Oceaneering International, Inc.

Hello, welcome to Oceaneering's first quarter 2026 earnings conference call. My name is Sarah and I will be your conference operator. All lines have been placed on mute to prevent any background noise. There will be a question and answer period after the speaker's remarks. With that, I will now turn the call over to Hilary Frisbee, Oceaneering's Senior Director of Investor Relations. Please go ahead.

Thanks, Sarah. Good morning and welcome to Oceaneering's first quarter 2026 results conference call. Today's call is being webcast and a replay will be available on our website. With me today are Rod Larson, President and Chief Executive Officer, and Mike Summerald, Senior Vice President and Chief Financial Officer. Rod and Mike will provide our prepared remarks and then we'll take your questions. Before we begin, please note that statements made on this call about our future financial performance 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. Our remarks also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures are included in our first quarter press release, which is available on our website. I'll now turn the call over to Rod.

Good morning and thanks for joining the call today. I'm pleased with our first quarter results, which reinforce our confidence in the year ahead. We generated consolidated revenue and adjusted EBITDA consistent with our guidance and drove strong commercial momentum, capturing new awards and extensions across the portfolio. At the segment level, Aerospace and Defense Technologies, or ADTEC, posted significant year-over-year revenue growth as expected, indicating steady demand across our defense portfolio. Despite softer energy sector activity, subsea robotics, or SSR, and manufactured products, both delivered year-over-year increases in revenue, demonstrating the resilience of our portfolio. Overall, this positions us well to deliver on our full-year guidance. Importantly, we further solidified our outlook with a strong first-quarter order intake of approximately $1 billion, one of the healthiest intakes since 2020, which resulted in a constructive first-quarter book-to-bill ratio. SSR awards total approximately $300 million, including projects extending to 2031, which improves our visibility into utilization levels across the next several years. In addition, we secured multiple survey contracts for the Ocean Intervention II that will keep the vessel highly utilized for the next three quarters and showcase its range of capabilities, including simultaneous operations. AdTech added approximately $175 million in new contract awards, exercised options, and increases to existing contract values. We also progressed on the technology front. As we shared on our last earnings call, we formally introduced Momentum, our next-generation electric work-class ROV, which delivers improvements in supervised autonomy, endurance, and reliability. We expect to mobilize it on one of our U.S. Gulf vessels during the second quarter. We continue to develop our autonomous systems portfolio, including our freedom platform. One commercial unit is currently operating in West Africa and we're moving towards testing and customer demonstration of a specialized freedom vehicle for the Defense Innovation Unit, or DIU, which reinforces our position as a provider of dual use technology in the energy and growing defense markets. In ADTEC, we delivered the U.S. Navy's submarine rescue diving and recompression system following a multi-year complex rebuild and recertification of this globally deployable mission-critical capability. Beyond our subsea markets, I am very proud of the support we provided to NASA's Artemis program and the safety of its astronauts, applying decades of deep-sea, harsh environment experience to the unique demands of space. The successful launch and return of Artemis II showcased this work incorporating our advanced products and technologies. We value NASA's trust in us. Alongside these milestones, we are always navigating an evolving geopolitical environment. Let me address the impact of Middle East conflict on Oceaneering before Mike gets into our detailed financial results. First and foremost, the safety of Oceaneers is our top priority and all in the region are accounted for and safe. We have enacted established protocols, are in frequent contact with our teams in the region, and are taking necessary precautions to safeguard our people and property. Operationally, we've experienced intermittent disruption during this period, though the consolidated financial impact has thus far been modest. Integrity Management and Digital Solutions, or IMDS, has the greatest exposure in the region and has therefore been the most effective. We are coordinating closely with our customers and partners to manage these impacts and are monitoring conditions closely. So with that context, I'll turn the call over to Mike to summarize our first quarter results, and then I'll be back to provide our outlook for the second quarter and full year of 2026. Mike?