Oceaneering International (OII) 10-Q 29 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Mar. 31, 2015	Apr. 17, 2015
Document Information [Line Items]
Entity Registrant Name	OCEANEERING INTERNATIONAL INC
Entity Central Index Key	73756
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		98,744,129

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current Assets:
Cash and cash equivalents	$304,512	$430,714
Accounts receivable, net of allowances for doubtful accounts	774,905	778,372
Inventory	379,836	375,588
Other current assets	150,458	128,876
Total Current Assets	1,609,711	1,713,550
Property and Equipment, at cost	2,653,250	2,660,788
Less accumulated depreciation	1,380,840	1,354,966
Net Property and Equipment	1,272,410	1,305,822
Other Assets:
Goodwill	314,799	331,474
Investments in unconsolidated affiliates	31,310	32,624
Other non-current assets	125,713	128,231
Total Other Assets	471,822	492,329
Total Assets	3,353,943	3,511,701
Current Liabilities:
Accounts payable	121,087	123,688
Accrued liabilities	431,131	490,260
Income taxes payable	49,624	65,189
Total Current Liabilities	601,842	679,137
Long-term Debt	750,000	750,000
Other Long-term Liabilities	418,429	424,944
Commitments and Contingencies
Stockholders' Equity:
Common Stock	27,709	27,709
Additional paid-in capital	216,258	229,640
Treasury stock, at cost	-699,457	-656,917
Retained earnings	2,282,771	2,240,229
Accumulated other comprehensive income	-243,609	-183,041
Total Shareholders' Equity	1,583,672	1,657,620
Total Liabilities and Sharesholders' Equity	$3,353,943	$3,511,701

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Common Stock, par value	$0.25	$0.25
Common Stock, shares authorized	360,000,000	360,000,000
Common Stock, shares issued	110,834,088	110,834,088

Consolidated_Statements_Of_Inc

Consolidated Statements Of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2014
Revenue	$786,772	$918,927		$840,201
Cost of services and products	623,323			650,710
Gross Margin	163,449			189,491
Selling, general and administrative expense	56,799			56,629
Income from Operations	106,650	152,239		132,862
Interest income	156			79
Interest expense	-6,088			-411
Equity earnings (losses) of unconsolidated affiliates	-255			-36
Other income (expense), net	700			294
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	101,163			132,788
Provision for income taxes	31,664			41,563
Net Income	$69,499			$91,225
Cash Dividends declared per Share	$0.27	$0.27	$0.27	$0.22
Basic Earnings per Share	$0.70			$0.84
Diluted Earnings per Share	$0.70			$0.84

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net Income	$69,499	$91,225
Other comprehensive income, net of tax:
Foreign currency translation adjustments	-62,402	14,085
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	1,834	0
Total other comprehensive income	-60,568	14,085
Total Comprehensive Income	$8,931	$105,310

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flows from Operating Activities:
Net Income	$69,499	$91,225
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,003	53,351
Deferred income tax provision	16,904	7,102
Net loss (gain) on sales of property and equipment	-107	-1,305
Noncash compensation	4,084	5,096
Excluding the effects of acquisitions, increase (decrease) in cash from:
Accounts receivable	3,467	-16,247
Inventory	-4,248	3,916
Other operating assets	-29,081	-12,737
Currency translation effect on working capital	-16,087	6,127
Current liabilities	-80,716	-40,201
Other operating liabilities	-13,624	-14,137
Total adjustments to net income	-61,405	-9,035
Net Cash Provided by Operating Activities	8,094	82,190
Cash Flows from Investing Activities:
Purchases of property and equipment	-49,412	-104,038
Distributions of capital from unconsolidated affiliates	1,054	1,024
Dispositions of property and equipment	112	1,593
Net Cash Used in Investing Activities	-48,246	-101,421
Cash Flows from Financing Activities:
Net proceeds (payments) of revolving credit facility	0	90,000
Excess tax benefits from employee benefit plans	-781	3,083
Cash Dividends	-26,957	-23,841
Purchases of treasury stock	-55,804	-35,266
Net Cash Provided by (Used in) Financing Activities	-83,542	33,976
Effect of Exchange Rate on Cash and Cash Equivalents	-2,508	164
Net Increase (Decrease) in Cash and Cash Equivalents	-126,202	14,909
Cash and Cash Equivalents-Beginning of Period	430,714	91,430
Cash and Cash Equivalents-End of Period	$304,512	$106,339

