Oceaneering International, Inc., Q1 2015 Earnings Call, Apr 23, 2015

CONTENTS
CALL PARTICIPANTS
PRESENTATION
QUESTION AND ANSWER
Oceaneering International, Inc.
NYSE:OII
FQ1 2015 Earnings Call Transcripts

Thursday, April 23, 2015 3:00 PM GMT
....................................................................................................................................................................
S&P Capital IQ Estimates

-FQ1 2015-
-FQ2 2015- -FY 2015- -FY 2016-
CONSENSUS
ACTUAL
SURPRISE
CONSENSUS CONSENSUS CONSENSUS
EPS
Normalized
0.63
0.70
11.11
0.74
3.17
3.23
Revenue
(mm)
789.70
786.77
(0.37 %)
840.41
3321.07
3303.73
Currency: USD
Consensus as of Apr-23-2015 1:35 AM GMT
- EPS NORMALIZED CONSENSUS
ACTUAL
SURPRISE
FQ1 2014
0.80
0.84
5.00 %
FQ2 2014
1.01
1.02
0.99 %
FQ3 2014
1.13
1.16
2.65 %
FQ4 2014
0.99
0.99
0.00 %
....................................................................................................................................................................
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1
COPYRIGHT 2015, S&P CAPITAL IQ, A PART OF MCGRAW HILL FINANCIAL.
OCEANEERING INTERNATIONAL, INC. FQ1 2015 EARNINGS CALL APR 23, 2015
Call Participants
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EXECUTIVES
Jack Jurkoshek
Director of Investor Relations
M. Kevin McEvoy
Chief Executive Officer and
Director
Marvin J. Migura
Executive Vice President
W. Cardon Gerner
Chief Financial Officer, Chief
Accounting Officer and Senior Vice
President
ANALYSTS
Daniel J. Burke
Johnson Rice & Company, L.L.C.,
Research Division
Ian Macpherson
Simmons & Company
International, Research Division
James C. West
Evercore ISI, Research Division
James Knowlton Wicklund
Crdit Suisse AG, Research
Division
Jonathan Donnel
Scotia Howard Weil Incorporated,
Research Division
Josh Large
SunTrust Robinson Humphrey,
Inc., Research Division
Ole H. Slorer
Morgan Stanley, Research Division
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Copyright 2014, S&P Capital IQ, a part of McGraw Hill Financial.
Presentation
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Operator
Good morning. My name is Tammy, and I will be your conference operator today. At this time, I would like
to welcome everyone to the 2015 Q1 Earnings Review Conference Call. [Operator Instructions] Thank you.
Mr. Jurkoshek, you may begin your conference.
Jack Jurkoshek
Director of Investor Relations
Thank you. Good morning, everybody. I'd like to thank you for joining us on our 2015 First Quarter
Earnings Call. As usual, a webcast of this event is being made available through the StreetEvents Network
service by Thomson Reuters.
Joining me today are Kevin McEvoy, our Chief Executive Officer, who will be leading the call; Marvin
Migura, our Executive Vice President; and Cardon Gerner, Senior Vice President and Chief Financial Officer.
Just as a reminder, remarks we make during the course of the call regarding our earnings guidance,
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 1995.
And I'm now going to turn the call over to Kevin.
M. Kevin McEvoy
Chief Executive Officer and Director
Good morning. Thanks for joining the call and your interest in Oceaneering. Year-over-year and
sequentially, our quarterly earnings were down, primarily as a result of lower demand and pricing for
many of the services and products we offer. This was attributable to the significant drop in crude oil prices
since June 2014, which in turn has led to oil and gas industry reductions in both capital and the operating
expenditures.
2015 is shaping up to be a very challenging year despite first quarter EPS exceeding our guidance. Our
above guidance performance to a considerable extent was attributable to an acceleration of forecasted
work in Subsea Products, notably umbilical plant throughput at our -- throughput in our Panama City,
Florida facility, and Subsea Projects, specifically a large hydrate remediation project in the Gulf of Mexico.
We also benefited from cost reduction measures we put in place, including rightsizing our workforce,
reducing training expenses and obtaining price concessions from our suppliers.
Since our last earnings release, our oilfield business outlook for the remaining quarters of this year has
weakened for ROVs, Subsea Projects and Asset Integrity. We are challenged with materially lower demand,
customers demanding price concession and competitors willing to dramatically reduce prices to secure
utilization for their assets. Consequently, we are lowering our 2015 EPS guidance to a range of $2.80 to
$3.20, down from $3.10 to $3.50.
As I stated on our last quarterly earnings call, we do not pretend to have a better crystal ball than others.
Our revised EPS guidance represents our view of our business prospects at this time. We acknowledge
that the precipitous declines in demand and pricing taking place within the oilfield markets we serve are
unrivaled in recent history.
Our earnings for the balance of 2015 will largely be determined by vessel-based inspection maintenance
