FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 1-10945
OCEANEERING INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 95-2628227
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
16001 Park Ten Place, Suite 600
Houston, Texas 77084
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 578-8868
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X , No .
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Class Outstanding at October 25, 1996
Common Stock, $.25 Par Value 23,825,359 shares<PAGE>
The quarters ending June 30 and September 30 have generally been the
Company's peak in both revenues and net income for its Oilfield Marine
business. Revenues and net income in the Offshore Field Development
and Advanced Technologies businesses are generally not seasonal.
Oilfield Marine Services
Revenue and gross margin information is as follows:
Three Months Ended Six Months Ended
September 30, September 30,
1996 1995 1996 1995
(in thousands)
Revenues $ 43,560 $ 36,464 $ 85,199 $68,045
Gross Margin 8,605 7,986 15,949 13,544
Gross margin % 20% 22% 19% 20%
Revenues and gross margins for the three-month and six-month periods
ended September 30, 1996 increased over the corresponding periods of
the prior year as a result of higher activity in ROV and diving and
related vessel service lines. Gross margin percentage declined over
the corresponding periods of the prior year. Gross margin for the
three-month and six-month periods ended September 30, 1995 included a
gain of $1.1 million arising from the settlement of a dispute relating
to a contract executed in West Africa in fiscal 1992 which increased
gross margin percentage by 3% and 2% respectively.
Offshore Field Development
Revenue and gross margin information is as follows:
Three Months Ended Six Months Ended
September 30, September 30,
1996 1995 1996 1995
(in thousands)
Revenues $ 22,970 $ 20,889 $ 39,534 $44,510
Gross Margin 4,610 4,511 7,956 9,318
Gross margin % 20% 22% 20% 21%
Revenues and gross margins for offshore field development were higher
in the three-month period ended September 30, 1996 compared to the
corresponding period of the prior year as a result of increases in the
Company's mobile offshore production systems business and subsea
product sales. Revenues and gross margins include results from the
Company's second FPSO, the ZAFIRO PRODUCER, which commenced operations
in late August 1996 and the OCEAN PRODUCER which continued to work
offshore West Africa under a contract which expires in January 2000.
Revenues and gross margins for offshore production systems were lower
in the six-month period ended September 30, 1996 compared to the
corresponding period of the prior year. Results for the prior year
included a project to convert a rig to a production system; the
Company did not have a similar project underway during the second <PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
OCEANEERING INTERNATIONAL, INC.
(Registrant)
Date: November 05, 1996 By: //s// JOHN R. HUFF
John R. Huff, President and
Chief Executive Officer
Date: November 05, 1996 By: //s// MARVIN J. MIGURA
Marvin J. Migura, Senior Vice
President and Chief Financial Officer
Date: November 05, 1996 By: //s// RICHARD V. CHIDLOW
Richard V. Chidlow, Controller
and Chief Accounting Officer<PAGE>