Summary_Of_Major_Accounting_Po

Summary Of Major Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary Of Major Accounting Policies	SUMMARY OF MAJOR ACCOUNTING POLICIES
	Basis of Presentation. We have prepared these unaudited consolidated financial statements pursuant to instructions for quarterly reports on Form 10-Q, which we are required to file with the U.S. Securities and Exchange Commission. These financial statements do not include all information and footnotes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). These financial statements reflect all adjustments that we believe are necessary to present fairly our financial position at March 31, 2015 and our results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, all such adjustments are of a normal and recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2014. The results for interim periods are not necessarily indicative of annual results.
	Principles of Consolidation. The consolidated financial statements include the accounts of Oceaneering International, Inc. and our 50% or more owned and controlled subsidiaries. We also consolidate entities that are determined to be variable interest entities if we determine that we are the primary beneficiary; otherwise, we account for those entities using the equity method of accounting. We use the equity method to account for our investments in unconsolidated affiliated companies of which we own an equity interest of between 20% and 50% and as to which we have significant influence, but not control, over operations. All significant intercompany accounts and transactions have been eliminated.
	Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires that our management make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.
	Cash and Cash Equivalents. Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less from the date of investment.
	Accounts Receivable – Allowances for Doubtful Accounts. We determine the need for allowances for doubtful accounts using the specific identification method. We do not generally require collateral from our customers.
	Inventory. Inventory is valued at lower of cost or market. We determine cost using the weighted-average method.
	Property and Equipment and Long-Lived Intangible Assets. We provide for depreciation of property and equipment on the straight-line method over their estimated useful lives. We charge the costs of repair and maintenance of property and equipment to operations as incurred, while we capitalize the costs of improvements that extend asset lives or functionality. Upon the disposition of property and equipment, the related cost and accumulated depreciation accounts are relieved and any resulting gain or loss is included as an adjustment to cost of services and products.
	Intangible assets, primarily acquired in connection with business combinations, include trade names, intellectual property and customer relationships and are being amortized over their estimated useful lives.
	We capitalize interest on assets where the construction period is anticipated to be more than three months. We capitalized $0.6 million and $0.1 million of interest in the three-month periods ended March 31, 2015 and 2014, respectively. We do not allocate general administrative costs to capital projects.
	Our management periodically, and upon the occurrence of a triggering event, reviews the realizability of our property and equipment and long-lived intangible assets, which are held and used by us, to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. For long-lived assets to be held and used, we base our evaluation on impairment indicators such as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements and other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable, we determine whether an impairment has occurred through the use of an undiscounted cash flows analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, we recognize a loss for the difference between the carrying amount and the fair value of the asset. For assets held for sale or disposal, the fair value of the asset is measured using fair market value less cost to sell. Assets are classified as held-for-sale when we have a plan for disposal of certain assets and those assets meet the held for sale criteria.
	Business Acquisitions. We account for business combinations using the acquisition method of accounting, and we allocate the acquisition price to the assets acquired and liabilities assumed based on their fair market values at the date of acquisition.
	In April 2015, we completed the acquisition of C & C Technologies, Inc. ("C&C"), a global provider of survey and satellite-based positioning services. Subject to customary post-closing working capital adjustments, the acquisition price of approximately $230 million was paid in cash. We will include C&C's operations in our consolidated financial statements starting from the date of closing, and we anticipate its operating results will be included in our Subsea Projects segment.
	Goodwill. In our annual evaluation of goodwill for impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we are required to perform the first step of the two-step impairment test. We tested the goodwill attributable to each of our reporting units for impairment as of December 31, 2014 and concluded that there was no impairment.
	Foreign Currency Translation. The functional currency for several of our foreign subsidiaries is the applicable local currency. Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, and the resulting translation adjustments are recognized, net of tax, in accumulated other comprehensive income as a component of shareholders' equity. All foreign currency transaction gains and losses are recognized currently in the Consolidated Statements of Income.
	New Accounting Standard. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and we have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application (January 1, 2017) and not adjusting comparative information. We are currently evaluating the requirements of ASU 2014-09 and have not yet determined its impact on our consolidated financial statements.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
Inventory	INVENTORY
	The following is information regarding our inventory:
	(in thousands)		Mar 31, 2015		Dec 31, 2014
	Inventory:
		Remotely operated vehicle parts and components	$	194,661	$	207,885
		Other inventory, primarily raw materials	185,175		167,703
		Total	$	379,836	$	375,588

