Oceaneering International : 2021 Third Quarter Investor Presentation

Investor Presentation 2021 Third Quarter

Forward-Looking Statements

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering cautions that statements in this presentation that express a belief, expectation, or intention are forward looking. Forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "could," "should," "would," "intend," "opportunity," "target," "plan," "forecast," "budget," "goal," or other words that convey the uncertainty of future events or outcomes.

The forward-looking statements in this presentation include, among other things, statements about: growing energy transition and non-energy portfolio; increasing focus on eco-friendly enabling opportunities and digitalization; our Manufactured Products backlog, to the extent backlog may be viewed as an indicator of future revenue or profitability; our outlook for the fourth quarter and full year each of 2021and 2022 and the factors underlying our outlook, including as to free cash flow, capital expenditures, tax payments, and tax refunds to be received; offshore activity, future innovation; and investment levels and the outlook for offshore energy for 2022, including estimates of future Brent crude prices, offshore and subsea expenditures and investments,

contracted floating rig demand, subsea tree awards and installations, and offshore greenfield project FIDs; our focus on generating free cash flow, refocus on growth spending and improving our returns, and the factors underlying our projections; and increasing our focus on sustainability and energy transition. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: factors affecting the level of activity in the oil and gas industry; supply and demand of drilling rigs; oil and natural gas demand and production growth; oil and natural gas prices; actions by members of OPEC and other oil exporting countries; factors affecting the level of activity in each of our government and entertainment businesses, including decisions on spending and funding by the U.S. Government and capital expenditure decisions by entertainment business customers, such as theme park operators; general economic and business conditions and industry trends, including the ongoing transition to alternative sources of energy to reduce worldwide emissions of carbon dioxide and other "greenhouse gases";

the continuing effects of the coronavirus (COVID-19) pandemic and the governmental, customer, supplier and other responses to the pandemic; fluctuations in currency markets worldwide; future global economic conditions; the cancellation, suspension, or loss of major contracts or alliances; future performance under our customer contracts; possible breaches by customers under those contracts; and the effects of competition. Should one or more of these risks or uncertainties materialize or, should the assumptions underlying the forward- looking statements prove incorrect, actual outcomes could vary materially from those indicated.

For additional information regarding these and other factors that may affect our actual results, see our periodic filings with the Securities and Exchange Commission, including our most recent Reports on Forms 10-K and 10-Q.

You should not place undue reliance on forward-looking statements. This presentation reflects the views of Oceaneering's management as of the date hereof. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

Non-GAAP Disclosures:

This presentation includes several "non-GAAP" financial measures, as defined under Regulation G of the U.S. Securities Exchange Act of 1934, as amended. Oceaneering reports its financial results in accordance with U.S. generally accepted accounting principles but believes that certain non-GAAP financial measures provide useful supplemental information to investors regarding the underlying business trends and performance of its ongoing operations and are useful for period-over-period comparisons of those operations. The non-GAAP measures in this presentation include Adjusted Operating Income, EBITDA, Adjusted EBITDA, Adjusted Operating EBITDA and Free Cash Flow. These non-GAAP financial measures should be considered as supplemental to, and not as substitutes for or superior to, the financial measures prepared in accordance with GAAP. The definitions of these non-GAAP financial measures and reconciliations to the most comparable GAAP measures are provided in the section of this presentation titled Supplemental Information.

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Oceaneering features:

• Strong portfolio of diversified energy services and products and market positions
• Growing energy transition and non-energy portfolio
• Increasing focus on eco-friendly enabling opportunities and digitalization
• Provider of integrated technology solutions
• Geographically dispersed assets and revenues
• Blue-chipcustomer base
• Emphasis on environmental, social, and governance issues

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Sustainability Efforts

Environmental, Social, and Governance Initiatives

Environmental: We are advancing capabilities as a technology delivery company

and developing clean-energy technologies to mitigate greenhouse gas emissions for customers and our own operations.

Social: We are leveraging Employee Resource Groups, including the Oceaneering Women's Network and Oceaneering Veterans Network, to foster a diverse and inclusive workplace and make positive contributions in the communities where we operate.

We have created a diversity and inclusion council to focus on implementing new initiatives to further diversify our workforce and share networking and career enrichment insights for employees.

Governance: Our Board of Directors has recently become more diverse, independent, and refreshed. We have formalized our ESG reporting through our Board of Directors Nominating and Corporate Governance Committee.

We have adopted the Sustainability Accounting Standards Board (SASB) disclosure methodology. We are also preparing to release our first Task Force on Climate- Related Financial Disclosures (TCFD) Report.

Managing our business to promote:

• Safety and Health
• Environmental Sustainability
• Community Relations
• Workforce Diversity, and
• Ethics and Compliance

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Five Operating Segments

Energy

Non-Energy

				Aerospace and Defense
				Technologies
Subsea Robotics	Manufactured Products*

			Integrity Management
	Offshore Projects Group
		& Digital Solutions
* Manufactured Products includes the non-energy Mobility Solutions businesses:
Entertainment Systems and Automated Guided Vehicles (AGV).	5