Oceaneering International Inc. last week said the pricing of its previously announced $200 million offering of additional 6.0% senior notes due 2028 is available in a private placement to eligible purchasers at a price of 91.5% of par, plus accrued interest from Aug. 1.
In 1964, Mike Hughes and Johnny Johnson formed a Gulf of Mexico diving company called World Wide Divers. The company grew in response to increasing demand for their services, and in 1969, it merged with two other diving companies to form Oceaneering International.
The Houston-based company supplies underwater robots for inspection, maintenance, repair, and decommissioning operations to the oil and gas industry. Oceaneering has also developed products and services for the aerospace, defense, entertainment, maritime logistics, renewable energy, and science and research markets.
Oceaneering meets demand for remote services
Oceaneering said it is a leader in remote operations. In 2015, the company established its first dedicated onshore remote operations facility in Stavanger, Norway. It said it has conducted more than 100,000 hours of piloting from shore.
In addition, Oceaneering claimed that it has pioneered Remotely Operated Survey since 2016, helping to transition over 9,000 personnel days from the field.
The company this month agreed to purchase a DriX uncrewed surface vessel (USV) from Exail to support deepwater geophysical and asset-inspection operations. This will include autonomous underwater vehicle (AUV) positioning, as well as offshore and nearshore surveys.
The USV will enable Oceaneering to improve operational efficiencies, reduce overall vessel time on site, and reduce carbon emissions, it said.
Mobile Robotics group grows in North America
Oceaneering Mobile Robotics (OMR) said it has been a trusted partner for the automotive, healthcare, manufacturing, and logistics industries for over 30 years. It designs, manufactures, implements, and maintains autonomous mobile robots (AMRs) for materials handling.
The group said its systems consist of one or more AMRs, supervisory software, and supporting infrastructure. OMR added that its robots can be operated in mixed fleets and that it ensures that they are integrated with and optimized for customer processes.
In addition, OMR said its high-performance battery systems can help reduce customers' carbon footprints.
In February, the group said an unnamed international manufacturer had ordered 85 MaxMover CB D 2000 autonomous counterbalance forklifts for three locations.
In March, OMR opened a facility to produce AMRs on the same campus that houses the Oceaneering Entertainment Systems unit in Orlando, Fla. In April, the group introduced new supervisory software for its AMR fleet.
“The new software is more than a fleet manager,” stated Patrick Bruijn, business development director at OMR, at the time. “The software provides safe, predictable, reliable, and streamlined view of data from mobile robots and other sources to enable better decision-making.”
Financial details
Oceaneering said the 2028 notes will constitute an additional issuance of its outstanding 6.0% senior notes due 2028, which the company issued on Feb. 6, 2018, in an aggregate principal amount of $300 million. It will form a single series with such notes.
The 2028 notes will mature on Feb. 1, 2028. The offering is expected to close on Oct. 2, 2023, subject to customary closing conditions.
Oceaneering said it intends to use the net proceeds from the offering, together with cash on hand, if necessary, to fund the purchase of any and all of its 4.65% senior notes due 2024 (the “tender notes”) validly tendered and accepted for purchase in the previously announced concurrent cash tender offer (the “tender offer”).
If the tender offer is not consummated or the net proceeds from the offering exceed the total consideration payable in the tender offer, Oceaneering said it will use the remaining net proceeds from the offering for general corporate purposes, which may include the repayment, redemption, or repurchase of outstanding indebtedness.
The 2028 notes are being offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons outside the U.S. pursuant to Regulation S under the Securities Act. Oceaneering has filed its annual and quarterly reports with the Securities and Exchange Commission (SEC) on Forms 10-K and 10-Q, respectively.
The company added that its statements include “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, about the expected timing of the closing of Oceaneering’s offering of the 2028 notes, the intended use of any proceeds, and other matters relating to the offering.
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