Oceaneering Reduces 2015 EPS Guidance

(RTTNews) - Oceaneering International, Inc. (OII) announced it is reducing 2015 EPS guidance to a range of $2.60 to $2.66 from $2.70 to $2.90, down 6% at the midpoints. Looking forward, Oceaneering said, based on the current number of floating rigs working and expectations for further reductions in offshore activities due to continued spending cuts by customers, it believes 2016 earnings will be lower than the company's projection for 2015.

For the fourth quarter, the company now expects to report EPS in the range of $0.54 to $0.60. Oceaneering is expecting sequential quarterly operating income declines from ROV, Subsea Projects, and Asset Integrity, a profit improvement from Advanced Technologies, lower Unallocated Expenses, and a similar profit contribution from Subsea Products.

Kevin McEvoy, CEO, stated, "We continue to take actions to reduce our operating expenses and organic capital expenditures, and believe our cash flow and liquidity position us well to manage our business through the current low commodity price environment."