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01-09-18 OII Goldman Sachs PPT Handout Connecting What’s Needed with What’s Next™ Rod Larson President and CEO Goldman Sachs Global Energy Conference January 9, 2018 Miami, FL Forward-Looking Statements Statements we make in this presentation that express a belief, expectation, or intention are forward looking. Forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “plan,” “forecast,” “budget,” “goal,” or other words that convey the uncertainty of future events or outcomes. These forward-looking statements are based on our current information and expectations that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward- looking statements are: industry conditions, prices of crude oil and natural gas, our ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. For additional information regarding these and other factors, see our periodic filings with the Securities and Exchange Commission, including our most recent Reports on Forms 10-K and 10-Q. 2 Why Oceaneering? § Global integrated technology solutions provider of diversified services and products in all phases of the offshore oilfield life cycle § Strong market positions § Solid balance sheet § Financial flexibility to grow the company, with more focus on Opex in the production phase of the offshore oilfield life cycle § Leveraged to deepwater; in the long term, deepwater remains critical to reserve replenishment 3 In All Phases of the Offshore Oilfield Life Cycle PHASE EXPLORATION DEVELOPMENT PRODUCTION DECOMMISSIONING % OII Revenue 10% 50% 35% 5% #1 Market # of Operating # of Subsea Tree # of Subsea Trees # of Field Driver Floating Drilling Rigs Installations In Service Abandonments Business Segment Product and Service Revenue • ROV • ROV • ROV • ROV Streams • Survey (SP) • Survey (SP) • Tooling (SSP) • Tooling (SSP) • Tooling (SSP) • Tooling (SSP) • IWOCS (SSP) • IWOCS (SSP) • IWOCS – Installation & • Subsea Hardware (SSP) Workover Control Systems • Vessel-based Inspection, (SSP) Maintenance & Repair • Subsea Hardware (SSP) Services (SP) • Umbilicals (SSP) • Inspection Services (AI) • Vessel-based Installation Services (SP) • Inspection Services (AI) ROV = Remotely Operated Vehicles SSP = Subsea Products SP = Subsea Projects AI = Asset Integrity 4 Largest Exposure is in Field Development Oilfield Revenue Mix 5% 10% 35% 50% Exploration Development Production Decommissioning Source: OII Estimates: 2016 5 5 Operating Segments § Remotely Operated Vehicles (“ROVs”) § Subsea Products § Subsea Projects § Asset Integrity § Advanced Technologies 6 Revenue by Business Segment 100% 15% 20% 18% 13% 75% 11% 13% 20% 15% 17% 50% 29% 34% 30% 25% 23% 20% 22% 0% Q3 2016, Q2 2017, Q3 2017, $549.3M $515.0M $476.1 ROV Subsea Products Subsea Projects Asset Integrity Advanced Technologies 7 Remotely Operated Vehicles 22% Revenue Contribution Q3 2017 Flagship of the Oceaneering Franchise 8 Floating Rig Demand History Oceaneering 55% Market Share as of September 30, 2017 Floaters Working Floaters Contracted % with OII ROVs 300 100% 250 75% 200 % with OII ROVs 150 50% Rigs atEnd PeriodRigs 100 Floating Floating 25% 50 Contracted 0 0% 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Source: IHS-Petrodata, September 30, 2017 9 Oceaneering ROV Fleet Size – 279 ROVs as of September 30, 2017 ROVs Added ROVs Retired OII Fleet Size 350 50 40 ROV Adds/Retires ROV 300 30 20 250 Vehicle Count atEnd Count Period Vehicle 10 200 0 2008 2009 2010 2011 2012 2013 2014 2015 2016* 2017 YTD** * Retired 39 ROVs in Q3 2016. ** Nine Months ended September 30, 2017 10 Oceaneering ROV Pricing Revenue per day on hire $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 Revenue per Day on Hire DayRevenue peron $2,000 $1,000 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD* * Nine Months ended September 30, 2017 11 Oceaneering ROV Days on Hire Floating Rig Utilization constrains drilling support ROV days on hire DoH Drill Support DoH Vessel Based Contracted Floater Utilization ROV Fleet Utilization 100,000 100% 80,000 75% Utilization Rates 60,000 50% 40,000 Days on Hire Days on 25% 20,000 0 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD* * Nine Months ended September 30, 2017 Approximately 50% of OII ROV fleet is utilized in Drilling Support activities; and OII averages >50% Floating Rig Market Share. 