏得其史上最大合約。根據我們目前的銷售漏斗（sales funnel），顯示積壓訂單（backlog）將於第二與第三季增加，我們預估全年接單/出貨比（book-to-bill ratio）將落在 [0.9 到 1.0] 的區間。

For OPG, we expect low revenue and significantly lower operating income with margins to range in the mid-teens. This reflects our forecast for lower margin IMR work in the U.S. Gulf and lower activity in West Africa, which we expect will be partially offset by ongoing intervention work in the Caspian and an upcoming installation project in North Africa.

就 OPG 而言，我們預期營收偏低且營業利益將顯著下降，利潤率預計落在 10% 中段。這反映我們對美國墨西哥灣（U.S. Gulf）較低毛利的 IMR 工作之預測，以及西非活動量下降；我們預期這將部分被里海（Caspian）持續的介入作業，以及北非即將展開的安裝專案所抵銷。

For IMDS, despite the recent drop in Middle East activity, we continue to forecast revenue growth, supported by demand for our digital and engineering services. Operating income is still expected to increase, but by less than we previously anticipated, with margins in the mid-single-digit range.

就 IMDS 而言，儘管中東活動近期下滑，我們仍持續預測營收成長，並由對我們數位與工程服務的需求所支撐。營業利益仍預期增加，但增幅將低於我們先前的預期，利潤率落在個位數中段。

For ADTech, operating income is expected to increase on significantly higher revenue, with margins in the low 10s. Demand for our OTECH and MSD services should increase, and recent government actions have provided funding consistency across our larger programs, giving us increased confidence in our outlook for 2026 and beyond.

就 ADTech 而言，預期在營收顯著提高的帶動下，營業利益將增加，利潤率落在 10% 出頭。對我們 OTECH 與 MSD 服務的需求應會增加，而近期政府作為已為我們較大型的計畫提供資金一致性，使我們對 2026 年及其後的展望更具信心。

In summary, while conditions remain fluid, our expectations for the second quarter and full year of 2026 are unchanged. We are confident in our ability to deliver, supported by our first quarter order intake and our sales funnel for the rest of the year, the visibility provided by our consolidated backlog, the breadth of the geographies and end markets we serve, the flexibility provided by our healthy balance sheet, and the commitment of Oceaneers worldwide.

總結而言，儘管情勢仍在變動，我們對 2026 年第二季與全年之預期維持不變。我們對交付能力充滿信心，並受以下因素支持：第一季的接單量與今年其餘期間的銷售漏斗、合併後積壓訂單所提供的能見度、我們服務的地理區域與終端市場之廣度、健全資產負債表所帶來的彈性，以及全球 Oceaneers 的投入承諾。

We appreciate everyone's continued interest in ocean hearing, and we'll now be happy to take your questions.

感謝各位持續關注海洋聽覺（ocean hearing），接下來我們很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Eddie Kim, Barclays.

Eddie Kim，Barclays。

The SSR awards of $300 million you booked in the quarter was a big number. Just curious how much of it was secured before or after the Iran conflict. And just broadly, has the Iran conflict and the resulting increase in oil prices we've seen, has that sort of increased customer inbounds for more ROVs and even other parts of your business?

本季你們入帳的 SSR 訂單金額 3 億美元相當可觀。我想了解其中有多少是在伊朗衝突之前或之後取得的。更廣泛地說，伊朗衝突以及我們看到的油價上漲，是否讓客戶對更多 ROV 以及你們其他業務的詢問（inbounds）有所增加？

I'd characterize it this way, Eddie. I think you'd be hard-pressed to try to see an inflection point or anything in the orders. I think everything was kind of underway anyway, so not a big thing. I will call out this, though. One of the things that's interesting about the orders is that when you think about is this a near-term or long-term effect on oil prices, we had an increase in longer-term contracts. So we averaged above one year for the contracts that were awarded, and we had some. Out to five years, so I think the longer-term says that there's more than just a blip going on here.

Eddie，我會這樣形容。我認為很難在訂單上看出拐點或類似的變化；我覺得一切本來就已在推進中，所以影響不大。不過我想特別指出一點：這些訂單有趣之處在於，當你思考油價影響是短期還是長期時，我們看到較長期合約的增加。此次獲授予的合約平均期限超過一年，且有一些長達五年；因此，較長期的特徵顯示這裡發生的不只是短暫波動。

Got it, and it just you're sticking on SSR, your ROV's full-year utilization, you maintained at sort of the mid-60s, even though first quarter was a little bit low at 61%. Obviously, you expect utilization to increase the remainder of the year. What gives you that confidence? Is it just more rigs, offshore rigs going to work in the back part of the year or something else?

