Oceaneering International, Inc. (NYSE:OII) Q1 2024 Earnings Conference Call April 25, 2024 10:00 AM ET

Company Participants

Hilary Frisbie - Senior Director, Investor Relations
Rod Larson - President & Chief Executive Officer
Alan Curtis - Senior Vice President & Chief Financial Officer
Mark Peterson - Vice President, Corporate Development & Investor Relations

Conference Call Participants

Kurt Hallead - Benchmark
Bill Austin - Daniel Energy Partners

Operator

Welcome, everyone, to Oceaneering's 2024 First Quarter Earnings Conference Call. My name is Ludie and I will be your conference operator. 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 turn the call over to Hilary Frisbie, Oceaneering's Senior Director of Investor Relations. Please go ahead.

Hilary Frisbie

Thanks Ludie. Good morning and welcome everyone, to Oceaneering's first quarter 2024 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; Alan Curtis, Senior Vice President and Chief Financial Officer; and Mark Peterson, Vice President, Corporate Development and Investor Relations.

Before we begin, I would 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 fourth quarter press release. We welcome your questions after the prepared statements.

I will now turn the call over to Rod.

Rod Larson

Good morning. Thanks for joining the call today. In our earnings release yesterday, I stated that I was encouraged by our first quarter results, so let me give you a little more color.

In the first quarter of 2024, we achieved our highest first quarter EBITDA since 2016. Remotely operated vehicles or ROV revenue per day on hire for the quarter exceeded $10,000 for the first time since the fourth quarter of 2014. We saw continued solid order intake and bidding activity as well as increased customer engagement with respect to our MaxMover counterbalance workload.

These factors all reinforce our expectations for sustained multiyear growth in our traditional markets as well as future growth in developing markets, all of which I find encouraging as we continue to progress our strategic plan.