Oceaneering International, a global oilfield provider of engineered services to the offshore oil and gas industry, said in a regulatory filing late Tuesday that it expects “marginal profitability” at the operating income level next year.
Management believes that “Oceaneering is well-positioned to weather this difficult business climate, and that we are a strong company focused on ways to further differentiate ourselves with integrated solutions that offer greater customer value,” it said in a filing to the Securities and Exchange Commission before a presentation at an oil industry conference.
The company said it expects to have financial flexibility to not only operate through the cycle but to invest in its future. The company’s organic capital expenditure range for 2016 is between $110 million to $125 million and that for 2017, the organic capex could be lower than this year. The shares rose 4% to the highest in more than a month.
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