Oceaneering International, Inc. (NYSE:OII) Q1 2023 Earnings Conference Call April 27, 2023 11:00 AM ET

Company Participants

Mark Peterson - Vice President of Development and Investor Relations

Roderick Larson - President and Chief Executive Officer

Conference Call Participants

Operator

Good morning, ladies and gentlemen. My name is Michelle, and I will be your conference operator today. Welcome to Oceaneering's First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. There will be a question-and-answer period after the speakers’ remarks.

With that, I will now turn the call over to Mark Peterson, Oceaneering's Vice President of Corporate Development and Investor Relations. Please go ahead, sir.

Mark Peterson

Thanks, Michelle. Good morning, everyone, and welcome to Oceaneering's first quarter 2023 results conference call. Today's call is being webcast, and a replay will be available on Oceaneering's website. Joining us on the call today are Rod Larson, President and Chief Executive Officer, who will be providing our prepared comments; and Alan Curtis, Senior Vice President and Chief Financial Officer.

Before we begin, I would just like to remind participants that statements we make during the course of this call regarding our future financial performance, 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.

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our first quarter press release. We welcome your questions after the prepared statements.

I will now turn the call over to Rod.

Roderick Larson

Good morning, and thanks for joining the call today. Our first quarter financial results surpassed our guidance range and consensus estimates, supporting our belief that the offshore energy recovery is continuing. We believe market conditions continue to be supportive of healthy activity levels and continuing pricing improvements in the majority of our energy businesses for the remainder of the year. As a result, for the full year of 2023, we are maintaining our original adjusted EBITDA guidance range of $260 million to $310 million, and our expectation to generate free cash flow in the range of $75 million to $125 million.

Today, I'll focus my comments on our performance for the first quarter of 2023, our consolidated and business segment outlook for the second quarter and the full year of 2023, our balance sheet and liquidity situation and the positive macro data points that continue to drive our markets.