12 Oceaneering ROV Utilization Mix Drill Support ROV Utilization Vessel Based ROV Utilization 100% 75% 50% 25% Average ROV FunctionROV AverageUtilization 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2017 2017 Q1 Q2 Q3 13 More Focus on Vessel-Based Services § 10 ROVs to Heerema Marine Contractors § Providing ROVs and subsea tooling aboard Heerema’s deepwater construction vessels and semi-submersible crane vessels on a global basis through 2020. § 8 ROVs to Mærsk Supply Services § Providing ROVs, survey and associated services, including subsea tooling, engineering, communication and data solutions, to support Mærsk’s global operations. 14 Successfully Completed E-ROV Pilot Project for Statoil Fully stand-alone battery powered Work class ROV system, remotely piloted from onshore via a surface 4G LTE data communication buoy E-ROV concept winner 2017 World Oil New Horizons Idea Award 15 Remote Piloting and Automated Control Technology Full ROV piloting via broadband data communication link connection technologies such as 4G, fiber, or satellite link Norway Mission Support Center Revolutionizes operational efficiency and allows Subject Matter Experts and/or ROV pilots to support ROV operations by establishing control through a remote Internet link 16 Oceaneering ROV Remote Future is Here Enabling better control and video imaging, precise tool manipulation, and adherence to industry requirements Communications via 4G, Fiber and Satellite Mission Support Centers Forus, Stavanger, and Houston, TX, and Morgan City, LA Traditional ROV System Resident ROV Concept E-ROV Concept 17 Subsea Products 30% Manufactured Products Revenue Contribution Q3 2017 Production Control Umbilicals Supply electric and hydraulic power to subsea trees and inject chemicals into reservoirs and well streams. Specialty Subsea Hardware Field development hardware used to connect production trees to umbilicals and flow lines. Also includes connectors and valves - Oceaneering Grayloc, Oceaneering Pipeline Connection & Repair Systems (PCRS) and Oceaneering Rotator. Service and Rental Supports well intervention, drilling, construction, field maintenance, and plugging and abandonment activities. Tooling & Subsea Work Systems Installation and Workover Control Systems (IWOCS) 18 Subsea Hardware Capex Forecast Subsea Products backlog at the end of September 30, 2017: $284 million Subsea Capex, Infield October 2017 SS Products Backlog $1,000 $8,000 $800 $6,400 HardwareSubsea ($ in($Millions) $600 $4,800 ($inMillions) $400 $3,200 Capex * OII SS Products Backlog ProductsOII SS $200 $1,600 $0 $0 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F Source: Infield Systems, October 2017; Capex for subsea trees, templates, manifolds, subsea boosters/compression/separation, umbilicals. * Subsea Products Backlog as of September 30, 2017. 19 Subsea Installations Forecast Trees Onstream SSProducts Revenue 500 $1,500 400 $1,200 Revenue ProductsOII SS ($ 300 $900 inMillions) 200 $600 Trees OnstreamTrees * 100 $300 0 $0 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 2021F Source: Infield Systems, October 2017. * Subsea Products revenue for the nine months ended September 30, 2017 20 Oceaneering Well Intervention Delivering a one-stop-shop solution including vessel and ROV services, tooling, and well intervention solutions around the world 21 Oceaneering Proven Well Access Capabilities § IRIS and BORIS - rigless, riserless light well intervention systems § Reliably perform in depths to 10,000 feet and pressures to 10,000 psi § Maximize production and increase the recovery rate from offshore oil and gas reservoirs or, alternatively, prepare wells to be plugged and abandoned Riserless Intervention System winner 2017 World Oil Best Well Intervention Technology Award 22 17% Subsea Projects Revenue Contribution Q3 2017 Change out photo and replace with AUV Consist of Project Management, Survey, Data Management, Subsea Installation and IMR Services 23 Subsea Projects Overview Assets Available for this Market Spot or Charter Contract Location End § Deepwater Multi-Purpose Supply Vessels** 3 Owned *Ocean Intervention Spot GOM N/A *Ocean Intervention II Spot GOM N/A *Ocean Evolution (delivers end of 2017) Spot GOM N/A 1 Chartered on Spot Market *Ocean Alliance Spot GOM Mar ’18 § Diving Support Vessels § Survey/Autonomous Underwater Vehicles (AUV) Services § Global Data Solutions * Jones Act Vessel ** Supplemented with short-term vessel charters, as necessary 24 Strong Balance Sheet and Liquidity Capital Sources and Allocations § Liquidity at 3Q 2017 § $472 million of cash, over $350 million in the U.S. § $500 million undrawn revolving credit facility, maturity October 2021 § First debt maturities - $300 million in October 2019 § Organic capital expenditures § Expect to range from $90 million
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