了解。另外回到 SSR，你們維持 ROV 全年利用率在 60% 中段的假設，儘管第一季略低、為 61%。顯然你們預期今年剩餘期間利用率會提升。你們的信心來源是什麼？只是因為下半年會有更多海上鑽機（offshore rigs）開工，還是有其他因素？

Yeah, yes, and definitely the back half helps, but also just, I mean, the biggest part is the seasonality, right, we do get busier on vessels, especially in the second and third quarter, so we've got that going on plus some of these contracts that I just talked about will pick up in the fourth quarter, so we'll have some mobilizations in there as well.

是的，下半年確實有幫助，但另外最大的因素就是季節性，對吧？我們在船舶作業上通常在第二、第三季會更忙，所以這是其一；再加上我剛提到的一些合約會在第四季開始放量，因此也會有一些動員（mobilizations）納入其中。

Understood.

明白。

And if I could just squeeze one more in, if I could, the ad tech contract dispute impact in the first quarter, it seems like on EBITDA maybe it was a [couple of million dollars], and then how much would you say is the Iran war impact? Is that another couple million? And is that going to linger into second quarter, which I assume is embedded in your second quarter guide? But just curious on both of them.

如果我可以再塞一個問題：第一季 ADTech 合約爭議的影響，看起來在 EBITDA 上大概是[幾百萬美元]；那伊朗戰爭的影響大概是多少？也是再幾百萬嗎？而且這會延續到第二季嗎？我猜這已經反映在你們第二季指引裡了，但想請教這兩項的影響。

Yeah, Eddie, I don't think Iran affected the results on that. What I would say is, I think it did help us clear up the funding. We mentioned that we got the funding came through and people backed and made sure that the programs continue. It was more about just making sure the funding was in place than it was about any. Activity directly related to Iran.

Eddie，我不認為伊朗對那部分結果有影響。我會說的是，我認為它確實幫助我們釐清了資金到位的問題。我們提到資金已經到位，相關單位也回頭確認並確保計畫能持續。這更多是確保資金已就緒，而不是任何與伊朗直接相關的活動。

Yeah, and the overall impact on our EBITDA was a net $5.5 million, just when you're building out your model versus two?

是的，而對我們 EBITDA 的整體影響淨額為 550 萬美元；也就是說，當你在建立模型時，相較於 2（百萬）？

Keith Beckmann, Pickering Energy Partners.

Keith Beckmann，Pickering Energy Partners。

I just kind of I wanted to dig into the ROV pricing discussion a little bit more. Obviously, it looks, it was up in 1Q pretty significantly. You guys talked about some items that may not be repeatable. Is the 4Q25 exit rate on revenue kind of the right way to think about things going forward, given some of the earlier impacts that you guys had mentioned or just anything on pricing on that front?

我想再深入了解一下 ROV 定價的討論。很明顯，第一季看起來上升相當顯著。你們提到有些項目可能無法重複。以 4Q25 的營收退出水準（exit rate）來看，是否是思考未來走勢的正確方式，考量到你們先前提到的一些早期影響？或是就定價方面還有其他補充？

Yeah, I think revenue per day, yes, it is. I mean, we're still expecting to average higher year-over-year. So I think it's still a good starting point. Like we said, there were some one-offs that topped up revenue but didn't have much of an effect on EBITDA. Some of those things fall back, and then we kind of go back to a more normal continuous improvement of the day rate.

是的，我認為以每日營收（revenue per day）來看，確實如此。我的意思是，我們仍預期全年平均值將年增，所以我認為那仍是個不錯的起點。正如我們所說，有一些一次性因素推高了營收，但對 EBITDA 影響不大。那些因素回落後，我們就會回到較正常、持續改善日費率（day rate）的狀態。

Awesome. That's really helpful.

太好了，這很有幫助。

And then the second question I wanted to ask was just around, you guys have brought up this, I think, a few times before, but I just wanted to get a sense of, kind of talk about lower profitability depending on working in certain regions. Can you kind of outline maybe higher profitability versus lower profitability regions a little bit for me?

第二個問題是，你們之前也提過幾次，我想更了解：在某些地區作業會導致較低獲利能力。你能否大致說明一下哪些地區獲利較高、哪些較低？

Yeah, sure, and what we've referenced before in the Q4 call and here is the geographic mix for SSR. And typically, what we see, although not bad and we've seen improvement over the last year.

