OCEANEERING INTERNATIONAL Business Summary

Oceaneering International Inc. (OII) operates as a global technology company specializing in engineered products and robotic solutions, primarily generating revenue through service-based day rates for its Remotely Operated Vehicle (ROV) fleet, fixed-price manufacturing contracts, and recurring digital integrity management subscriptions. The company is organized into five primary business segments: Subsea Robotics (SSR), which provides the world’s largest fleet of work-class ROVs; Manufactured Products, focusing on subsea umbilicals and hardware; Offshore Projects Group (OPG), delivering subsea installation and intervention; Integrity Management & Digital Solutions (IMDS); and Aerospace and Defense Technologies (ADTech). OII maintains a dominant market position with a 55-60% share in the global ROV drill support market, competing directly with TechnipFMC, Subsea 7, and Helix Energy Solutions by positioning itself as a high-spec robotic specialist rather than a broad-spectrum oilfield service provider. Originally consolidated in 1969 from the merger of three diving firms, the company is currently led by President and CEO Roderick A. Larson, who brings over 20 years of pedigree from Baker Hughes. The executive team was recently bolstered by the appointment of Michael W. Sumruld as Senior VP and CFO (effective January 1, 2026), formerly of Parker Drilling, and Benjamin M. Laura as Senior VP and COO, who previously served as the firm’s Chief Innovation Officer. Governance is overseen by Chairman Kevin McEvoy, a former OII CEO, and a board that includes high-profile industry veterans such as Roger Jenkins (former CEO of Murphy Oil) and William B. Berry (former CEO of Continental Resources). This leadership group emphasizes a strategic pivot toward non-energy sectors, leveraging subsea robotic expertise to capture growth in defense and aerospace markets.