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	DEBT
	Long-term Debt consisted of the following:
	(in thousands)	Mar 31, 2015		Dec 31, 2014
	4.650% Senior Notes due 2024	$	500,000	$	500,000
	Term Loan Facility	250,000		250,000
	Revolving Credit Facility	—		—
	Long-term Debt	$	750,000	$	750,000
	In October 2014, we entered into a new credit agreement (the "Credit Agreement") with a group of banks. The Credit Agreement provides for a $300 million three-year delayed-draw term loan (the "Term Loan Facility") and a $500 million five-year revolving credit facility (the "Revolving Credit Facility"). The Credit Agreement replaced a prior credit agreement that was scheduled to mature on January 6, 2017. Subject to certain conditions, the aggregate commitments under the Revolving Credit Facility may be increased by up to $300 million at any time upon agreement between us and existing or additional lenders. Borrowings under the Revolving Credit Facility and the Term Loan Facility may be used for general corporate purposes. Simultaneously with the execution of the Credit Agreement and pursuant to its terms, we repaid all amounts outstanding under, and terminated, the prior credit agreement.
	The Term Loan Facility is scheduled to mature on October 27, 2017. The Revolving Credit Facility is scheduled to mature on October 25, 2019. Borrowings under the Credit Agreement bear interest at an Adjusted Base Rate or the Eurodollar Rate (both as defined in the Credit Agreement), at our option, plus an applicable margin to be initially based on our Leverage Ratio (as defined in the Credit Agreement) and, at our election, based on the ratings of our senior unsecured debt by both Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services, thereafter to be based on such debt ratings. The applicable margin varies: (1) in the case of advances bearing interest at the Adjusted Base Rate, from 0.125% to 0.750% for borrowings under the Revolving Credit Facility and from 0% to 0.500% for borrowings under the Term Loan Facility; and (2) in the case of advances bearing interest at the Eurodollar Rate, from 1.125% to 1.750% for borrowings under the Revolving Credit Facility and from 1.000% to 1.500% for borrowings under the Term Loan Facility. The Adjusted Base Rate is the highest of (1) the per annum rate established by the administrative agent as its prime rate, (2) the federal funds rate plus 0.50% and (3) daily one-month LIBOR plus 1%. We pay a commitment fee ranging from 0.125% to 0.300% on the unused portions of the Revolving Credit Facility and the Term Loan Facility, depending on our Leverage Ratio. The commitment fees are included as interest expense in our consolidated financial statements.
	The Credit Agreement contains various covenants that we believe are customary for agreements of this nature, including, but not limited to, restrictions on our ability and the ability of each of our subsidiaries to incur debt, grant liens, make certain investments, make distributions, merge or consolidate, sell assets, enter into transactions with affiliates and enter into certain restrictive agreements. We are also subject to a maximum Leverage Ratio of 4.00 to 1.00. The Credit Agreement includes customary events of default and associated remedies. As of March 31, 2015 and December 31, 2014, we were in compliance with all the covenants set forth in the Credit Agreement.
	In November 2014, we completed the public offering of $500 million aggregate principal amount of 4.650% Senior Notes due 2024 (the "Senior Notes"). We will pay interest on the Senior Notes on May 15 and November 15 of each year, beginning on May 15, 2015. The Senior Notes are scheduled to mature on November 15, 2024. We may redeem some or all of the Senior Notes at specified redemption prices. We used the net proceeds from the offering for general corporate purposes, including funding acquisitions and capital expenditures and repurchases of shares of our common stock.
	We incurred $6.9 million of issuance costs related to the Senior Notes and $1.6 million of new loan costs related to the Revolving Credit Facility and the Term Loan Facility. We are amortizing these costs, which are included on our balance sheet as other non-current assets, to interest expense over ten years for the Senior Notes and over five years for the Revolving Credit Facility and the Term Loan Facility.
Schedule of Debt [Table Text Block]	Long-term Debt consisted of the following:
	(in thousands)	Mar 31, 2015		Dec 31, 2014
	4.650% Senior Notes due 2024	$	500,000	$	500,000
	Term Loan Facility	250,000		250,000
	Revolving Credit Facility	—		—
	Long-term Debt	$	750,000	$	750,000