可以，當然。我們先前在第四季電話會議以及這次提到的，是 SSR 的地理組合（geographic mix）。一般而言，我們看到的情況是——雖然不算差，而且過去一年也有改善——

The margins in the North Sea and Brazil tend to trail the Gulf of America or Gulf of Mexico, your choice, and West Africa, and we just see that mix shift toward those lower margin locations in the first part of this year, I think we're seeing that come to fruition. But do, based on line of sight, think that that shift is going to move back towards really Gulf of America as we move into the latter part of the year?

北海與巴西的利潤率通常會落後於美洲灣（Gulf of America）或墨西哥灣（Gulf of Mexico，隨你怎麼稱呼）以及西非；而我們看到今年前段的組合轉向那些較低利潤率的地點，我認為我們正看到這點逐步反映出來。不過，基於目前的可視性（line of sight），我們認為隨著今年進入後段，這種轉移將會回到更偏向美洲灣（Gulf of America）。

And then the second thing to watch is just the mix of work, because the IMR work tends to be less differentiated, which means it's not as high margin as, say, the well remediation type work, the light well intervention or construction. So those are the things. As we get more of that work, we start to see the margins go up.

然後第二個需要關注的就是工作組合，因為 IMR 的工作通常差異化較低，這表示它的毛利率不像例如井修復類型的工作、輕型井介入或建造那麼高。所以這些就是重點。隨著我們承接更多那類工作，我們開始看到毛利率上升。

Honestly see with everything going on to hope, but I think it's a possibility that you might see more of that intervention work.

坦白說，在目前這麼多事情發生的情況下只能抱持希望，但我認為你們有可能會看到更多那種介入工作。

Awesome. That's really helpful. I appreciate it. If I could slide 1 more if you guys don't mind. I wanted to ask around the, you guys have brought up, no share repurchase activity this quarter. Is there a chance that there could be a change of how you guys are thinking about deploying capital, given maybe energy security risks create opportunities that could be there, maybe not in the immediate term. But I'm just trying to get thoughts on capital deployment, maybe, if CapEx and returns there could be a better way to utilize capital. Just your thoughts on that right now, given we're in a much different situation than we were to start the year?

太棒了。這真的很有幫助，謝謝。如果你們不介意，我想再追問一個問題。你們提到本季沒有進行庫藏股回購。考量到能源安全風險可能帶來一些機會（也許不是短期內），你們在資本配置的思考上是否可能有所改變？我想了解你們對資本部署的看法，也許在資本支出（CapEx）與回報方面，是否有更好的資本運用方式。鑑於我們現在的情勢與年初相比已大不相同，你們目前怎麼看？

You're thinking about it the right way. I mean, we definitely -- we've always said organic growth, potentially inorganic growth that we think is really good, and then return to shareholders. And so as those things become more attractive, you see -- one of the things I would tell you is, as we do this work with ad tech, we're prime on projects now. We're starting to see people that we work with that we think we look really good as potentially being part of Oceaneering. Those things -- the more work we do, the more we see those opportunities. So, yes. If we have an opportunity to deploy capital that way, we would definitely redirect.

你的思考方向是對的。我們確實——我們一直都說，優先是有機成長，其次是我們認為非常好的潛在非有機成長，然後是回饋股東。因此，當這些選項變得更具吸引力時，你會看到——我想告訴你的一點是，隨著我們在廣告技術（ad tech）方面做這些工作，我們現在在專案上是 prime（主承包）了。我們開始看到一些與我們合作的對象，我們認為我們看起來非常不錯，可能會成為 Oceaneering 的一部分。這些事情——我們做得越多，就越能看到那些機會。所以，是的。如果我們有機會以那種方式部署資本，我們一定會重新調整方向。

Yeah, and I think it's fair to say that we feel like we've got the capital necessary to return some to the shareholders. We just need to be cautious about when we're choosing to do so and find those opportunistic moments. And it was just such a challenge in the first quarter, Keith, to do that. It was just swinging too much either direction, in our opinion.

是的，我想可以公平地說，我們覺得我們有足夠的資本可以回饋一部分給股東。我們只是需要謹慎選擇時點，並抓住那些機會性的時刻。第一季要做到這點真的非常困難，Keith，因為在我們看來，波動在兩個方向都擺盪得太劇烈了。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

First question for me, it sounds like you're anticipating some incremental spending on OpEx items later in '26 and into '27. Maybe just some incremental color will be great and just maybe weave in some of the sense of urgency from customers just given what's happened over the last eight weeks.

我的第一個問題是，聽起來你們預期在 2026 年稍晚以及進入 2027 年，會在營業費用（OpEx）項目上有一些增量支出。能否再多提供一些細節？也請把過去八週發生的事情所帶來、客戶端的急迫感一併談談。

Yes, I mean, two really kind of it's two different stories. So if I start with we talked a little bit earlier about the increased oil price, puts more money in the customer's pockets, also improves the economics on well intervention and workovers and well remediation. And we've already seen customers starting to ask about, hey, is there going to be vessel availability during the season, right, so Q2, Q3. So I think some of that could come in. I mean, those things are pretty quick to turn around.

