The Offshore Market Is Yet To Improve
Following the pandemic, the low crude oil price level, and the potential reductions in customer spending, the demand for Oceaneering International's (OII) products and services declined. Currently, there are two clear headwinds: low ROV utilization rate and low day rate in the industry. On top of that, the company's non-energy segments are suffering from uncertainty due to low economic growth.
On the other hand, offshore opportunities may emerge in some of the international regions. OII has deployed various cost control measures to mitigate the pressure on margin