and repair, or IMR work, and floating, drilling rig use. The majority of IMR activity is performed on a callout or spot market basis, and it impacts the results of our ROV, Subsea Products, particularly tooling, and
Subsea Projects businesses. These short cycle jobs normally have low visibility, but in 2015, when many of
our customers are curtailing OpEx spending, the risks associated with this work materializing are high.
Additionally, our results will continue to be dependent on floating rig use, especially those rigs with
contracts expiring during the remainder of this year.
During the quarter, we paid $27 million in cash dividends and repurchased 1.1 million shares of our
common stock at a cost of about $56 million. Additionally, earlier this month, we completed the acquisition
of C&C Technologies, a global provider of survey and satellite-based positioning services. The acquisition
price of approximately $230 million was paid in cash.
I'd now like to review our operations for the first quarter. Year-over-year and sequentially, ROV operating
income declined due to a decrease in days on hire, largely to provide drill support services, and lower
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average pricing, mainly due to a weakening of the Norwegian kroner and exchange rate relative to the
U.S. dollar, and a reduced average manning level per ROV day-on-hire.
Our fleet utilization rate during the quarter was 73% compared to 86% a year ago and 80% last quarter.
Operating margin for the quarter was 28%, down from 30% a year ago and 31% last quarter.
During the quarter, we put 4 new ROVs into service and retired 4. At the end of March, we had 336
systems available for operation, up from 314 a year ago. Two of the new ROVs went to work in drill
support service and the other 2 went to work on board a vessel.
Our fleet mix during the quarter was 71% in drill support and 29% on vessel-based work compared to
a 72%, 28% mix both sequentially and year-over-year. At the end of March, we had 165 ROVs on 151
floating drilling rigs or 58% of the 261 floaters under contract. This compares to having ROVs on 59% of
the rigs contracted at the end of March 2014 and the end of December 2014.
Asset Integrity operating income declined year-over-year and sequentially on lower service demand in
most of the areas in which we operate, notably Norway, due to reductions in our customers' operating and
capital expenditures. Our customers are deferring maintenance work whenever possible, which is affecting
our inspection and NDT services and reducing their CapEx programs, which is affecting demand for our
engineering services.
As for our remaining business operations for the first quarter, year-over-year, Subsea Products operating
income declined primarily due to lower demand for Subsea Hardware, mainly, BOP control system
replacement and clamp connectors. Operating income declined sequentially largely on lower demand for
tooling and BOP control system replacements. Our Subsea Products backlog at quarter end was $788
million, up $98 million from December 2014, but down $106 million from March 2014. Sequentially,
backlog improved on the strength of 2 large umbilical awards, including a contract to the Offshore Cape
Three Points Block Project located offshore Ghana, which added over $100 million to our backlog. Yearover-year, the backlog decline was attributable to decreases in orders for umbilicals, tooling and Subsea
Hardware.
Subsea Projects operating income improved year-over-year on the commencement of diving services
offshore Angola. Sequentially, operating income declined from a record high on lower vessel activity and
pricing in the U.S. Gulf of Mexico and an increase in regulatory vessel inspection expenses.
Advanced Technologies operating income was higher year-over-year on an increase in profitability on
theme park work. Sequentially, operating income declined on lower U.S. Navy and industrial project
activity.
In summary, 2015 will be a very challenging year. I believe we are well positioned and up to the task at
making the most of it. We generated $165 million of EBITDA during the quarter. Capital expenditures for
the quarter totaled about $49 million. $22 million was invested in ROVs and $22 million was spent on
Subsea Products.
Now let's talk about our 2015 EPS outlook. As I mentioned earlier, since our last quarterly earnings
release, our oilfield business outlook for the remainder of the year has substantially weakened for ROVs,
Subsea Projects and Asset Integrity. ROVs on lower service demand primarily to support drilling. 50, or
roughly 1/3 of the rigs we have our ROVs on at the end of March, have contract terms expiring during
this year. The future work prospects for these rigs have significantly deteriorated. We currently anticipate
follow-on rig work for about half of our approximately 7,000 uncontracted ROV days on these rigs.
Subsea Projects, primarily on lower demand and pricing for deepwater vessel and diving services in the
