Oceaneering International, Inc. (OII): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of a major industrial tech player, and frankly, the complexity of a firm like Oceaneering International, Inc. (OII) can be daunting. As someone who has spent two decades dissecting these models, I can tell you their strength isn't just in their massive fleet of 250 Remotely Operated Vehicles (ROVs); it's how they weave that into high-margin defense contracts and digital services. Consider this: even with a projected $15 million to $20 million ERP overhaul in 2025, they are still pulling in an average of $11,254 per day from their subsea work as of Q3 2025, all while sitting on a $568 million backlog. Dive into the full Business Model Canvas below to see exactly how Oceaneering International, Inc. balances heavy capital expenditures with high-value, diversified revenue streams across energy and aerospace.

Oceaneering International, Inc. (OII) - Canvas Business Model: Key Partnerships

You need the hard numbers on who Oceaneering International, Inc. is working with to drive revenue in late 2025. Here's the breakdown on the key alliances and agreements, focusing strictly on the disclosed financial and statistical details.

Strategic alliance with U.S. Department of Defense for ADTech contracts

The Aerospace and Defense Technologies (ADTech) segment is seeing significant traction from its U.S. government work. The largest initial contract in Oceaneering International, Inc.'s history was secured with the U.S. Department of Defense for a maritime mobility system. You can see the segment's recent financial impact:

• ADTech Q3 2025 Operating Income: $16.6 million.
• ADTech Q3 2025 Revenue Increase Year-over-Year: 27%.
• ADTech Q2 2025 Operating Income: $16.3 million.
• ADTech Q2 2025 Revenue Increase Year-over-Year: 13%.
• ADTech Q1 2025 Revenue: $97.2 million.

Specific contract values underpinning this partnership include:

Long-term vessel service contracts with major international oil and gas operators

The Offshore Projects Group (OPG) is securing committed vessel days, which helps backlog visibility. For instance, a vessel services agreement with a major operator in the Gulf of Mexico involves the MPSV Harvey Deep Sea, which Oceaneering International, Inc. charters through February 2027. This vessel is equipped with two Millennium work class remotely operated vehicles (ROVs). OPG's financial contribution from its operations shows:

• OPG Q1 2025 Revenue: $165 million.
• OPG Q1 2025 Operating Income: $35.7 million.
• OPG Q3 2025 Operating Income: $23.7 million.
• OPG Q2 2025 Operating Income: $21.7 million.

Framework agreements for fabric maintenance services, like with Equinor

Oceaneering International, Inc.'s subsidiary has a new framework agreement with Equinor for Fabric Maintenance services. This is a direct continuation of established work.

• New Agreement Start Date: August 2025.
• New Agreement End Date: July 2027.
• Extension Options: Four additional one-year options, allowing a potential total duration of six years.

Separately, an existing framework agreement for maintenance engineering services with Equinor was extended through December 2027, covering work in Norway, Brazil, and the UK, with work starting in January 2026.

Subcontractors and vendors for specialized vessel chartering and project execution

While specific subcontractor spend isn't itemized here, the overall utilization of key assets points to this network. The Subsea Robotics (SSR) segment reported a fleet utilization of 67% in Q1 2025 and Q2 2025. The average ROV revenue per day utilized was $10,788 in Q1 2025 and increased to $11,254 in Q3 2025.

Technology collaboration between ADTech and Subsea Robotics (SSR) for hybrid vehicle development

Direct financial figures for a joint hybrid vehicle development are not public, but the performance of the two segments involved shows their operational strength as of late 2025. SSR's Q3 2025 results were:

• SSR Q3 2025 Revenue: $219 million.
• SSR Q3 2025 Operating Income: $65.1 million.
• SSR Q3 2025 EBITDA Margin: 36%.

Oceaneering International, Inc. secured total inbound orders of $854 million in Q3 2025, with notable wins in both SSR and ADTech.

Oceaneering International, Inc. (OII) - Canvas Business Model: Key Activities

The Key Activities for Oceaneering International, Inc. center on delivering highly specialized engineering, robotics, and digital solutions across the energy, defense, and aerospace sectors. These activities are supported by a significant asset base and recent strategic acquisitions.