Commitments_And_Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES
	Litigation. On June 17, 2014, a purported shareholder filed a derivative complaint against all of the then-current members of our board of directors and one of our former directors, as defendants, and our company, as nominal defendant, in the Court of Chancery of the State of Delaware. Through the complaint, the plaintiff is asserting, on behalf of our company, actions for breach of fiduciary duties and unjust enrichment in connection with prior determinations of our board of directors relating to nonexecutive director compensation. The plaintiff is seeking relief including disgorgement of payments made to the defendants, an award of unspecified damages and an award for attorneys’ fees and other costs. We and the defendants filed a motion to dismiss the complaint and a supporting brief on September 5, 2014, asserting that the complaint failed to state a claim on which relief could be granted, and further that the plaintiff did not comply with procedural requirements necessary to allow him to commence litigation against certain directors on our behalf. We are awaiting a ruling on that motion. In any event, our company is only a nominal defendant in this litigation, and we do not expect the resolution of this matter to have a material adverse effect on our results of operations, cash flows or financial position.
	Various other actions and claims are pending against us, most of which are covered by insurance. Although we cannot predict the ultimate outcome of these matters, we believe the ultimate liability, if any, that may result from these other actions and claims will not materially affect our results of operations, cash flows or financial position.
	Financial Instruments and Risk Concentration. In the normal course of business, we manage risks associated with foreign exchange rates and interest rates through a variety of strategies, including the use of hedging transactions. As a matter of policy, we do not use derivative instruments unless we have an underlying exposure. Other financial instruments that potentially subject us to concentrations of credit risk are principally cash and cash equivalents and accounts receivable.
	The carrying values of cash and cash equivalents approximate their fair values due to the short-term maturity of those instruments. Accounts receivable are generated from a broad group of customers, primarily from within the energy industry, which is our major source of revenue. Due to their short-term nature, carrying values of our accounts receivable and accounts payable approximate fair market values. We had borrowings of $250 million at March 31, 2015 under our term loan facility. Due to the short-term nature of the associated interest rate periods, the carrying value of our debt under the term loan facility approximates its fair value. This debt is classified as Level 2 in the fair value hierarchy under U.S. GAAP (inputs other than quoted prices in active markets for similar assets and liabilities that are observable or can be corroborated by observable market data for substantially the full term for the assets or liabilities).
	We estimated the fair market value of the Senior Notes to be $520 million at March 31, 2015. We arrived at this estimate by computing the net present value of the future principal and interest payments using a yield to maturity interest rate for securities of similar credit quality and term. The Senior Notes are classified as Level 2 in the fair value hierarchy under U.S. GAAP.
	We have an interest rate swap in place on $100 million of the Senior Notes for the period from November 2014 to November 2024. The agreement swaps the fixed interest rate of 4.650% on $100 million of the Senior Notes to the floating rate of one month LIBOR plus 2.426%. We estimate the fair value of the interest rate swap to be an asset of $3.1 million at March 31, 2015. This asset value was arrived at using a discounted cash flow model using Level 2 inputs.
	In the fourth quarter of 2013, we began to experience delays in payment from OGX Petróleo e Gás S.A. ("OGX"), a customer in Brazil. The parent company of OGX missed making an interest payment on its bonds and, on October 30, 2013, OGX and its parent filed for a restructuring process under Brazilian law, which grants the filer judicial protection from creditors while a restructuring plan is developed for approval. We established an allowance for doubtful accounts of $3.3 million in the fourth quarter of 2013 related to operations prior to the restructuring filing.  As of December 31, 2014, OGX had reorganized and we received shares of stock in the reorganized company. We wrote off the receivables and allowance for doubtful accounts and assigned no value to the shares we received.

