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Oceaneering targets up to $160M in 2020 cost cuts

Jun. 17, 2020 11:40 AM ETOceaneering International, Inc. (OII) StockOIIBy: Carl Surran, SA News Editor
  • 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.

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