Oceaneering International, Inc. (NYSE:OII) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET

Company Participants

Mark Peterson - Vice President of Corporate Development & Investor Relations

Roderick Larson - President, Chief Executive Officer & Director

Conference Call Participants

Operator

My name is Buena and I'll be your conference operator. I would like to welcome everyone to Oceaneering International Incorporated 2022 First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session.

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

Mark Peterson

Thank you, Buena. Good morning, everyone and welcome to Oceaneering's first 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 are also non-GAAP -- 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 operating results reflect our continued expectation and significant preparation for increasing activity throughout the remainder of 2022. As a result, our first quarter 2022 financial results were impacted by increased costs. The macro drivers supporting this expected increase in activity remain in place and continue to be supportive of a robust ramp up in activity and pricing improvements beginning in the second quarter and continuing through the remainder of the year. This outlook, coupled with increased vessel capacity secured for the remainder of the year, gives us confidence to maintain our original EBITDA guidance of $225 million to $275 million for the full year of 2022.

Today, I'll focus my comments on our performance for the first quarter of 2022, our consolidated and business segment outlook for the second quarter and full year of 2022, our balance sheet and liquidity situation and the positive macro data points driving our markets.