Earnings_Per_Share_StockBased_

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan	3 Months Ended
	Mar. 31, 2015
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Abstract]
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation	Earnings Per Share. The table that follows presents our computation of weighted average basic and diluted shares outstanding, which we use in our earnings per share calculations. For each period presented, our net income allocable to both common shareholders and diluted common shareholders is the same as our net income in our consolidated statements of income.
		Three Months Ended Mar. 31,
	(in thousands)	2015	2014
	Basic shares outstanding	99,473	108,170
	Effect of restricted stock units	439	554
	Diluted shares outstanding	99,912	108,724
	We have been paying a quarterly cash dividend of $0.27 per share to our common shareholders since the second quarter of 2014. Our latest $0.27 per share quarterly dividend was declared in April 2015 and is payable in June 2015.
	Share-Based Compensation. We have no outstanding stock options and no future share-based compensation to be recognized pursuant to stock option grants.
	Through 2014, we granted restricted units of our common stock to certain of our key executives, key employees and Chairman of the Board. We also granted shares of restricted stock to our other non-employee directors. The restricted units granted to our key executives and key employees generally vest in full on the third anniversary of the award date, conditional on continued employment. The restricted stock unit grants, including those granted to our Chairman, can vest pro rata over three years, provided the individual meets certain age and years-of-service requirements. The shares of restricted common stock we grant to our other non-employee directors vest in full on the first anniversary of the award date, conditional upon continued service as a director. Each grantee of shares of restricted stock is deemed to be the record owner of those shares during the restriction period, with the right to vote and receive any dividends on those shares. The restricted stock units outstanding have no voting or dividend rights. In 2015, we made corresponding grants to those described above, except we granted restricted shares, rather than restricted stock units, to our Chairman.
	For each of the restricted stock units granted in 2013 through 2015, at the earlier of three years after grant or at termination of employment or service, the grantee will be issued a share of our common stock for each unit vested. As of March 31, 2015 and December 31, 2014, respective totals of 861,532 and 814,400 shares of restricted stock or restricted stock units were outstanding.
	We estimate that stock-based compensation cost not yet recognized related to shares of restricted stock or restricted stock units, based on their grant-date fair values, was $28 million at March 31, 2015. This expense is being recognized on a staged-vesting basis over three years for awards attributable to individuals meeting certain age and years-of-service requirements, and on a straight-line basis over the applicable vesting period of one or three years for the other awards.
	Share Repurchase Plan. In December 2014, our Board of Directors approved a plan to repurchase up to 10 million shares of our common stock. Under this plan, we had repurchased 1.1 million shares of our common stock for $56 million through March 31, 2015. We account for the shares we hold in treasury under the cost method, at average cost.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES
	During interim periods, we provide for income taxes based on our current estimated annual effective tax rate using assumptions as to (1) earnings and other factors that would affect the tax provision for the remainder of the year and (2) the operations of foreign branches and subsidiaries that are subject to local income and withholding taxes. We conduct business through several foreign subsidiaries and, although we expect our consolidated operations to be profitable, there is no assurance that profits will be earned in entities or jurisdictions that have net operating loss carryforwards available. The primary difference between (1) our effective tax rates of 31.3% in the three-month period ended March 31, 2015 (2) the federal statutory rate of 35% reflects our intention to indefinitely reinvest in certain of our international operations. As a result, we do not provide for U.S. taxes on that portion of our foreign earnings.
	We conduct our international operations in a number of locations that have varying laws and regulations with regard to income and other taxes, some of which are subject to interpretation. We recognize the benefit for a tax position if the benefit is more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that we believe is greater than 50% likely of being realized upon ultimate settlement. We do not believe that the total of unrecognized tax benefits will significantly increase or decrease in the next 12 months.
	We account for any applicable interest and penalties on uncertain tax positions as a component of our provision for income taxes on our financial statements. Including associated foreign tax credits and penalties and interest, we have accrued a net total of $5.6 million in the caption "other long-term liabilities" on our balance sheet for unrecognized tax benefits at March 31, 2015. All additions or reductions to those liabilities would affect our effective income tax rate in the periods of change.
	Our tax returns are subject to audit by taxing authorities in multiple jurisdictions. These audits often take years to complete and settle. The following lists the earliest tax years open to examination by tax authorities where we have significant operations:
	Jurisdiction	Periods
	United States	2011
	United Kingdom	2011
	Norway	2004
	Angola	2009
	Brazil	2009
	Australia	2011

Business_Segment_Information

Business Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Reporting, Measurement Disclosures [Abstract]
Business Segment Information	BUSINESS SEGMENT INFORMATION
	We are a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of our applied technology expertise, we also serve the defense, aerospace and commercial theme park industries. Our Oilfield business consists of Remotely Operated Vehicles ("ROVs"), Subsea Products, Subsea Projects and Asset Integrity. Our ROV segment provides submersible vehicles operated from the surface to support offshore oil and gas exploration, development and production activities. Our Subsea Products segment supplies a variety of specialty subsea hardware and related services. Our Subsea Projects segment provides multiservice subsea support vessels and oilfield diving and support vessel operations, primarily for inspection, maintenance and repair and installation activities. We also provide subsea engineering services and operate an offshore logistics supply base in Australia. Our Asset Integrity segment provides asset integrity management and assessment services and nondestructive testing and inspection. Our Advanced Technologies business provides project management, engineering services and equipment for applications in non-oilfield markets. Unallocated Expenses are those not associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock and bonuses, as well as other general expenses, including corporate administrative expenses.
	There are no differences in the basis of segmentation or in the basis of measurement of segment profit or loss from those used in our consolidated financial statements for the year ended December 31, 2014.
	The table that follows presents Revenue and Income from Operations by business segment for each of the periods indicated.
		Three Months Ended
	(in thousands)	Mar 31, 2015			Mar 31, 2014			Dec 31, 2014
	Revenue
	Oilfield
	Remotely Operated Vehicles	$	219,447		$	255,819		$	259,544
	Subsea Products	240,729			260,010			314,739
	Subsea Projects	153,572			138,190			162,623
	Asset Integrity	98,493			124,159			111,115
	Total Oilfield	712,241			778,178			848,021
	Advanced Technologies	74,531			62,023			70,906
	Total	$	786,772		$	840,201		$	918,927
	Income from Operations
	Oilfield
	Remotely Operated Vehicles	$	62,182		$	76,740		$	79,635
	Subsea Products	50,014			54,516			63,796
	Subsea Projects	22,276			20,537			34,113
	Asset Integrity	5,025			14,085			5,886
	Total Oilfield	139,497			165,878			183,430
	Advanced Technologies	5,020			2,955			7,214
	Unallocated Expenses	(37,867		)	(35,971		)	(38,405		)
	Total	$	106,650		$	132,862		$	152,239
	We determine income from operations for each business segment before interest income or expense, other income (expense) and provision for income taxes. We do not consider an allocation of these items to be practical. Our equity earnings of unconsolidated affiliates is part of our Subsea Projects segment.

