Oceaneering International (OII) 10-Q 7 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document Information [Line Items]
Entity Registrant Name	OCEANEERING INTERNATIONAL INC
Entity Central Index Key	73,756
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		98,065,073

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 441,625	$ 385,235
Accounts receivable, net of allowances for doubtful accounts	510,424	612,785
Inventory	297,195	328,453
Other current assets	110,024	191,020
Total Current Assets	1,359,268	1,517,493
Property and Equipment, at cost	2,770,569	2,772,580
Less accumulated depreciation	1,603,598	1,505,849
Net Property and Equipment	1,166,971	1,266,731
Other Assets:
Goodwill	448,289	426,872
Other non-current assets	263,042	218,440
Total Other Assets	711,331	645,312
Total Assets	3,237,570	3,429,536
Current Liabilities:
Accounts payable	95,303	118,277
Accrued liabilities	382,289	477,284
Income taxes payable	23,481	20,395
Total Current Liabilities	501,073	615,956
Long-term Debt	802,256	795,836
Other Long-term Liabilities	362,461	439,010
Commitments and Contingencies
Stockholders' Equity:
Common Stock	27,709	27,709
Additional paid-in capital	223,665	230,179
Treasury stock, at cost	(731,448)	(743,577)
Retained earnings	2,320,971	2,364,786
Accumulated other comprehensive income	(269,117)	(300,363)
Total Shareholders' Equity	1,571,780	1,578,734
Total Liabilities and Sharesholders' Equity	$ 3,237,570	$ 3,429,536

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts receivable, allowances for doubtful accounts	$ 7,982	$ 5,893
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
Treasury stock, shares	12,773,015	12,984,829

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Inventory Write-down			$ 30,490	$ 9,025
Revenue	$ 549,275	$ 743,613	1,783,158	2,340,688
Cost of services and products	513,832	575,300	1,555,002	1,841,381
Gross Margin	35,443	168,313	228,156	499,307
Selling, general and administrative expense	47,299	54,849	153,533	171,253
Income from Operations	(11,856)	113,464	74,623	328,054
Interest income	684	229	2,421	436
Interest expense	(6,325)	(6,396)	(18,924)	(18,696)
Equity earnings (losses) of unconsolidated affiliates	(246)	1,567	543	1,313
Other income (expense), net	570	(9,099)	(6,823)	(14,883)
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	(17,173)	99,765	51,840	296,224
Provision for income taxes	(5,375)	31,226	16,226	92,718
Net Income	$ (11,798)	$ 68,539	$ 35,614	$ 203,506
Cash Dividends declared per Share	$ 0.27	$ 0.27	$ 0.81	$ 0.81
Basic Earnings per Share	(0.12)	0.70	0.36	2.06
Diluted Earnings per Share	$ (0.12)	$ 0.70	$ 0.36	$ 2.06
ROVs [Member]
Asset Impairment Charges			$ 10,800
Subsea Products Member
Asset Impairment Charges			2,900
Subsea Products Member
Inventory Write-down			5,300
Revenue	$ 157,269	$ 220,039	542,978	$ 700,825
Income from Operations	6,109	46,079	71,870	138,379
ROVs [Member]
Inventory Write-down			25,200
Revenue	126,507	198,426	413,769	634,299
Income from Operations	$ (23,845)	$ 52,417	$ 21,162	$ 175,893

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income	$ (11,798)	$ 68,539	$ 35,614	$ 203,506
Other comprehensive income, net of tax:
Foreign currency translation adjustments	16,411	(55,453)	31,246	(100,100)
Total other comprehensive income	16,411	(55,453)	31,246	(100,100)
Total Comprehensive Income	$ 4,613	$ 13,086	$ 66,860	$ 103,406

