Oceaneering International : Segments Realignment Presentation
09/28/2020 | 05:40pm EST
Realignment of Reporting Segments
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," "plan," "forecast," "budget," "goal," or other words that convey the uncertainty of future events or outcomes.
The forward‐looking statements in or in connection with this presentation include, among other things, statements about: future liquidity; targeted cost reductions and annualized cost savings initiated to date; realigned business segments driving increased value, leveraging expertise, and promoting increased efficiencies and cost‐reduction objectives; our outlook for 2020, and the factors underlying our outlook, including as to free cash flow and our focus on generating positive free cash flow. 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; fluctuations in currency markets worldwide; future global economic conditions; the loss of major contracts or alliances; future performance under our customer 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.
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 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 Supplemental Information section of this presentation, beginning on page 20.
New Operating Model
Subsea Robotics ‐ Our Subsea Robotics ("SSR") segment consists of our prior Remotely Operated Vehicles ("ROV") segment, and ROV tooling (previously in our Subsea Products segment) and survey services (previously in our Subsea Projects segment). Senior Vice President, Martin J. McDonald is leading this segment.
Manufactured Products ‐ Our Manufactured Products ("MP") segment consists of our manufactured products business (previously in our Subsea Products segment), and theme park entertainment systems and automated guided vehicles ("AGV") (previously in our Advanced Technologies segment). The alignment of entertainment systems and AGV with our manufactured products business allows us to leverage our manufacturing and project management expertise in these commercial businesses. Senior Vice President, Shaun R. Roedel is leading this segment.
Offshore Projects Group ‐ Our Offshore Projects Group ("OPG") segment consists of our prior Subsea Projects segment, less survey services and global data solutions, and our service and rental business, less ROV tooling (previously in our Subsea Products segment). This combination brings together business units that frequently work together and promotes increased efficiency in bidding, project management, and the use of offshore technicians. Senior Vice President, Benjamin M. Laura is leading this segment.
Integrity Management & Digital Solutions ‐ Our Integrity Management & Digital Solutions ("IMDS") segment consists of our prior Asset Integrity segment and our global data solutions business ("GDS") (previously in our Subsea Projects segment). The inclusion of GDS in this segment facilitates optimized digital and software solutions to our integrity management services.
Senior Vice President, Kishore Sundararajan is leading this segment.
Aerospace and Defense Technologies ‐ Our Aerospace and Defense Technologies ("ADTech") segment consists of our government business (previously in our Advanced Technologies segment), focused on defense subsea technologies, marine services, and space systems. Senior Vice President, Philip G. Beierl is leading this segment.
New Operating Model
o ROV Tooling
• Offshore Services
o Survey Services
• Route Clearance
o Service & Rental
o Digital Solutions:
Defense Subsea Technologies
• Business remains in renamed segment
o Business shifted from different segment
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Oceaneering International Inc. published this content on 28 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2020 21:39:06 UTC