Summary_Of_Major_Accounting_Po1

Summary Of Major Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. We have prepared these unaudited consolidated financial statements pursuant to instructions for quarterly reports on Form 10-Q, which we are required to file with the U.S. Securities and Exchange Commission. These financial statements do not include all information and footnotes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). These financial statements reflect all adjustments that we believe are necessary to present fairly our financial position at March 31, 2015 and our results of operations and cash flows for the periods presented. Except as otherwise disclosed herein, all such adjustments are of a normal and recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2014. The results for interim periods are not necessarily indicative of annual results.
Principles of Consolidation	Principles of Consolidation. The consolidated financial statements include the accounts of Oceaneering International, Inc. and our 50% or more owned and controlled subsidiaries. We also consolidate entities that are determined to be variable interest entities if we determine that we are the primary beneficiary; otherwise, we account for those entities using the equity method of accounting. We use the equity method to account for our investments in unconsolidated affiliated companies of which we own an equity interest of between 20% and 50% and as to which we have significant influence, but not control, over operations. All significant intercompany accounts and transactions have been eliminated.
Use Of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires that our management make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents. Cash and cash equivalents include demand deposits and highly liquid investments with original maturities of three months or less from the date of investment.
Accounts Receivable	Accounts Receivable – Allowances for Doubtful Accounts. We determine the need for allowances for doubtful accounts using the specific identification method. We do not generally require collateral from our customers.
Inventory	Inventory. Inventory is valued at lower of cost or market. We determine cost using the weighted-average method.
Property and Equipment	Property and Equipment and Long-Lived Intangible Assets. We provide for depreciation of property and equipment on the straight-line method over their estimated useful lives. We charge the costs of repair and maintenance of property and equipment to operations as incurred, while we capitalize the costs of improvements that extend asset lives or functionality. Upon the disposition of property and equipment, the related cost and accumulated depreciation accounts are relieved and any resulting gain or loss is included as an adjustment to cost of services and products.
	Intangible assets, primarily acquired in connection with business combinations, include trade names, intellectual property and customer relationships and are being amortized over their estimated useful lives.
	We capitalize interest on assets where the construction period is anticipated to be more than three months. We capitalized $0.6 million and $0.1 million of interest in the three-month periods ended March 31, 2015 and 2014, respectively. We do not allocate general administrative costs to capital projects.
Business Acquisitions	Business Acquisitions. We account for business combinations using the acquisition method of accounting, and we allocate the acquisition price to the assets acquired and liabilities assumed based on their fair market values at the date of acquisition.
	In April 2015, we completed the acquisition of C & C Technologies, Inc. ("C&C"), a global provider of survey and satellite-based positioning services. Subject to customary post-closing working capital adjustments, the acquisition price of approximately $230 million was paid in cash. We will include C&C's operations in our consolidated financial statements starting from the date of closing, and we anticipate its operating results will be included in our Subsea Projects segment.
Goodwill and Intangible Assets	Goodwill. In our annual evaluation of goodwill for impairment, we first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we are required to perform the first step of the two-step impairment test. We tested the goodwill attributable to each of our reporting units for impairment as of December 31, 2014 and concluded that there was no impairment.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation. The functional currency for several of our foreign subsidiaries is the applicable local currency. Results of operations for foreign subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using average exchange rates during the period. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, and the resulting translation adjustments are recognized, net of tax, in accumulated other comprehensive income as a component of shareholders' equity. All foreign currency transaction gains and losses are recognized currently in the Consolidated Statements of Income.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standard. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 completes the joint effort by the FASB and International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards. ASU 2014-09 applies to all companies that enter into contracts with customers to transfer goods or services. ASU 2014-09 is effective for us for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted and we have the choice to apply ASU 2014-09 either retrospectively to each reporting period presented or by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application (January 1, 2017) and not adjusting comparative information. We are currently evaluating the requirements of ASU 2014-09 and have not yet determined its impact on our consolidated financial statements.

