Oceaneering International, Inc.

Welcome to Oceaneering's second quarter 2026 earnings conference call. My name is Rob 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 Frisbie, Oceaneering's senior director of investor relations.

Thanks, Rob. Good morning and welcome to Oceaneering's second 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 Sumruld, 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 second quarter press release, which is available on our website. With that, I'll turn the call over to Rod.

Good morning and thanks for joining the call today. Our second quarter results, which exceeded the high end of our EBITDA guidance range, reflected strong operational execution across our diversified portfolio. Our adjusted EBITDA of $115 million represented our highest quarterly level since the third quarter of 2015, underscoring the momentum that we're building across the business. The Offshore Projects Group, or OPG, led our year-over-year improvements and was the largest contributor to our second quarter EBITDA outperformance. Those results were driven by a favorable project mix of international intervention and installation projects. These projects included ongoing light well intervention services in the Caspian Sea and an installation project in offshore Egypt. In subsea robotics, or SSR, the Ocean Intervention II entered service following significant upgrades in 2025. and is now performing survey projects that are expected to keep the vessel utilized through most of the remainder of the year. We expect to conduct a simultaneous operations or SimOps project from the vessel later this year, enabling multiple survey activities to be performed concurrently and improving overall operational efficiency for our customers. We also continue to secure contract awards and extensions across our energy segments including a recently announced award for ROE services in Brazil that improves our visibility into future demand. In ADTEC, we secured new contract awards across a range of defense and subsea applications including subsea robotics, subsea systems, submarine rescue, and submarine maintenance construction and installation services. Among these awards was a joint contract from the Defense Innovation Unit to support development of an extra large unmanned underwater vehicle. This award highlights the continued evolution of our strategy to deploy dual use technologies that serve both energy and government customers while demonstrating our ability to collaborate with partners to meet defense industry needs. In addition, our space systems team was recognized as the best in class supplier by Lockheed Martin for their work on the Artemis program. We also took steps during the quarter to strengthen our capital structure and liquidity position by extending our debt maturities and increasing the size of our credit facility. These actions provide us with additional financial flexibility to support our strategic priorities and pursue future growth opportunities. So with that context, I'll turn the call over to Mike to summarize our second quarter results and to provide more details on our financing transactions. And then I'll be back to discuss our outlook for the third quarter and for the rest of 2026. Mike? Thanks, Rod, and good morning.