Oceaneering – Record Profits (Q3 2009) boosted by ROV income

[James McLauchlan]

Oceaneering has reported earnings for the third quarter ended September 30, 2009. On revenue of $484 million, Oceaneering generated net income of $49.8 million, or $0.90 per share. For the third quarter of 2008, Oceaneering reported revenue of $516 million and net income of $55.0 million, or $0.98 per share. For the second quarter of 2009, Oceaneering reported revenue of $451 million and net income of $48.1 million, or $0.87 per share.

Sequentially, quarterly earnings improved on solid growth in ROV operating income. Year-over-year, quarterly earnings declined primarily due to lower Subsea Products operating income on a decrease in umbilical plant throughput and higher BOP Control System development and manufacturing costs.

T. Jay Collins, President and Chief Executive Officer, stated, "Our third quarter performance was highlighted by record ROV operating income. Earnings per share were at the top end of our guidance range. All of our business segments had operating income performances in line with or better than what we had expected, with the exception of Subsea Products. In Subsea Products, we incurred $5.5 million of unanticipated costs on two BOP control systems that are in the final stages of manufacturing.

"Our all-time high quarterly ROV profit performance was attributable to achieving a record number of days on hire. During the quarter, we put 11 ROVs into service and retired three. At the end of September, we had 243 vehicles in our fleet, compared to 223 a year ago.

[Scott Beveridge]

Ahhh… Simple Economics 101… take some of the pay away from the lads / lasses and your shareholders and chiefs get more profit. Capitalism at it’s best! I bet some of the OI personnel wish they had more shares now to make up for the pay cuts or retrenchments. 🙄 🙄 🙄

[iROV]

Not like SS7 with their headquarters on the Cayman Islands and being registered on the Oslo Børs. But that is still up to 25% of profit going straight to the financial system.

[Graeme Hoyle]

When I read stuff like this and then speak to people who still work for OII, especially a good friend of mine, it makes me angry and I wonder why people stay with them. Record quarter after record quarter and their response is to cut travel money, freeze pay, not pay bonuses and get rid of the extra days money. I am just so glad I left them when I did! 😀

[harrystyris]

Hi all This is Harry.
I did not know anything about the ROVworld . I am new to this forum. Hoping to have some of the necessary information about ROV world. I am looking for your response.
Thanks.

[mind-when-this-was-fields]

Back to the thread!!

there seems to be a general consensus from the major companies here.
cut back as much as possible and make as much revenue for the nice shareholder.
what they don’t realise is guys/gals get pissed off to the extent that they use their feet they won’t be making the same profits!
I always thought your best asset was a dedicated work force but it now seems companies used the banking disaster and oil crash to f**k a lot of their guys over.
Looking at the price of oil now(up/down admittedly) it seems to have found a relatively safe zone and seems to be staying roughly at that level.
I personally have seen no drop off of work and can see 2010 going the same way.
So whos laughing??(all the way to tha bank apparently)

[Rons_ROV_Links]

Subsea work boosts Trico numbers

US offshore player Trico Marine Services reported third quarter net income attributable to company of $9.37 million or 36 cents per diluted share, compared to $4.15 million or 22 cents per share for the second quarter of this year.

Total revenues for the quarter rose to $190 million from $180 million in the last quarter.

Operating income for the quarter was $5.5 million, compared to $15.2 million in the second quarter.

The company said that the strength in the subsea services and subsea trenching and protection divisions shown in the second quarter, continued into the third quarter, according to an RTT report.

http://www.upstreamonline.com/live/article198011.ece

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