Inventory_Tables

Inventory (Tables)	3 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
Inventory [Table Text Block]
	(in thousands)		Mar 31, 2015		Dec 31, 2014
	Inventory:
		Remotely operated vehicle parts and components	$	194,661	$	207,885
		Other inventory, primarily raw materials	185,175		167,703
		Total	$	379,836	$	375,588

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Debt [Table Text Block]	Long-term Debt consisted of the following:
	(in thousands)	Mar 31, 2015		Dec 31, 2014
	4.650% Senior Notes due 2024	$	500,000	$	500,000
	Term Loan Facility	250,000		250,000
	Revolving Credit Facility	—		—
	Long-term Debt	$	750,000	$	750,000

Earnings_Per_Share_StockBased_1

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan (Tables)	3 Months Ended
	Mar. 31, 2015
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Abstract]
Schedule of Earnings Per Share	Earnings Per Share. The table that follows presents our computation of weighted average basic and diluted shares outstanding, which we use in our earnings per share calculations. For each period presented, our net income allocable to both common shareholders and diluted common shareholders is the same as our net income in our consolidated statements of income.
		Three Months Ended Mar. 31,
	(in thousands)	2015	2014
	Basic shares outstanding	99,473	108,170
	Effect of restricted stock units	439	554
	Diluted shares outstanding	99,912	108,724

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Summary of Income Tax Examinations	The following lists the earliest tax years open to examination by tax authorities where we have significant operations:
	Jurisdiction	Periods
	United States	2011
	United Kingdom	2011
	Norway	2004
	Angola	2009
	Brazil	2009
	Australia	2011

Business_Segment_Information_T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting, Measurement Disclosures [Abstract]
Financial Data By Business Segment	The table that follows presents Revenue and Income from Operations by business segment for each of the periods indicated.
		Three Months Ended
	(in thousands)	Mar 31, 2015			Mar 31, 2014			Dec 31, 2014
	Revenue
	Oilfield
	Remotely Operated Vehicles	$	219,447		$	255,819		$	259,544
	Subsea Products	240,729			260,010			314,739
	Subsea Projects	153,572			138,190			162,623
	Asset Integrity	98,493			124,159			111,115
	Total Oilfield	712,241			778,178			848,021
	Advanced Technologies	74,531			62,023			70,906
	Total	$	786,772		$	840,201		$	918,927
	Income from Operations
	Oilfield
	Remotely Operated Vehicles	$	62,182		$	76,740		$	79,635
	Subsea Products	50,014			54,516			63,796
	Subsea Projects	22,276			20,537			34,113
	Asset Integrity	5,025			14,085			5,886
	Total Oilfield	139,497			165,878			183,430
	Advanced Technologies	5,020			2,955			7,214
	Unallocated Expenses	(37,867		)	(35,971		)	(38,405		)
	Total	$	106,650		$	132,862		$	152,239

Summary_Of_Major_Accounting_Po2

Summary Of Major Accounting Policies - Principles of Consolidation And Repurchases (Details)	Mar. 31, 2015
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Percentage	50.00%
Equity Method Investment, Ownership Interest Threshold For Consolidation, Percentage	20.00%
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Interest Threshold For Consolidation, Percentage	50.00%

Summary_Of_Major_Accounting_Po3

Summary Of Major Accounting Policies - Property, Plant and Equipment (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Interest Costs, Capitalized During Period	$555	$61

Inventory_Details

Inventory (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Inventory for remotely operated vehicles	$194,661	$207,885
Other inventory, primarily raw materials	185,175	167,703
Total	$379,836	$375,588

Debt_LongTerm_Debt_Details

Debt - Long-Term Debt (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2015
Debt Disclosure [Abstract]
Payments of Debt Issuance Costs	$6,900,000
Notes Payable, Fair Value Disclosure		520,000,000
4.650% Senior Notes due 2024	500,000,000	500,000,000
Loans Payable to Bank	250,000,000	250,000,000
Revolving credit facility	0	0
Long-term Debt	$750,000,000	$750,000,000