Operating and maintaining a global fleet of Remotely Operated Vehicles (ROVs) is a core function within the Subsea Robotics (SSR) segment. As of December 31, 2024, Oceaneering International, Inc. owned a fleet of 250 work-class ROVs. For the third quarter of 2025, the ROV fleet utilization stood at 65%. This activity generated an average ROV revenue per day utilized of $11,254 in Q3 2025, marking a 6% increase. The SSR segment achieved an EBITDA margin of 36% in the third quarter of 2025.

Manufacturing specialized subsea and surface products is a key activity within the Manufactured Products segment. This segment's backlog on September 30, 2025, was $568 million. The book-to-bill ratio for the 12-month period ending on September 30, 2025, was 0.82. In Q3 2025, this segment generated an operating income of $24.7 million, representing a 119% improvement year-over-year, with an operating income margin of 16%.

Executing complex Offshore Projects Group (OPG) well intervention and IMR services (Inspection, Maintenance, and Repair) involves significant project execution. For the third quarter of 2025, OPG revenues increased by 15.9% to $171 million compared to the prior year period. The operating income for OPG in Q3 2025 was $23.7 million, with the operating income margin holding steady at 14%.

Developing and integrating advanced robotic and autonomous systems for defense/aerospace falls under the Aerospace and Defense Technologies (ADTech) segment. In Q3 2025, ADTech operating income was $16.6 million, which was a 36% increase on a 27% increase in revenue. The operating income margin for ADTech improved to 13% in the third quarter of 2025.

Providing Integrity Management and Digital Solutions (IMDS) via GDi acquisition is the activity integrating digital capabilities. Oceaneering International, Inc. acquired Global Design Innovation Ltd. (GDi) in October 2024 to enhance these capabilities. In Q3 2025, the IMDS segment saw its operating income increase significantly, with the operating income margin improving despite a 4% decrease in revenue compared to Q3 2024.

Here's a quick look at the Q3 2025 segment financial performance supporting these activities:

The total consolidated revenue for Oceaneering International, Inc. in Q3 2025 was $743 million, with total operating income at $86.5 million. The consolidated Adjusted EBITDA for the quarter reached $111 million.

Oceaneering International, Inc. also focuses on capital deployment through:

• Cash flow provided by operating activities of $101 million in Q3 2025.
• Free cash flow of $77.0 million in Q3 2025.
• Share repurchases of approximately $10.1 million in Q3 2025.

Oceaneering International, Inc. (OII) - Canvas Business Model: Key Resources

You're looking at the core assets that let Oceaneering International, Inc. deliver its value proposition. These aren't just line items on a balance sheet; they are the engines driving service delivery and technological advantage in the subsea and applied technology sectors. Honestly, the sheer scale of some of these resources is what sets the company apart.

The most visible physical asset is the Remotely Operated Vehicle (ROV) fleet. As of September 30, 2025, Oceaneering International, Inc. maintained its fleet count at 250 work-class ROV systems. This scale is critical for securing market share, especially in drill support, where they held a significant position in the contracted floating rig market. This fleet is supported by a global operational footprint, which includes vessels and fabrication facilities. To give you a sense of the physical reach, as of late 2025, Oceaneering International, Inc. operates in 24 countries with more than 70 operational bases worldwide, though they did sell one underutilized vessel during the third quarter of 2025 to focus efforts on enhanced capabilities like the Ocean Intervention II.

The financial foundation supporting these operations is also a key resource. As of September 30, 2025, Oceaneering International, Inc. reported a strong cash and cash equivalents position of $506 million. This liquidity, combined with net working capital of $738 million at the same date, provides the necessary cushion for capital expenditures and addressing working capital needs.

Technology and intellectual property represent the future-facing resources. Oceaneering International, Inc. deploys specialized IP, such as the Freedom hybrid Autonomous Underwater Vehicle (AUV)/ROV, which demonstrates capabilities for pipeline inspection with an estimated 50% reduction in time and emissions compared to legacy ROV methods. Furthermore, the Vision™ digital platform, enhanced by the Vision™ Subsea module developed by GDi (an Oceaneering company), provides engineering-grade 3D data visualization for asset integrity checks.

Here's a quick look at the scale of the physical and human capital:

• ROV Fleet Size (as of Sep 30, 2025): 250 systems.
• Global Operational Bases: More than 70.
• Total Employees (2025 estimate): Approximately 12,000.
• Cash and Cash Equivalents (as of Sep 30, 2025): $506 million.