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Flows from Operating Activities:
Net Income	$ 35,614	$ 203,506
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	193,960	183,508
Deferred income tax provision	(6,704)	15,780
Inventory Write-down	30,490	9,025
Net loss (gain) on sales of property and equipment	516	111
Noncash compensation	10,546	12,688
Excluding the effects of acquisitions, increase (decrease) in cash from:
Accounts receivable	102,361	98,357
Inventory	768	5,135
Other operating assets	57,879	(49,140)
Currency translation effect on working capital	15,592	(19,366)
Current liabilities	(163,415)	(80,086)
Other operating liabilities	(14,857)	(6,458)
Total adjustments to net income	227,136	169,554
Net Cash Provided by Operating Activities	262,750	373,060
Cash Flows from Investing Activities:
Purchases of property and equipment	(83,389)	(139,208)
Payments to Acquire Businesses, Net of Cash Acquired	(2,500)	(229,979)
Payments to Acquire Other Investments	(39,818)	(19,531)
Distributions of capital from unconsolidated affiliates	5,108	3,265
Dispositions of property and equipment	3,217	376
Net Cash Used in Investing Activities	(117,382)	(385,077)
Cash Flows from Financing Activities:
Proceeds from Notes Payable	0	50,000
Excess tax benefits from employee benefit plans	(3,004)	(781)
Cash Dividends	(79,429)	(80,036)
Purchases of treasury stock	0	(100,459)
Net Cash Provided by (Used in) Financing Activities	(82,433)	(131,276)
Effect of Exchange Rate on Cash and Cash Equivalents	(6,545)	(16,266)
Net Increase (Decrease) in Cash and Cash Equivalents	56,390	(159,559)
Cash and Cash Equivalents-Beginning of Period	385,235	430,714
Cash and Cash Equivalents-End of Period	$ 441,625	$ 271,155

Summary Of Major Accounting Pol

Summary Of Major Accounting Policies	9 Months Ended
	Sep. 30, 2016
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 (the "SEC"). 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 September 30, 2016 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, 2015 . 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. We use the cost method for all other long-term investments. Investments in entities that we do not consolidate are reflected on our balance sheet in Other non-current assets. 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. Reclassifications. Certain amounts from prior periods have been reclassified to conform with the current period presentation. 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 the lower of cost or market. We determine cost using the weighted-average method. During the three- and nine-month periods ended September 30, 2016 we recorded inventory write-downs totaling $30.5 million for excess inventory of $25.2 million in our ROV segment and $5.3 million in our Subsea Products segment. 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 $1.0 million and $0.6 million of interest in the three-month periods ended September 30, 2016 and 2015 , respectively, and $2.8 million and $1.7 million of interest in the nine-month periods ended September 30, 2016 and 2015 , 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 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 benefits 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 an 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. In the third quarter of 2016, the leading indicator for deepwater activity, contracted floating rigs, continued to decline, as the rate of rigs being idled, either by contract termination or expiration, continued. Therefore, we reassessed the number of ROVs we have in our fleet, as well as the associated inventory. As a result of our reassessment, we recorded a charge as additional depreciation related to our retirement of 39 ROVs this quarter for a net book value of $10.8 million . We also recorded a $2.9 million charge as additional depreciation in our Subsea Products segment related predominantly to tools in our portfolio used to support deepwater drilling and operations. 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"). C&C is a global provider of ocean-bottom mapping services in deepwater utilizing customized autonomous underwater vehicles and provides marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs and seismic and construction vessels. C&C also provides land and near-shore survey services along the U.S. Gulf Coast and in Mexico, and performs shallow water conventional geophysical surveys in the U.S. Gulf of Mexico. The final acquisition price of approximately $224 million was paid in cash. We have accounted for this acquisition by allocating the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. We have included C&C's operations in our consolidated financial statements starting from the date of closing, and its operating results are reflected in our Subsea Projects segment. The acquisition of C&C did not have a material effect on our operating results, cash flows from operations or financial position. 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, 2015 and concluded that there was no impairment. In addition to our annual evaluation of goodwill for impairment, upon the occurrence of a triggering event, we review our goodwill 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. 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 Operations. New Accounting Standards. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers ." ASU 2014-09, as amended, 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, 2017. Early application is not permitted before periods beginning after December 15, 2016, and we have chosen to apply ASU 2014-09 by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application 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. In July 2015, the FASB issued ASU 2015-11, "Inventory – Simplifying the Measurement of Inventory." ASU 2015-11 requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for our inventories beginning January 1, 2017. We do not anticipate that this update will have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Business Combinations – Simplifying the Accounting for Measurement-Period Adjustments." This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 became effective for our financial statements January 1, 2016. This update has not had a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." Current U.S. GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for our financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application is permitted. We do not anticipate that this update will have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." This update requires reporting entities to separate the lease components from the non-lease components in a contract and recognize lease assets and lease liabilities on the balance sheet for substantially all lease arrangements. ASU No. 2016-02 is effective for us January 1, 2019. We are currently evaluating the requirements of ASU 2016-02 and have not yet determined its impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation – Improvements to Employee Share-Based Payment Accounting." This update requires that all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Currently, an entity must determine, for each award, whether the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes results in either an excess tax benefit or a tax deficiency. Excess tax benefits are recognized in additional paid-in capital; tax deficiencies are recognized either as an offset to accumulated excess tax benefits, if any, or in the income statement. The amendments in this update are effective for us beginning January 1, 2017. We do not anticipate that this update will have a material effect on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740) – Intra-Entity Transfers of Assets Other than Inventory." Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The amendments in this update will eliminate the exception for an intra-entity transfer of an asset other than inventory. Two common examples of assets included within the scope of this update are intellectual property and property, plant, and equipment. The exception for an intra-entity transfer of inventory will remain in place. The amendments in this update are effective for us beginning January 1, 2018. We do not anticipate that this update will have a material effect on our consolidated financial statements.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventory	INVENTORY The following is information regarding our inventory: (in thousands) Sep 30, 2016 Dec 31, 2015 Inventory, net: Remotely operated vehicle parts and components $ 118,337 $ 163,539 Other inventory, primarily raw materials 178,858 164,914 Total $ 297,195 $ 328,453

