| Yesterday | ||||
Oceaneering… Oceaneering International, Inc. announced that John R. Huff will retire as a member and Chairman of the Board of Directors immediately following the 2021 Annual Meeting of Shareholders, and T. Jay Collins will succeed Mr. Huff as Chairman. Collins has been a director of Oceaneering since 2002. Huff will continue to support the Board of Directors as Chairman Emeritus for a transitional period. Collins served as Chief Executive Officer of Oceaneering from May 2006 to May 2011, and as President of Oceaneering from 1998 to May 2011. Collins previously served as Chief Operating Officer of Oceaneering from 1998 until 2006 and as Executive Vice President of Oilfield Marine Services from 1995 to 1998. He joined Oceaneering in October 1993, initially serving as Senior Vice President and Chief Financial Officer. Collins is also a director of Murphy Oil Corporation and Pason Systems Inc. John Huff joined Oceaneering in 1986 as CEO and director. He served from 1990 to 2006 as Chairman of the Board and CEO, and since 2006 has served as nonexecutive Chairman. Huff stated, "I am very pleased that the Board has selected Jay Collins to assume the role of Chairman. His substantial experience and expansive knowledge of the oilfield and energy industries are exemplary. I have worked with Jay for nearly 30 years and I feel confident in Oceaneering's future under his guidance." | ||||
The deal range was… The deal range was $11.88-$12.00. Morgan Stanley acted as sole book running manager for the offering. | ||||
| Monday | ||||
GrafTech International… GrafTech International announced that an affiliate of Brookfield Asset Management and Brookfield Business Partners, members of the Brookfield consortium that has an existing ownership interest in GrafTech, intends, subject to market conditions, to offer 30M shares of GrafTech common stock in an underwritten secondary offering. Morgan Stanley is acting as the sole underwriter for the offering. | ||||
Virtual Meeting to be… Virtual Meeting to be held on March 5 hosted by Stephens. | ||||
Barclays analyst J. David… Barclays analyst J. David Anderson raised the firm's price target on Oceaneering to $16 from $12 and keeps an Overweight rating on the shares. The 2020 results and "constructive" 2021 guidance "don't lie" and indicate Oceaneering is a "positive outlier among offshore-focused companies, largely because of the diversity of its portfolio," Anderson tells investors in a research note. | ||||
| Thursday | ||||
Virtual Meeting to be… Virtual Meeting to be held on February 25 hosted by Jefferies. | ||||
| Over a week ago | ||||
"Our priority… "Our priority continues to be generating cash. In 2021, we expect to generate positive free cash flow in excess of the amount generated in 2020. We forecast our organic capital expenditures to total between $50 million and $70 million. This includes approximately $35 million to $40 million of maintenance capital expenditures and $15 million to $30 million of growth capital expenditures. We remain committed to maintaining strong liquidity and believe that our cash position, undrawn revolving credit facility, and debt maturity profile should provide us ample resources and time to address potential opportunities to improve our returns." | ||||
"Interest expense,… "Interest expense, net of interest income, is expected to be approximately $40 million, and we expect our 2021 cash tax payments to be in the range of $35 million to $40 million. This includes taxes incurred in countries that impose tax on the basis of in-country revenue and bear no relationship to the profitability of such operations. These cash tax payments do not include the impact of approximately $28 million of CARES Act tax refunds expected to be received in 2021." | ||||
Reports Q4 revenue… Reports Q4 revenue $424.26M, consensus $425.01M. Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "We were pleased that our consolidated fourth quarter adjusted EBITDA of $47.1 million was sequentially higher than the third quarter 2020 and exceeded both our guidance and consensus estimates. Each of our five operating segments recorded sequential improvement in adjusted operating income and adjusted EBITDA, despite lower revenue in three out of the five segments. Fourth quarter 2020 consolidated adjusted operating income of $9.6 million was the best quarterly performance in 2020 and $4.0 million higher than in the third quarter. Free cash flow generated during the fourth quarter 2020 was $89.4 million. As a result of good operating cash flow, working capital efficiencies, and capital expenditure discipline, our cash position increased by $93.2 million during the fourth quarter 2020. As of December 31, 2020, our cash position stood at $452 million." | ||||
In a regulatory filing,… In a regulatory filing, Yeti disclosed that its CEO Matthew Reintjes sold 20K shares of common stock on February 16th in a total transaction size of $1.41M, reducing his stake by about 6%. | ||||