The human capital, referred to internally as the 'Oceaneers,' is the specialized engineering and technical workforce. While a precise count of only the technical staff isn't always broken out, the total global workforce is estimated around 12,000 employees as of 2025. This team is crucial for maintaining the 99% ROV uptime rate achieved in prior periods and for developing and deploying the advanced autonomous and digital solutions.

You can see the breakdown of some of these tangible and financial assets here:

The ability to deploy this specialized engineering and technical human capital across 24 countries is what translates the hardware and IP into revenue streams. Finance: draft 13-week cash view by Friday.

Oceaneering International, Inc. (OII) - Canvas Business Model: Value Propositions

You're looking at the core value Oceaneering International, Inc. (OII) delivers to its clients, which is built on high-performance assets and strategic market balance.

The value proposition in Subsea Robotics (SSR) centers on delivering high-value remotely operated vehicle (ROV) services. For the third quarter of 2025, the average revenue per day utilized for ROV services reached $11,254. This represents a 6% increase year-over-year. While the overall ROV fleet utilization for Q3 2025 was 65%, the use in drill support specifically accounted for 63% of the fleet use, showing a strong commitment to critical offshore energy support. The SSR segment maintained a solid EBITDA margin of 36% in the third quarter of 2025.

Oceaneering International, Inc. offers integrated subsea solutions by combining robotics with tooling and project management across its energy services. The SSR segment revenue in Q3 2025 was $219 million. The revenue split between the core ROV business and the combined tooling and survey businesses was 79% and 21%, respectively, of total SSR revenue in Q2 2025, illustrating the integration of different service lines. The company secured total inbound orders of $854 million in Q3 2025, signaling strong demand for these combined offerings across multiple segments.

Diversification of risk is a clear value driver through the growing Aerospace & Defense Technologies (ADTech) segment. For the third quarter of 2025, ADTech operating income was $16.6 million, which was a 36% increase on a 27% revenue increase. This growth is a direct result of securing notable contract wins, including a significant Department of Defense contract award that is expected to continue fueling this segment.

Cost efficiency is delivered via advanced asset integrity management and digital twin capabilities, primarily through the Integrity Management and Digital Solutions (IMDS) segment. While IMDS revenue decreased by 4% in Q3 2025, the segment showed significant improvement in operating income and operating income margin, partly due to the absence of a one-time, non-cash charge present in Q3 2024. Furthermore, the strategic acquisition of Global Design Innovation Ltd. (GDi) in October 2024 was specifically aimed at enhancing these digital and asset management solutions.

Here's a quick look at the financial performance across key segments for the third quarter of 2025 compared to the third quarter of 2024:

The overall financial strength supports these value propositions, with Oceaneering International, Inc. ending Q3 2025 with a cash position of $506 million and generating $77.0 million in free cash flow for the quarter.

Key operational metrics underpinning the value proposition include:

• Average ROV revenue per day utilized: $11,254 in Q3 2025.
• ROV fleet utilization: 65% in Q3 2025.
• Manufactured Products operating income margin: Expanded to 16% in Q3 2025.
• Total Backlog as of September 30, 2025: $568 million.
• ADTech operating income margin in Q3 2025: Improved to 13%.

Also, the book-to-bill ratio for the 12-month period ending September 30, 2025, was 0.82.

Oceaneering International, Inc. (OII) - Canvas Business Model: Customer Relationships

You're looking at how Oceaneering International, Inc. (OII) manages its connections with the clients that drive its business, which is heavily reliant on long-term commitments and high-reliability service delivery in demanding environments.

Dedicated account management for long-term, high-value contracts

Oceaneering International, Inc. secures relationships that provide revenue visibility well into the future. For instance, in Q1 2025, the company secured a multi-year contract with bp Mauritania for subsea inspection and Remotely Operated Vehicle (ROV) services in the Greater Tortue Ahmeyim field. Furthermore, the Manufactured Products (MP) segment secured contracts for umbilicals with delivery dates extending into 2027. The Aerospace and Defense Technologies (ADTech) segment landed what was reported as the largest initial contract in Oceaneering International, Inc.'s history in Q1 2025, which management stated is foundational to their 2025 guidance for significant segment growth. Also, a contract award for Riserless Light Well Intervention services with bp Exploration (Caspian Sea) Limited was announced in October 2025.