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	DEBT Long-term Debt consisted of the following: (in thousands) Sep 30, 2016 Dec 31, 2015 4.650% Senior Notes due 2024: Principal of the Notes $ 500,000 $ 500,000 Issuance costs, net of amortization (5,558 ) (6,073 ) Fair value of interest rate swap on $100 million of principal 7,814 1,909 Term Loan Facility 300,000 300,000 Revolving Credit Facility — — Long-term Debt $ 802,256 $ 795,836 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 pay interest on the Senior Notes on May 15 and November 15 of each year, and we made our first interest payment 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 prior to maturity at specified redemption prices. We used the net proceeds from the offering for general corporate purposes, including funding the C&C acquisition, other capital expenditures and repurchases of shares of our common stock. In October 2014, we entered into a new credit agreement (as amended, the "Credit Agreement") with a group of banks to replace our prior principal credit agreement. The Credit Agreement provides for a $300 million three-year term loan (the "Term Loan Facility") and a $500 million five-year revolving credit facility (the "Revolving Credit Facility"). 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, our prior principal credit agreement. In November 2015, we entered into an Agreement and Amendment No. 1 to Credit Agreement (the "Amendment") to the Credit Agreement. The Amendment amended the Credit Agreement to (1) replace the maximum leverage ratio financial covenant with a new financial covenant restricting the maximum total capitalization ratio (defined in the Amendment to be the ratio of consolidated debt to total capitalization) to 55% and (2) extend the maturities of the Term Loan Facility and the Revolving Credit Facility by one year each, to October 27, 2018 and October 25, 2020, respectively, with the extending Lenders, which represent 93.75% of the existing commitments of the Lenders, such that (a) the total commitments for the Revolving Credit Facility will be $500 million until October 25, 2019 and thereafter $468.75 million until October 25, 2020, and (b) the outstanding term loan advances pursuant to the Term Loan Facility will be $300 million until October 27, 2017 and thereafter $281.25 million until October 27, 2018. 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 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 designated 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) the daily one-month LIBOR plus 1% . We pay a commitment fee ranging from 0.125% to 0.300% on the unused portion of the Revolving Credit 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 total capitalization ratio of 55%, as noted above. The Credit Agreement includes customary events of default and associated remedies. As of September 30, 2016 , we were in compliance with all the covenants set forth in the Credit Agreement. We incurred $6.9 million of issuance costs related to the Senior Notes and $2.2 million of new loan costs, including costs of the Amendment, related to the Credit Agreement. We are amortizing these costs, which are included on our balance sheet as a reduction of debt for the Senior Notes and as an other non-current asset for the Credit Agreement, to interest expense over ten years for the Senior Notes and over six years for the Credit Agreement.
Schedule of Debt [Table Text Block]	Long-term Debt consisted of the following: (in thousands) Sep 30, 2016 Dec 31, 2015 4.650% Senior Notes due 2024: Principal of the Notes $ 500,000 $ 500,000 Issuance costs, net of amortization (5,558 ) (6,073 ) Fair value of interest rate swap on $100 million of principal 7,814 1,909 Term Loan Facility 300,000 300,000 Revolving Credit Facility — — Long-term Debt $ 802,256 $ 795,836

