Earnings Call Excerpt
Oceaneering International, Inc. (OII)
Q4 2008 Earnings Call Transcript
February 19, 2009 11:00 am ET
Executives
Jack Jurkoshek – Director, IR
Jay Collins – President & CEO
Marvin Migura – SVP & CFO
Bob Mingoia – VP & Treasurer
Analysts
Jim Crandell – Barclays
Kevin Pollard – J.P. Morgan
Chris Lasine [ph] – Simmons & Co.
Joe Gibney – Capital One
Victor Marchon – RBC Capital
Joe Agular – Johnson Rice
Presentation
Operator
Good morning, my name is Abigail and I will be your conference operator today. At this time, I would like to welcome everyone to the fourth quarter earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. (Operator instructions) Thank you.
Mr. Jurkoshek, you may begin your conference.
Jack Jurkoshek
Thank you. Good morning everybody. We would like to thank you for joining in on our fourth quarter call. As usual, a webcast to this event is being made available through the StreetEvents Network Service by Thomson Reuters.
Joining me this morning is Jay Collins, our President and Chief Executive Officer, who will lead the call; Marvin Migura, our Chief Financial Officer; and Bob Mingoia, our Treasurer.
Just as a reminder, before we start, remarks we make during the course of the call regarding our 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.
And I'm now going turn the call over to Jay.
Jay Collins
Good morning and thanks for joining the call. It is a pleasure to be here with you today. We achieved record earnings for the fifth consecutive year in 2008, up more than 10% over last year’s results. This was attributable to best ever performances by our ROV, Subsea Products, and Inspection business segments.
Compared to 2007, ROV operating income growth was accomplished by expanding our fleet, and increasing average revenue per day on hire for our services. Subsea Products profits grew on the strength of increased ROV tooling sales and higher throughput at our umbilical plants. Inspection results rose as we secured additional work associated with offshore production platforms, LNG, and petrochemical facilities and pipelines of higher margins. We succeeded in improving inspection profits in each of the major geographic markets we serve. As of the impairment charge we recorded on our investment in the Ocean Pensador, we finished the year stronger than we had anticipated at the time of our last call, largely due to better fourth quarter performance by our Subsea Projects business.
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