High-touch service model for complex, mission-critical operations

The nature of the work, often involving deepwater and defense applications, necessitates a close, hands-on approach. The company secured an Inspection, Maintenance, and Repair (IMR) contract for BP in Mauritania during Q2 2025, which helps provide visibility into vessel utilization for the remainder of 2025 and into future years. The commitment to complex operations is reflected in the performance metrics of the Subsea Robotics (SSR) division.

Here are key operational metrics that speak to the service reliability provided to customers:

The average ROV revenue per day utilized showed a sequential increase from Q1 2025 to Q3 2025, indicating pricing power on mission-critical deployments.

Direct sales and technical consultation for engineered products

For the Manufactured Products segment, which includes specialized items like umbilicals and Grayloc products, the relationship involves direct technical consultation to meet specific project requirements. The Q3 2025 results showed operating income improvement driven by the execution of higher margin backlog and pricing improvements in product lines like Grayloc and Rotator. The backlog at the end of Q3 2025 stood at $568 million.

Key aspects of the engineered product relationship include:

• Execution of higher margin backlog.
• Pricing improvements in Rotator products.
• Supply of electro-hydraulic, steel tube umbilicals.
• Delivery of Grayloc and Rotator products.

Sustained customer confidence through consistent service delivery and 99% uptime

Consistent performance is a cornerstone for retaining high-value clients. Oceaneering International, Inc. highlighted that the Subsea Robotics (SSR) group achieved a 99% Remotely Operated Vehicle (ROV) uptime rate as of the proxy statement filing in March 2025. This reliability supports the reported 12% improvement in average ROV revenue per day utilized compared to the prior year. The company reiterated its full-year 2025 EBITDA guidance range of $380 million to $430 million in Q1 2025, showing confidence in sustained operational delivery.

Investor relations engagement with institutional investors at conferences

While not a direct customer relationship, engagement with the financial community builds confidence in the business model's sustainability. Oceaneering International, Inc. actively engages with institutional investors through scheduled meetings and presentations. For example, in November 2025, CFO Alan Curtis and Senior Director of Investor Relations Hilary Frisbie were set to meet with institutional investors at the Bank of America Securities Global Energy Conference. Also, CEO Rod Larson and Ms. Frisbie were scheduled to meet with institutional investors at the TD Cowen Energy Conference in November 2025. An investor handout was furnished under Item 7.01 (Regulation FD Disclosure) on November 4, 2025, specifically for use in institutional investor meetings.

Investor Relations personnel involved in these engagements include:

• Hilary Frisbie, Senior Director, Investor Relations.
• Alan Curtis, Chief Financial Officer.
• Rod Larson, President and Chief Executive Officer.

Oceaneering International, Inc. (OII) - Canvas Business Model: Channels

You're looking at how Oceaneering International, Inc. gets its engineered services and products to market as of late 2025. It's a mix of boots-on-the-ground technical teams, specialized assets, and newer digital delivery methods.

Direct sales force and technical teams operating globally

Oceaneering International, Inc. maintains a significant global footprint to deliver its services directly to clients across the energy, defense, and other sectors.

• Operates in 24 Operating Countries.
• Maintains over 70 Operational Bases globally.
• Employs approximately 12,000 Valuable Employees as of 2025.

Regional offices are kept in key operational hubs, including Houston, Texas (Global Headquarters), Aberdeen (United Kingdom), Abu Dhabi (United Arab Emirates), Rio de Janeiro (Brazil), and Stavanger (Norway).

Operational bases in key offshore regions (e.g., Gulf of Mexico, West Africa)

Project delivery and service execution are concentrated in major offshore energy hubs, which drove strong performance in early 2025.

The strong vessel activity and resilient utilization of remotely operated vehicles (ROVs) in Q1 2025 were predominately in the Gulf of Mexico and West Africa.

Chartered vessels and specialized marine assets for project delivery

The delivery of subsea services relies heavily on the deployment and utilization of Oceaneering International, Inc.'s fleet of specialized assets, including chartered vessels and ROVs.

The Offshore Projects Group (OPG) segment's results improved significantly due to improved vessel utilization in the Gulf of Mexico and the continuation of international projects.