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2016
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 have filed a motion to dismiss the complaint and a supporting brief on which the Court has not yet ruled. 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. In the ordinary course of business, we are subject to actions for damages alleging personal injury under the general maritime laws of the United States, including the Jones Act, for alleged negligence. We report actions for personal injury to our insurance carriers and believe that the settlement or disposition of those claims will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. 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 that our 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 the underlying 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 $300 million at September 30, 2016 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 $517 million at September 30, 2016 based on quoted prices. Since the market for the Senior Notes is not an active market, the fair value of the Senior Notes is classified within 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 $7.8 million at September 30, 2016 , which is reflected on our balance sheet as a component of Other Long-term Assets, with the offset as an adjustment to the carrying value of Long-term Debt. This value was arrived at using a discounted cash flow model using Level 2 inputs. Since the second quarter of 2015, the exchange rate for the Angolan kwanza relative to the U.S. dollar has been declining. As our functional currency in Angola is the U.S. dollar, we recorded foreign currency transaction gains (losses) related to the kwanza of $0.7 million and $(7.9) million in the three-month periods ended September 30, 2016 and 2015 , respectively, and $(7.6) million and $(17.9) million in the nine-month periods ended September 30, 2016 and 2015 , respectively, as a component of Other income (expense), net in our Consolidated Statements of Operations for those respective periods. Our foreign currency transaction losses related primarily to the remeasurement of our Angolan kwanza cash balances to U.S. dollars. Conversion of cash balances from kwanza to U.S. dollars is controlled by the central bank in Angola, and the central bank has slowed this process since mid-2015, causing our kwanza cash balances to increase. As of September 30, 2016 , we had the equivalent of approximately $32 million of cash in kwanza in Angola reflected on our balance sheet. To mitigate our currency exposure risk in Angola, through September 30, 2016 we used kwanza to purchase $60 million equivalent Angolan central bank (Banco Nacional de Angola) bonds with various maturities throughout 2018. These bonds are denominated as U.S. dollar equivalents, so that, upon payment of semi-annual interest and principal upon maturity, payment is made in kwanza, equivalent to the respective U.S. dollars at the then-current exchange rate. We have classified $50 million of these instruments as held-to-maturity, and have recorded the original cost on our balance sheet as other non-current assets. The remaining $10 million of these instruments are classified as available for sale and are recorded on our balance sheet as other current assets at fair market value at September 30, 2016 , which approximated original cost. We estimated the fair market value of the Angolan bonds at September 30, 2016 using quoted prices. Since the market for the Angolan bonds is not an active market, the fair value of the Angolan bonds is classified within Level 2 in the fair value hierarchy under U.S. GAAP. The Angolan bonds recorded as current assets were sold in October 2016 at approximately book value.