Gulf of Mexico. Lower demand is attributable to a decline in installation activity and the postponement of
maintenance work. Lower pricing is due to an oversupply of vessels related to the level of demand. And
Asset Integrity on lower demand and increasing pricing pressure for our services globally.
Subsea Products is also expected to be down somewhat on lower demand for field development hardwarerelated service work and lower tooling rentals to support field development and well abandonment
activities.
We are challenged with materially weaker near-term demand, customers demanding price concession
and competitors willing to dramatically reduce prices to secure utilization for their assets. Consequently,
we lowered our 2015 EPS guidance to a range of $2.80 to $3.20. We anticipate generating at least $515
million of EBITDA during the remaining 3 quarters of 2015 for a projected total of $680 million. At the end
of March, we had $305 million in cash, $50 million available to be drawn on a 3-year delayed draw term
loan and an undrawn $500 million revolver. We have subsequently drawn down the remaining $50 million
on the term loan.
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Our organic CapEx estimate for this year remains between $200 million and $250 million, down from
$387 million in 2014. We intend to continue paying a quarterly cash dividend which is currently $0.27 a
share. Other uses of capital may include share repurchases. At the end of March, we had authorization to
repurchase 8.9 million shares, about 9% of our shares outstanding. We intend to continue our practice of
announcing share repurchases, if any, on a quarterly basis.
Moving on to our second quarter outlook. We are projecting EPS in the range of $0.64 to $0.70, which
sequentially takes into account normal seasonality and project timing issues. On a year-over-year basis, it
reflects lower demand and pricing for many of the services and products we offer, higher interest expense
and a lower share count.
Sequentially, we anticipate quarterly operating income decline from ROVs on decrease in days on hire and
lower average pricing due to customer demands for discounts and Subsea Products on lower umbilical
plant throughput. We anticipate sequentially -- the sequential operating income improvement from Subsea
Projects on a normal seasonal increase in demand in the Gulf of Mexico and the reduction in regulatory
vessel inspection expenses.
Asset Integrity on seasonally higher service demands performed refinery turnarounds in Europe and
offshore platform inspections in the North Sea and the Gulf of Mexico and Advanced Technologies on
higher demand for U.S. Navy ship repair work.
We are expecting year-over-year second quarter operating profit declines for each of our oilfield business
segments due to lower demand and pricing for the many -- for many of the services and products we
offer. AdTech operating income is expected to be higher due to improved operational execution and
increases in U.S. Navy and theme park activity.
On a macro basis, we remain convinced that our strategy to focus on providing services and products to
facilitate deepwater exploration and production remain sound. Deepwater is expected to continue to play
a critical role in global oil supply growth despite its large capital commitment, technical challenges in the
current commodity price environment. Therefore, we anticipate demand for our deepwater services and
products will rebound and rise over time and believe our long-term business prospects remain promising.
We are well positioned to supply a wide range of the services and products required to safely support the
deepwater efforts of our customers and have the cash flow and liquidity to manage our business due to
current low commodity price environment.
In conclusion, for 2015, we are faced with a slowdown in deepwater activity and, consequently, are
expecting that our EPS would be lower than in 2014. Certainly, this is a challenging time, but we believe
we are well positioned in the market and up to the task of managing the company through this turbulent
period. Market conditions may change, but our commitment to deliver results to our shareholders remains
the same. We are focused on cash flow generation and cost control and have already taken actions to
rightsize our workforce where needed. And we will take further measures if demand fall short of our
expected levels.
We appreciate everyone's interest in Oceaneering, and I will be now happy to take any questions you may
have.
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Question and Answer
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Operator
[Operator Instructions] And your first question comes from the line of James West, Evercore ISI.
James C. West
Kevin, you mentioned a couple of times, you had dramatically reduced pricing from your competitors.
So I'm curious, it sounds like that's more in the kind of the heavy asset side. Is that -- is that ROVs? Is