The company anticipates increased costs related to the availability and market for its chartered vessels.

Digital platforms like Vision™ Subsea for data visualization and integrity management

Oceaneering International, Inc. uses cloud-based software platforms to deliver data visualization and integrity management services directly to engineering and planning teams.

In November 2025, the company announced Vision™ Subsea, a new module within the cloud-based Vision™ 3D data visualization software platform, developed by GDi, an Oceaneering company.

• Vision™ Subsea presents engineering-grade point cloud data from ROV operations.
• The platform consolidates inspection evidence into a single, measurable digital record.
• It supports collaboration across integrity, inspection, and planning teams.

Direct contract awards from government and defense agencies

The Aerospace and Defense Technologies (ADTech) segment serves U.S. government agencies and their prime contractors directly through multi-year, indefinite-delivery/indefinite-quantity (IDIQ) contracts.

In 2024, the U.S. Government accounted for one of the top five customers, served primarily by the ADTech segment.

ADTech revenue was relatively flat at $97.2 million in Q1 2025, with operating income of $10.7 million, due to readiness costs for the large contract award.

Oceaneering International, Inc. (OII) - Canvas Business Model: Customer Segments

You're looking at the core groups Oceaneering International, Inc. serves as of late 2025, based on their recent contract awards and segment performance. Here's the quick math on who is driving the business.

Government and Defense agencies (e.g., U.S. Department of Defense) represent a significant and growing customer base, particularly through the Aerospace and Defense Technologies (ADTech) segment.

• Awarded a multi-year contract by the U.S. Department of Defense for a maritime mobility system, noted as the largest initial contract value in Oceaneering's history at the time of award.
• Secured an Indefinite Delivery/Indefinite Quantity (IDIQ) contract from NAVSUP WSS for submarine component repair, with a base value up to $86 million over an initial two-year term plus options.
• Received a follow-on IDIQ contract to manufacture Virginia Class Submarine support equipment valued at approximately $33 million if all options are exercised.
• The Otech Division holds a multiple-award contract for the Unmanned Surface Vehicle Family of Systems valued at $982.1 million.
• The Otech Division also holds a multiple-award contract for the Undersea Weapons and Undersea Defensive Family of Systems valued at $245.9 million.
• For the third quarter of 2025, ADTech operating income was $16.6 million, representing a 36% increase, on a 27% increase in revenue.

The traditional Major international and national Oil & Gas Exploration and Production (E&P) companies and Offshore drilling contractors (for ROV drill support) remain foundational, primarily served by the Subsea Robotics (SSR) and Offshore Projects Group (OPG) segments.

The Renewable Energy developers (Fixed and Floating Offshore Wind, Carbon Capture) and Aerospace and spaceflight organizations are served across segments, with ADTech specifically noted for cross-industry application of its maritime technology. The Manufactured Products segment also serves non-energy customers, evidenced by a $10.4 million inventory reserve adjustment related to the theme park ride business in the first quarter of 2025.

• In the first quarter of 2025, ADTech revenue was relatively flat at $97.2 million, with operating income decreasing to $10.7 million due to readiness costs for a large contract award.
• For the 12-month period ending September 30, 2025, the book-to-bill ratio for Manufactured Products was 0.82.

Oceaneering International, Inc. (OII) - Canvas Business Model: Cost Structure

The Cost Structure for Oceaneering International, Inc. (OII) is heavily weighted toward asset-intensive operations and specialized human capital. You need to know these major outflows to properly model the business.

High capital expenditures for fleet maintenance and new technology development represent a significant drain on cash flow, though this spending is essential to maintain market position. For the full year 2025, Capital Expenditures (CapEx) were guided to be in the range of $130 million to $140 million. This outlay supports the core fleet of Remotely Operated Vehicles (ROVs) and other subsea assets, which are critical Key Resources.

The operating costs for chartered vessels and ROV fleet utilization are variable but substantial. For instance, in the second quarter of 2025, ROV fleet utilization stood at 67%, with the average revenue per day utilized reaching $11,265. By the third quarter of 2025, utilization had slightly dipped to 65%, but the revenue per day utilized was still high at $11,254. These utilization rates directly influence the daily operating expense structure related to vessel charters and ROV support.

