Oceaneering earnings splash

Houston subsea engineering and services group Oceaneering International reported record fourth quarter and full-year net earnings on strong demand from the booming deep-water sector in Gulf of Mexico and continued hurricane repair work.

Oceaneering reported full-year net income of $180.4 million, or $3.24 per diluted share, up 45% from net income of $124.5 million, or $2.26 per share, in 2006. Revenues for the year hit $1.74 billion from $1.28 billion previously. The company said it was its fourth consecutive year of growth in its annual earnings. Oceaneering reported fourth-quarter net income of $45.5 million, or 81 cents per diluted share, compared with net income of $29.9 million, or 54 cents per diluted share, in the same quarter in 2006. Quarterly revenues rose to $481.6 million up from 342.4 million in the previous period. Oceaneering chief executive T Ray Collins said the company’s remotely operated vehicles (ROVs) business, its subsea products, subsea projects businesses, and its inspection operation had all achieved record results. He said the gains were due to strong demand and high utilization rates, strong execution by the company and a successful business expansion strategy.

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