Earnings Per Share, Stock-Based

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan	9 Months Ended
	Sep. 30, 2016
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 (loss) allocable to both common shareholders and diluted common shareholders is the same as our net income (loss) in our consolidated statements of operations. Three Months Ended Sep 30, Nine Months Ended Sep 30, (in thousands) 2016 2015 2016 2015 Basic shares outstanding 98,061 97,845 98,025 98,609 Effect of restricted stock units — 340 359 382 Diluted shares outstanding 98,061 98,185 98,384 98,991 Our quarterly dividend to our common shareholders was $0.27 per share from the second quarter of 2014 through the third quarter of 2016. Our latest quarterly dividend is $0.15 per share and was declared in October 2016 and is payable in December 2016. Share-Based Compensation. We have no outstanding stock options and, therefore, no 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 and 2016, 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 2014 through 2016 , at the earlier of three years after grant or at termination of employment or service, the grantee will be issued one share of our common stock for each unit vested. As of September 30, 2016 and December 31, 2015 , respective totals of 1,079,607 and 831,291 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 $17 million at September 30, 2016 . 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 2.0 million shares of our common stock for $100 million through December 31, 2015 . We did not repurchase any shares under the plan during the nine-month period ended September 30, 2016 . We account for the shares we hold in treasury under the cost method, at average cost.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
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 our effective tax rates of 31.3% in the periods ended September 30, 2016 and the federal statutory rate of 35% reflects our intention to continue 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 $4.7 million in Other Long-term Liabilities on our balance sheet for unrecognized tax benefits at September 30, 2016 . 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 2013 United Kingdom 2012 Norway 2006 Angola 2013 Brazil 2010 Australia 2012

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2016
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, production and decommissioning activities. Our Subsea Products segment supplies a variety of specialty subsea hardware and related services. To improve operational efficiency, we have reorganized our Subsea Products segment into two business units – (1) manufactured products and (2) service and rental. Manufactured products include production control umbilicals and specialty subsea hardware, while service and rental includes tooling, subsea work systems and installation and workover control systems. This internal reorganization does not affect our segment reporting structure or the historical comparability of our segment results. 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. Since April 2015, we have also provided survey, autonomous underwater vehicle ("AUV") and satellite-positioning services. 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, 2015 . The table that follows presents Revenue and Income (Loss) from Operations by business segment for each of the periods indicated. Three Months Ended Nine Months Ended (in thousands) Sep 30, 2016 Sep 30, 2015 Jun 30, 2016 Sep 30, 2016 Sep 30, 2015 Revenue Oilfield Remotely Operated Vehicles $ 126,507 $ 198,426 $ 139,641 $ 413,769 $ 634,299 Subsea Products 157,269 220,039 190,897 542,978 700,825 Subsea Projects 110,799 147,191 138,662 378,883 473,087 Asset Integrity 71,995 95,609 73,864 215,459 289,611 Total Oilfield 466,570 661,265 543,064 1,551,089 2,097,822 Advanced Technologies 82,705 82,348 82,475 232,069 242,866 Total $ 549,275 $ 743,613 $ 625,539 $ 1,783,158 $ 2,340,688 Income (Loss) from Operations Oilfield Remotely Operated Vehicles $ (23,845 ) $ 52,417 $ 18,020 $ 21,162 $ 175,893 Subsea Products 6,109 46,079 25,121 71,870 138,379 Subsea Projects 15,029 28,841 10,237 32,055 81,724 Asset Integrity 4,725 8,549 (805 ) 4,354 18,150 Total Oilfield 2,018 135,886 52,573 129,441 414,146 Advanced Technologies 4,357 1,635 5,528 10,478 12,922 Unallocated Expenses (18,231 ) (24,057 ) (19,721 ) (65,296 ) (99,014 ) Total $ (11,856 ) $ 113,464 $ 38,380 $ 74,623 $ 328,054 Depreciation and Amortization Oilfield Remotely Operated Vehicles $ 43,705 $ 35,094 $ 34,026 $ 111,415 $ 107,236 Subsea Products 14,205 12,681 12,952 39,964 38,247 Subsea Projects 8,575 9,782 8,353 25,447 24,140 Asset Integrity 5,980 2,663 2,843 11,736 8,222 Total Oilfield 72,465 60,220 58,174 188,562 177,845 Advanced Technologies 789 618 806 2,329 1,879 Unallocated Expenses 946 1,184 999 3,069 3,784 Total $ 74,200 $ 62,022 $ 59,979 $ 193,960 $ 183,508 We determine income (loss) 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 in earnings (losses) of unconsolidated affiliates is part of our Subsea Projects segment.