是的，我的意思是，這其實是兩個不同的故事。如果先從我們稍早提到的部分開始：油價上升讓客戶口袋裡有更多錢，也改善了井介入、修井（workovers）以及井修復（well remediation）的經濟性。我們已經看到客戶開始詢問，例如：在旺季期間是否會有船舶可用，對吧，也就是第二季、第三季。所以我認為其中一部分可能會進來。我的意思是，這些事情的反應速度相當快。

So we could pull. Pull some of that into Q2, but definitely could fall into this year. The other side is we see some resolution of the conflict in the Middle East. All those facilities that are close to the action are going to have to be looked at before they start up. So we think that there could actually be a little bit of a bow wave coming here on the Middle East IMDS activity, because that would definitely have us scrambling to put resources there to check these things out so they can start up the plants and the. The refineries there. So I think those are the two fronts we're watching carefully.

所以我們可能會把其中一些拉到第二季，但也很可能會落在今年之內。另一邊則是，如果中東衝突出現某種程度的解決，那些靠近衝突區域的設施在重新啟動前都必須先被檢視。因此我們認為，中東 IMDS 活動可能會出現一波「堆積效應」（bow wave），因為那會讓我們必須趕緊調度資源到那裡去檢查這些設備，好讓他們能夠重啟工廠以及那邊的煉油廠。我想這就是我們正在密切關注的兩個面向。

Yeah, and on the latter, the couple of contracts that we won earlier this year at the end of last year that started up before the activity declined due to what happened, I think that just bodes well for us moving into the latter part of this year as well, if that additional activity shows up.

是的，至於後者，我們在去年底到今年初贏得的幾個合約，在因為所發生的事情而導致活動下滑之前就已經啟動了。我認為如果額外的活動出現，這也會讓我們在今年下半年往前推進時處於有利位置。

Exactly. It was a great time for us to improve our footprint there.

沒錯。那段時間對我們來說是改善我們在那裡布局的絕佳時機。

Understood, thanks.

了解，謝謝。

And that is my second one. You mentioned the Ocean Intervention II. I think that was the vessel that I board last summer. And from the commentary, it sounds like the opportunities are accelerating for simultaneous operations. Could you just talk a bit more in detail on the scope of work and how easy your customers are to book an asset like this today versus where you were maybe six to nine months ago?

這是我的第二個問題。你提到了 Ocean Intervention II。我想那就是我去年夏天登船的那艘船。從你們的評論聽起來，同步作業（SIMOPS）的機會正在加速。你能否更詳細談談工作範圍，以及相較於六到九個月前，客戶現在要預訂這樣的資產有多容易？

Yeah, absolutely. I think for us, the exciting part is it's given us a chance to flex a little bit on the autonomous side or the remote operations that when we talk about SIMOPS, we're talking about operating the ASV, the autonomous surface vessel that we bought so that we're doing surveys with that along with doing the towed sonars and things off of the OI and some of the other things that we deploy from the Ocean Intervention II.

是的，當然可以。我想對我們來說令人興奮的是，這讓我們有機會在自主化或遠端作業方面更有彈性。當我們談到 SIMOPS 時，我們指的是操作我們購買的 ASV（自主水面船），也就是在進行測量（surveys）的同時，還能搭配在 OI 上拖曳聲納（towed sonars）等作業，以及我們從 Ocean Intervention II 部署的其他一些工作。

So it's this ability to almost do the work of two boats at once using. Lower cost, more efficient technology, and the customers are really getting excited about it, especially when we go into remote areas where there's not as many assets available. I think that tends to be pretty exciting. So we did some trial work here in the Gulf, and then we hope to get outside the Gulf and do some work as well.

因此，這是一種幾乎能同時完成兩艘船工作量的能力，透過更低成本、更高效率的技術來實現。客戶對此非常興奮，尤其是當我們進入資產可用性較少的偏遠地區時，我認為那會特別吸引人。我們已在墨西哥灣做了一些試驗性工作，接下來也希望能走出墨西哥灣去做一些工作。

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。我將把電話交給 Rod Larson 作結語。

Awesome. Well, since there are no more questions, I'll just wrap up by thanking everybody for joining the call. This concludes our first quarter 2026 conference call. Have a great day.

太好了。既然沒有更多問題，我就以感謝各位參與本次電話會議作結。這也結束了我們 2026 年第一季的法說會。祝各位有美好的一天。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。