- Oceaneering (OII -4.6%) says it is targeting $125M-$160M in 2020 cost reductions, and has initiated $70M of annualized cost savings, according to a new investor presentation.
- The company says it is increasing focus on remote operations to reduce the number of people working offshore; consolidating, reducing or eliminating facilities; enacting permanent headcounts reductions; eliminating management layers; and cutting compensation for senior leadership.
- Oceaneering says it expects to achieve positive free cash flow in FY 2020, anticipating $45M-$65M in lower capital spending and $16M-$34M in CARES Act tax refunds.
- Liquidity at the end of March included $307M of cash holdings, with a $500M undrawn unsecured revolving credit facility available until Oct. 21; the nearest maturity is $500M of senior notes due Nov. 2024.
Oceaneering targets up to $160M in 2020 cost cuts
Recommended For You
More Trending News
About OII Stock
Related Stocks
Symbol | Last Price | % Chg |
---|---|---|
OII | - | - |
Oceaneering International, Inc. |