Summary Of Major Accounting P14

Summary Of Major Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2016
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 (the "SEC"). 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 September 30, 2016 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, 2015 . 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. We use the cost method for all other long-term investments. Investments in entities that we do not consolidate are reflected on our balance sheet in Other non-current assets. 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.
Reclassification	Reclassifications. Certain amounts from prior periods have been reclassified to conform with the current period presentation.
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 the 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 $1.0 million and $0.6 million of interest in the three-month periods ended September 30, 2016 and 2015 , respectively, and $2.8 million and $1.7 million of interest in the nine-month periods ended September 30, 2016 and 2015 , 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 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 benefits 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 an 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. In the third quarter of 2016, the leading indicator for deepwater activity, contracted floating rigs, continued to decline, as the rate of rigs being idled, either by contract termination or expiration, continued. Therefore, we reassessed the number of ROVs we have in our fleet, as well as the associated inventory. As a result of our reassessment, we recorded a charge as additional depreciation related to our retirement of 39 ROVs this quarter for a net book value of $10.8 million . We also recorded a $2.9 million charge as additional depreciation in our Subsea Products segment related predominantly to tools in our portfolio used to support deepwater drilling and operations.
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"). C&C is a global provider of ocean-bottom mapping services in deepwater utilizing customized autonomous underwater vehicles and provides marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs and seismic and construction vessels. C&C also provides land and near-shore survey services along the U.S. Gulf Coast and in Mexico, and performs shallow water conventional geophysical surveys in the U.S. Gulf of Mexico. The final acquisition price of approximately $224 million was paid in cash. We have accounted for this acquisition by allocating the purchase price to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. We have included C&C's operations in our consolidated financial statements starting from the date of closing, and its operating results are reflected in our Subsea Projects segment. The acquisition of C&C did not have a material effect on our operating results, cash flows from operations or financial position.
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, 2015 and concluded that there was no impairment. In addition to our annual evaluation of goodwill for impairment, upon the occurrence of a triggering event, we review our goodwill 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.
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 Operations.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standards. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue from Contracts with Customers ." ASU 2014-09, as amended, 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, 2017. Early application is not permitted before periods beginning after December 15, 2016, and we have chosen to apply ASU 2014-09 by recognizing the cumulative effect of applying ASU 2014-09 at the date of initial application 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. In July 2015, the FASB issued ASU 2015-11, "Inventory – Simplifying the Measurement of Inventory." ASU 2015-11 requires companies to measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This guidance is effective for our inventories beginning January 1, 2017. We do not anticipate that this update will have a material impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, "Business Combinations – Simplifying the Accounting for Measurement-Period Adjustments." This update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The update requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 became effective for our financial statements January 1, 2016. This update has not had a material impact on our consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." Current U.S. GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The update requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for our financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Earlier application is permitted. We do not anticipate that this update will have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." This update requires reporting entities to separate the lease components from the non-lease components in a contract and recognize lease assets and lease liabilities on the balance sheet for substantially all lease arrangements. ASU No. 2016-02 is effective for us January 1, 2019. We are currently evaluating the requirements of ASU 2016-02 and have not yet determined its impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation – Improvements to Employee Share-Based Payment Accounting." This update requires that all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Currently, an entity must determine, for each award, whether the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes results in either an excess tax benefit or a tax deficiency. Excess tax benefits are recognized in additional paid-in capital; tax deficiencies are recognized either as an offset to accumulated excess tax benefits, if any, or in the income statement. The amendments in this update are effective for us beginning January 1, 2017. We do not anticipate that this update will have a material effect on our consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740) – Intra-Entity Transfers of Assets Other than Inventory." Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The amendments in this update will eliminate the exception for an intra-entity transfer of an asset other than inventory. Two common examples of assets included within the scope of this update are intellectual property and property, plant, and equipment. The exception for an intra-entity transfer of inventory will remain in place. The amendments in this update are effective for us beginning January 1, 2018. We do not anticipate that this update will have a material effect on our consolidated financial statements.