it diving? Which segment in particular are you seeing kind of the most, kind of aggressive or predatory
pricing?
M. Kevin McEvoy
It's on the vessel side.
James C. West
Okay. Are they working at rates that you're just unwilling to work at? Or they're just undercutting you on
contracts?
M. Kevin McEvoy
Well, everybody's trying to get utilization. And at times like this, it's all about price. So in order to keep
our assets employed, we've got to be at the market plot -- at the market price. So margins are getting
compressed.
James C. West
Okay, fair enough. And then on the -- maybe on the Subsea kind of Products side. So hearing from FMC
yesterday and Cameron today, while this year's going to be a little bit challenging to FMC maybe on
orders, Cameron, little bit more rosy about orders, I think both were pretty optimistic about a recovery
in '16. I know your business may be a little bit shorter cycle, but did you agree with that assessment that
this is kind of, we're going to bottom out here in '15 and we'll see an upturn in '16?
M. Kevin McEvoy
Well, I'll preface my remarks by saying nobody really knows. But my feeling at the moment is that even
if prices rebound to what the general consensus seems to be, i.e., circa $70 or so, I find it hard to believe
that the big oil companies are going to immediately just go back to business as usual given that they
were already struggling at $100. So I think there is some structural changes that will be taking place. And
they'll be inwardly focused on how to reduce costs, trying to manage their free cash flow and figure out
what they will do with the capital that they have. And I expect that it could be beyond '16 before it really
gets back into a more predictable mode.
Marvin J. Migura
James, this is Marvin. The other thing -- I mean, if it does recover for Cameron and FTI, that will be good
news for us, but we are way more impacted by the rate at which trees get installed than at the rate of
which they get ordered. So we're looking for development work to increase. So if they order trees, we
know it's coming down the line, but we just don't know when.
James C. West
Okay, okay, fair enough. So for you guys, it maybe a little bit prolonged downturn relative to others.
M. Kevin McEvoy
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Could be.
Operator
Your next question comes from the line of Jon Donnel, Howard Weil.
Jonathan Donnel
Scotia Howard Weil Incorporated, Research Division
Regarding the pricing commentary and specific on the Projects side, is any of that flowing over into the BP
contract that you have in Angola? Or is it just more on the call-out work at this point in time?
M. Kevin McEvoy
It's kind of everywhere.
Marvin J. Migura
Yes. Everybody wants a concession.
M. Kevin McEvoy
Even if it's already contracted.
Jonathan Donnel
Sure. Are you able to get anything from the operators in return in terms of more volume or longer terms?
Or at this point, is it just purely pricing concessions?
M. Kevin McEvoy
Well, we are obviously trying for both of those in return. But as demand is weakening, that's kind of
counterintuitive how much of that's going to be. We certainly have gotten some concessions. We've traded
some work for some other work and it depends on the operator and whatnot. But I'd say, at this point, the
bulk of conversations across the spectrum of our oilfield customers is really short term about the price.
W. Cardon Gerner
Chief Financial Officer, Chief Accounting Officer and Senior Vice President
And John, it is, on a case-by-case basis, depending upon the customer and the region.
Jonathan Donnel
Okay. Yes, fair enough. And then, I guess, somewhere [indiscernible] on the C&C Technologies acquisition
here. I think when you first announced that you're thinking somewhere in the neighborhood of $20 million
to $30 million of EBITDA over the next 12 months. How, if any, has that outlook changed yours given the
changes in the market since that was first announced?
Marvin J. Migura
John, I think, since we've owned it for less than a month, it would be easy to say that it's too early to
tell. But we'll also say that C&C's operation is definitely not immune to the downturn. And we took this
possibility into consideration during the acquisition process. However, the rate of deceleration offshore
may be greater than we anticipated. So we're not going to go ahead and revise our subsegment EBITDA
look -- or outlook at this time. And regardless of the near term, we acquired C&C for the long term, and
we believe it will be a very good part of Oceaneering's portfolio.
Operator
Your next question comes from the line of Ian Macpherson with Simmons.
Ian Macpherson
Simmons & Company International, Research Division
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I was wondering if you could, say, based on your assumptions for uncontracted time when your ROVs
[indiscernible] of the year, do you see your ROV activity flattening out or continuing to decline significantly
from where we saw it in the first quarter?
M. Kevin McEvoy
Ask that, again, Ian? I'm sorry, I...
