Oceaneering International, Inc. (NYSE:OII) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET
Company Participants
Mark Peterson - Vice President of Corporate Development & Investor Relations
Roderick Larson - President, Chief Executive Officer & Director
Alan Curtis - Senior Vice President and Chief Financial Officer
Conference Call Participants
Jim Schumm - Cowen
Operator
Good morning ladies and gentlemen, and welcome to the Oceaneering International Inc. 2022 Second Quarter Earnings. At this time, all lines area in a listen-only mode. Following presentation we will conduct the question and answer session. [Operator Instructions]. This call is being recorded on Thursday, July 28, 2022.
I would now like to turn the conference over to Mark Peterson. Please go ahead.
Mark Peterson
Thank you. Good morning, everyone and welcome to Oceaneering's second quarter 2022 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 second quarter press release. We welcome your questions after the prepared statements.
I will now turn the call over to Rod.
Roderick Larson
Good morning, everyone. Thanks for joining the call today. I'm pleased to confirm that the resurgence of offshore activity that we anticipated to start in the second quarter of 2022 is materializing and are beginning to be reflected in our results.
Specifically, our Subsea Robotics or SSR, and Offshore Project Group or OPG segments generated some of the highest levels of revenue and the highest operating income seen since the beginning of 2018, which is the earliest period restated to reflect our 2020 segment realignment.
Our first half 2022 financial performance unfolded slightly below our expectations due to challenges in hiring offshore personnel primarily in the Gulf of Mexico, resulting in some delayed projects and missed opportunities.
In addition, the continuing resolution earlier in the year continues to negatively impact revenue mix and timing in our Aerospace and Defense Technologies or ADTech segment.