As previously reported, Seaport Global upgraded Oceaneering to Buy from Neutral and established a $13 price target. Analyst Mike Urban said data points to an accelerating global offshore recovery with a 12% jump in global offshore rig counts sequentially in Q1. The analyst believes earnings have likely passed a cyclical low and recommends Oceaneering as a relative play to offshore drillers where over-capacity for rigs is impacting the pace of a dayrate recovery.

The company states: "On a consolidated basis, second quarter 2024 operating results are expected to improve, with EBITDA in the range of $80 million to $90 million on a mid-teens percentage increase in revenue."

Reports Q1 revenue $599.1M, consensus $587.4M. Roderick A. Larson, CEO, stated, "We are encouraged by our first quarter 2024 results. Our adjusted EBITDA was higher than guided, on better-than-expected activity levels across our businesses. Compared to the same quarter last year, our consolidated first quarter 2024 operating income was 37% higher on a 12% increase in revenue, with higher revenue in all of our business segments and improved operating income in each segment except for our Offshore Projects Group (OPG). These results, when combined with our backlog and current levels of bidding activity, support our unchanged guidance for the year."