Debt_Line_of_Credit_Details

Debt - Line of Credit (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Oct. 27, 2014
Line of Credit Facility [Line Items]
Line of Credit Facility, Available Additional Borrowing Capacity	$300
Payments of Financing Costs	1.6
Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		500
Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$300
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Adjusted Base Rate [Member] | Federal Funds Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Basis Spread on Variable Rate		0.50%
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Adjusted Base Rate [Member] | Eurodollar Rate [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Basis Spread on Variable Rate		1.00%
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Applicable Margin [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Basis Spread on Variable Rate		0.13%
oii term loan facility spread on variable rate		0.00%
Credit Agreement [Member] | Adjusted Base Rate Advances [Member] | Applicable Margin [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Basis Spread on Variable Rate		0.75%
oii term loan facility spread on variable rate		0.50%
Credit Agreement [Member] | Eurodollar Advances [Member] | Applicable Margin [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Basis Spread on Variable Rate		1.13%
oii term loan facility spread on variable rate		1.00%
Credit Agreement [Member] | Eurodollar Advances [Member] | Applicable Margin [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Basis Spread on Variable Rate		1.75%
oii term loan facility spread on variable rate		1.50%

Commitments_And_Contingencies_

Commitments And Contingencies - Narrative (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Loans Payable to Bank	$250,000,000	$250,000,000
Cash Flow Hedge Derivative Instrument Assets at Fair Value	3,100,000
Line of Credit Facility, Amount Outstanding	0	0
Brazil [Member] | Collectibility of Receivables [Member]
Loss Contingencies [Line Items]
Accounts Receivable, Gross, Current			$3,300,000

Earnings_Per_Share_StockBased_2

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan (Narrative) (Details) (USD $)	6 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 12, 2014
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Line Items]
Common Stock, Dividends, Per Share, Declared	$0.27
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number			861,532	814,400
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					10,000,000
Stock Repurchase Program, Total Number of Shares Repurchased To Date			1,100,000
Stock Repurchase Program, Total Shares Repurchased To Date, Amount			56
Dividend Declared [Member]
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Line Items]
Common Stock, Dividends, Per Share, Declared		$0.27
Restricted Stock Units (RSUs) [Member]
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options			28
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years

Earnings_Per_Share_StockBased_3

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan (Earnings Per Share) (Details)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Abstract]
Basic shares outstanding	99,473	108,170
Effect of restricted stock units	439	554
Diluted shares outstanding	99,912	108,724

Income_Taxes_Narrative_Details

Income Taxes - Narrative (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Operating Loss Carryforwards [Line Items]
Effective income tax rate continuing operations	31.30%
Federal statutory tax rate	35.00%
Unrecognized Tax Benefits, Probability Threshold of Realizing for Tax Benefits Recognition, Minimum Percentage	50.00%
Unrecognized Tax Benefits, Including Foreign Tax Credits and Penalties and Interest	$5.60

Income_Taxes_Summary_Of_Earlie

Income Taxes - Summary Of Earliest Tax Years Open To Examination (Details)	3 Months Ended
	Mar. 31, 2015
United States [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2011
United Kingdom [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2011
Norway [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2004
Angola [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2009
Brazil [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2009
Australia [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2011

Business_Segment_Information_F

Business Segment Information - Financial Data By Business Segment (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Segment Reporting Information [Line Items]
Revenue	$786,772	$918,927	$840,201
Income from Operations	106,650	152,239	132,862
Oil And Gas [Member]
Segment Reporting Information [Line Items]
Revenue	712,241	848,021	778,178
Income from Operations	139,497	183,430	165,878
ROVs [Member]
Segment Reporting Information [Line Items]
Revenue	219,447	259,544	255,819
Income from Operations	62,182	79,635	76,740
Subsea Products [Member]
Segment Reporting Information [Line Items]
Revenue	240,729	314,739	260,010
Income from Operations	50,014	63,796	54,516
Subsea Projects [Member]
Segment Reporting Information [Line Items]
Revenue	153,572	162,623	138,190
Income from Operations	22,276	34,113	20,537
Asset Integrity [Member]
Segment Reporting Information [Line Items]
Revenue	98,493	111,115	124,159
Income from Operations	5,025	5,886	14,085
Advanced Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	74,531	70,906	62,023
Income from Operations	5,020	7,214	2,955
Unallocated Expenses [Member]
Segment Reporting Information [Line Items]
Income from Operations	($37,867)	($38,405)	($35,971)