Ian Macpherson
I was wondering if there's meaningful downside in your outlook to the ROV activity level in terms of days
worked relative to Q1. Is it -- if the trough could be much lower, do you see it flattening out based on the
assumption you're using right now?
Marvin J. Migura
Well, I think Kevin discussed that we had 7,000 uncontracted days on -- ROV days on rigs that we are on
that have contracts expiring in 2000 -- in the balance of 2015, and we have assumed a 50% utilization of
those specific rigs in general. I mean, we went rig by rig, looking at it, and it just came up to be which rigs
we thought we were going to continue -- that they were going to continue to work, and I think we would.
So I think, is there a downside? Yes. I mean, we've tried to quantify that part of it. But also, as Kevin
mentioned, the vessel-based call-out work is really going to be in the amount of IMR that the operators
are going to do is really going to be the determining factor of our ROV utilization. And both of these were
unknown. But we will say that our guidance assumed that utilization of ROVs will hover around 70% for
the balance of the year.
Operator
Your next question comes from the line of Jim Wicklund with Crdit Suisse.
James Knowlton Wicklund
Crdit Suisse AG, Research Division
Okay. I know that you don't know when things are going to turn. You said one day, over time. But what
should we look for -- or what do you look for to see that the market is improving? I mean, other than
waiting for oil prices to come back, you mentioned the structural change. Kevin, what are the things we
should look for over the next year or 2, 3, 4, 5, whatever long it takes to know that deepwater is coming
back?
M. Kevin McEvoy
Well, then, the first thing is new projects going ahead, orders for trees and then eventually we'll get orders
for umbilicals, and that will tell you it's coming back closer to when things are going to get installed. It's
usually when it really starts to make a difference to us.
Operator
Your next question comes from the line of Chase Mulvehill with SunTrust.
Josh Large
SunTrust Robinson Humphrey, Inc., Research Division
This is Josh Large, on for Chase. I just want to continue with the ROV question. So we kind of get
utilization for the balance of the year, how should we think about margins? Is this the bottom this quarter?
Or should we think of a deterioration kind of going forward?
M. Kevin McEvoy
Well, I mean, that's pretty hard to predict. I mean, we certainly are hoping that we're seeing the bottom
in terms of pricing and margins certainly on the rig side of the ledger you see here. But we'll have to
see. I mean, we're not -- there's nothing out there that we see that would suggest that it will deteriorate
significantly more apart from what happens on vessel pricing. And that would impact our ROV pricing
there.
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Marvin J. Migura
And I don't think that the full extent of the pricing concessions negotiated in Q1 have been blown through
the income statement, but offsetting that are some pretty substantial cost reduction. So we're not going to
call it the bottom. But right now, we think it's going to be so much as what Kevin said before is timing and
rate of utilization of vessel-based ROVs and the call-out work.
Josh Large
SunTrust Robinson Humphrey, Inc., Research Division
Okay, great. And then on buybacks, should we think of that more as free cash flow? I know you've
mentioned in the past that net debt-to-EBITDA that you're kind of comfortable with. Should we think of
the company kind of levering up to that or just free cash flow for this year?
Marvin J. Migura
I think that our leverage ratios that we gave before, we are certainly going to be fairly conservative during
this period of time. And we will tend to hold on to more cash than we would otherwise if the market is
really good. So we need to be conservative. We want to be able to take advantage of opportunities that
are there. We also need to be very conservative about maintaining our liquidity.
Operator
[Operator Instructions] And your next question comes from the line of Ole Slorer, Morgan Stanley.
Ole H. Slorer
Your Subsea Products margins at 20.8% were very strong. Is there a different dynamic going on in that
market with maybe more proprietary products? Or what other sort of pricing trends that you see there
compared to your other businesses?
Marvin J. Migura
Ole, our products are stronger than many others because of the service element that we have in tooling
and IWOCS. And I would say that the market trend for IWOCS has been -- remained strong as most of
the work is being done offshore from a drilling rig relates to completions, and therefore IWOCS demand
has held up rather well. Going forward, the pricing on umbilicals continues to be challenged. And tooling is
really going to be a matter of utilization on vessel call-out, and I think that sort of covers the top 3, right?