A specific, non-recurring cost item is the significant investment in a new ERP system (Enterprise Resource Planning). This project was explicitly projected to consume between $15 million to $20 million of the total 2025 CapEx budget. This investment is aimed at improving internal efficiency, which should eventually lower future operating costs, but it is a near-term cash outlay.

Personnel costs for specialized engineers and technical field staff are a major component, reflecting the high-value nature of Oceaneering International, Inc. (OII)'s Key Activities. While total personnel cost is not explicitly stated as a single figure, the cost of specialized talent is evident in salary data. For example, the average salary for an employee in the Engineering department was reported around $82,637 per year, with top roles like Staff Electrical Engineer estimated near $151,252. This highlights the premium paid for the technical expertise required to operate and maintain the complex subsea and aerospace technology.

Finally, unallocated corporate expenses are a fixed overhead that you must account for quarterly. Guidance for the full year 2025 projected these expenses to be in the $45 million range per quarter. For the third quarter of 2025, the actual reported Unallocated Expenses were $46.3 million, which was slightly higher than guidance for that period.

Here is a summary of the key cost drivers and associated figures:

The cost base is clearly dominated by maintaining and upgrading the physical assets, which requires significant CapEx, and compensating the highly skilled workforce needed for service delivery. The utilization rate of the ROV fleet directly impacts the efficiency of these fixed and semi-fixed costs.

• High Capital Intensity: Fleet maintenance and technology upgrades.
• Variable Operating Costs: Tied to vessel charter rates and ROV utilization levels.
• Fixed Overhead: Unallocated corporate expenses running near $45 million quarterly.
• Human Capital: High average salaries for specialized technical roles.

Oceaneering International, Inc. (OII) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Oceaneering International, Inc. (OII) revenue streams as of late 2025. Here's the quick math on how the business is pulling in cash across its main divisions based on the latest reported figures, primarily from the third quarter of 2025.

The Subsea Robotics (SSR) segment remains a core earner, providing remotely operated vehicle (ROV) services. In the third quarter of 2025, this segment brought in revenues totaling approximately $218.8 million or $219 million. The segment maintained a strong EBITDA margin of 36%. The average revenue per day utilized for ROVs saw a 6% increase, hitting $11,254, though fleet utilization dipped to 65%.

Manufactured Products sales are converting backlog into solid income. As of September 30, 2025, the backlog stood at $568 million. This segment posted Q3 2025 operating income of $24.7 million, a 119% year-over-year improvement, with an operating income margin of 16% on a 9% revenue increase for the quarter. The book-to-bill ratio for the twelve months ending September 30, 2025, was 0.82.

The Offshore Projects Group (OPG) revenue stream is tied to well intervention and IMR (Inspection, Maintenance, and Repair) services. For the third quarter of 2025, revenues increased about 15.9% to $171 million. Operating income for OPG in Q3 2025 was $23.7 million, keeping the operating income margin flat at 14%.

Aerospace and Defense Technologies (ADTech) contract revenue is showing significant momentum. In the third quarter of 2025, operating income increased 36% to $16.6 million on a 27% revenue increase. The operating income margin improved to 13%. This follows a 125% year-over-year increase in operating income during the second quarter of 2025.

Integrity Management and Digital Solutions (IMDS) generates revenue through service fees. In the third quarter of 2025, this segment saw an operating income increase on a 4% decrease in revenue, attributed to the absence of a one-time, non-cash charge from the prior year's third quarter related to the Maritime Intelligence division divestiture. For comparison, Q2 2025 IMDS revenue was relatively flat at $71.4 million, with operating income of $3.5 million and a margin of 5%.

Here is a summary of the Q3 2025 financial performance across the operating segments:

The company's total consolidated revenue for the third quarter of 2025 was $743 million, a 9% increase year-over-year. Consolidated operating income reached $86.5 million, up 21%. Total inbound orders secured in Q3 2025 were $854 million across SSR, ADTech, and Manufactured Products.

• Subsea Robotics (SSR) ROV fleet utilization in Q3 2025 was 65%.
• Manufactured Products order intake in Q3 2025 was $208 million.
• ADTech operating income in Q2 2025 was $16.3 million on a 13% revenue increase.
• Oceaneering International, Inc. reported an ending cash position of $506 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.