HOUSTON - Oceaneering International, Inc. (NYSE:OII), a global technology company with a market capitalization of $2.45 billion, announced the upcoming leadership change within its Aerospace and Defense Technologies (ADTech) segment. William Merz is set to take over as Senior Vice President of ADTech, starting January 1, 2025. According to InvestingPro data, the company has demonstrated strong performance with revenue growth of nearly 13% over the last twelve months.
Merz, who has been with Oceaneering since January 2024 as Vice President of Operations for ADTech, brings a wealth of experience from his tenure in the U.S. Navy. His military career highlights include commanding the U.S. Seventh Fleet and holding senior roles at the Pentagon. Additionally, Merz is a member of the Center for Naval Analysis Board of Trustees.
The current Senior Vice President, Philip Beierl, will retire after a notable period with the company since 2005. Beierl has agreed to assist with the transition following his retirement.
Rod Larson, President and CEO of Oceaneering, expressed confidence in Merz's capabilities to lead the division's growth and acknowledged Beierl's contributions to the ADTech business, emphasizing his role in fostering collaboration across the company's various segments.
The press release also contained forward-looking statements regarding Merz's anticipated responsibilities and the potential impact of his experience on the company's performance. These statements are subject to risks and uncertainties that could cause actual outcomes to differ materially.
Oceaneering provides engineered services, products, and robotic solutions across several industries, including offshore energy, defense, aerospace, manufacturing, and entertainment.
This news article is based on a press release statement from Oceaneering International, Inc.
In other recent news, Oceaneering International reported strong financial results, with a net income of $41.2 million and revenues of $680 million for the third quarter of 2024. The company also saw a significant increase in free cash flow, reaching $67 million. Adjusted EBITDA for the same period reached $98.1 million, with full-year projections ranging from $340 million to $350 million.
Oceaneering International has also announced the appointment of Benjamin M. Laura as its new Senior Vice President and Chief Operating Officer, effective January 1, 2025. Furthermore, the company has acquired Global Design Innovation Ltd. (GDi), a UK-based digital and software services company, to enhance its digital capabilities.
Barclays (LON:BARC) recently shifted its rating on Oceaneering International from Overweight to Equalweight, increasing the price target to $26.00. The firm recognized the company's robust remotely operated vehicles business and potential growth in non-energy segments.
In addition, Oceaneering secured a contract from the U.S. Department of Defense for autonomous underwater vehicles. However, the company's Offshore Projects Group experienced declines due to a shift towards lower-margin services. The company's outlook for the fourth quarter of 2024 projects rising revenue and stable adjusted EBITDA, with EBITDA guidance for 2025 set between $400 million and $430 million. These are the recent developments in Oceaneering International's operations.
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