I mean, it's really how much maintenance work our company's able to postpone, and therefore what will
that mix be in our products' result.
Ole H. Slorer
We postponed a lot, so hopefully that has to come back again at some point. My follow-up question would
be on your repair and maintenance side. I mean, you've gone in a way long multipurpose supply boats,
and I think we all realized how bad the overcapacity is in the supply boats markets and where the capacity
also being delivered into that market for the next 12, 18 months. And I just wondered, to what extent -how long vessels are you at the moment? And how much of an issue is that for you when you're talking
about your margin outlook, let's say, compared to if you had them on short-term charters and you're able
to pass those costs on?
M. Kevin McEvoy
Well, I think -- I mean, first of all, what the market demand is going to end up to be in the Gulf of Mexico
in terms of us being able to keep our vessels here employed remains to be seen. But in 2016, we do have
opportunities to release a boat or 2 if we should deem that to be the right thing to do.
Ole H. Slorer
So you can reprice in 2016?
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M. Kevin McEvoy
Well, we can release...
Marvin J. Migura
[indiscernible] contract and reprice, yes.
Ole H. Slorer
Yes. Let's say prices have dropped a fair amount. Do you think you can be chartered on much lower
prices?
M. Kevin McEvoy
We could, yes.
Ole H. Slorer
And the timing of that in '16, how should I think about that?
Marvin J. Migura
Late second quarter or early, yes.
M. Kevin McEvoy
At the end of the second quarter early first -- third quarter. It'll be consistent with delivery of our new
boat, the Jones Act vessel that we're building, which we still believe that the Jones Act vessel will have a
marketing advantage in the Gulf of Mexico over other foreign-flagged vessels of similar capability.
Operator
Your next question comes from the line of Daniel Burke, Johnson Rice.
Daniel J. Burke
Johnson Rice & Company, L.L.C., Research Division
Just have one left on Subsea Products. I understood the -- that the timing influence and the pull
forward in Q1 and how it affects Q2 and understand that visibility is limited, but whether this question is
specifically directed on umbilicals or more broadly on Products, do you have visibility into Products' top
line in the second half of '15 looking stronger than first half '15?
Marvin J. Migura
I think, just generally our -- all of Oceaneering's second half is stronger than first half, consistent with
every year. So -- and I think it really depends on project timing and at the rate at which we push it
through, but I would say that we're expecting a stronger second half in Products than first half.
Daniel J. Burke
Johnson Rice & Company, L.L.C., Research Division
And Marvin, is that true across all, I guess, 4 of the major Products subsegments? Or can you differentiate
amongst them as you look to the second half? I'm surprised, for example, that tooling would be stronger
second half than first half maybe.
Marvin J. Migura
Well, it really depends. I mean, the third quarter is when -- I mean, we almost sound like a broken record
about a lot depends on the rate at which our customers do inspection maintenance and repair, particularly
in the Gulf of Mexico, but globally, because vessel utilization drives our utilization of ROVs and demand for
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tooling. So there's a lot of call-out work in short cycle expected in our second half forecast even though we
are saying it will be lower than last year.
Operator
Your last question comes from the line of Ian Macpherson, Simmons.
Ian Macpherson
That's it for me. I was going ask the same thing on the second half waiting. I guess the only thing I would
ask for clarification is do you think the ROVs will be up in the second half or the first half? That's the one
where I'm struggling a little bit.
M. Kevin McEvoy
Not at this time. We're not -- at our midpoint, we don't see it up.
Operator
There are no further questions. Do you have any closing remarks?
W. Cardon Gerner
Chief Financial Officer, Chief Accounting Officer and Senior Vice President
Yes. Since there are no more questions, I'd like to wrap up by thanking everyone for joining the call, and
this concludes our First Quarter 2015 Conference Call. Have a good day.
Marvin J. Migura
Bye-bye.
Operator
Today's conference is concluded. You may now disconnect.
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Oceaneering International, Inc., Q1 2015 Earnings Call, Apr 23, 2015

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Oceaneering International, Inc., Q1 2015 Earnings Call, Apr 23, 2015

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CONTENTS

QUESTION AND ANSWER

Oceaneering International, Inc.

FQ1 2015 Earnings Call Transcripts

S&P Capital IQ Estimates

-FQ2 2015- -FY 2015- -FY 2016-

CONSENSUS CONSENSUS CONSENSUS

- EPS NORMALIZED CONSENSUS

Question and Answer

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