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Inventory [Table Text Block]	(in thousands) Sep 30, 2016 Dec 31, 2015 Inventory, net: Remotely operated vehicle parts and components $ 118,337 $ 163,539 Other inventory, primarily raw materials 178,858 164,914 Total $ 297,195 $ 328,453

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Instrument [Line Items]
Schedule of Debt [Table Text Block]	Long-term Debt consisted of the following: (in thousands) Sep 30, 2016 Dec 31, 2015 4.650% Senior Notes due 2024: Principal of the Notes $ 500,000 $ 500,000 Issuance costs, net of amortization (5,558 ) (6,073 ) Fair value of interest rate swap on $100 million of principal 7,814 1,909 Term Loan Facility 300,000 300,000 Revolving Credit Facility — — Long-term Debt $ 802,256 $ 795,836

Earnings Per Share, Stock-Bas17

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan (Tables)	9 Months Ended
	Sep. 30, 2016
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 (loss) allocable to both common shareholders and diluted common shareholders is the same as our net income (loss) in our consolidated statements of operations. Three Months Ended Sep 30, Nine Months Ended Sep 30, (in thousands) 2016 2015 2016 2015 Basic shares outstanding 98,061 97,845 98,025 98,609 Effect of restricted stock units — 340 359 382 Diluted shares outstanding 98,061 98,185 98,384 98,991

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2016
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 2013 United Kingdom 2012 Norway 2006 Angola 2013 Brazil 2010 Australia 2012

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting, Measurement Disclosures [Abstract]
Financial Data By Business Segment	The table that follows presents Revenue and Income (Loss) from Operations by business segment for each of the periods indicated. Three Months Ended Nine Months Ended (in thousands) Sep 30, 2016 Sep 30, 2015 Jun 30, 2016 Sep 30, 2016 Sep 30, 2015 Revenue Oilfield Remotely Operated Vehicles $ 126,507 $ 198,426 $ 139,641 $ 413,769 $ 634,299 Subsea Products 157,269 220,039 190,897 542,978 700,825 Subsea Projects 110,799 147,191 138,662 378,883 473,087 Asset Integrity 71,995 95,609 73,864 215,459 289,611 Total Oilfield 466,570 661,265 543,064 1,551,089 2,097,822 Advanced Technologies 82,705 82,348 82,475 232,069 242,866 Total $ 549,275 $ 743,613 $ 625,539 $ 1,783,158 $ 2,340,688 Income (Loss) from Operations Oilfield Remotely Operated Vehicles $ (23,845 ) $ 52,417 $ 18,020 $ 21,162 $ 175,893 Subsea Products 6,109 46,079 25,121 71,870 138,379 Subsea Projects 15,029 28,841 10,237 32,055 81,724 Asset Integrity 4,725 8,549 (805 ) 4,354 18,150 Total Oilfield 2,018 135,886 52,573 129,441 414,146 Advanced Technologies 4,357 1,635 5,528 10,478 12,922 Unallocated Expenses (18,231 ) (24,057 ) (19,721 ) (65,296 ) (99,014 ) Total $ (11,856 ) $ 113,464 $ 38,380 $ 74,623 $ 328,054 Depreciation and Amortization Oilfield Remotely Operated Vehicles $ 43,705 $ 35,094 $ 34,026 $ 111,415 $ 107,236 Subsea Products 14,205 12,681 12,952 39,964 38,247 Subsea Projects 8,575 9,782 8,353 25,447 24,140 Asset Integrity 5,980 2,663 2,843 11,736 8,222 Total Oilfield 72,465 60,220 58,174 188,562 177,845 Advanced Technologies 789 618 806 2,329 1,879 Unallocated Expenses 946 1,184 999 3,069 3,784 Total $ 74,200 $ 62,022 $ 59,979 $ 193,960 $ 183,508

Summary Of Major Accounting P20

Summary Of Major Accounting Policies - Principles of Consolidation And Repurchases (Details)	Sep. 30, 2016
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 P21

Summary Of Major Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Interest Costs, Capitalized During Period	$ 984	$ 610	$ 2,784	$ 1,703

Summary Of Major Accounting P22

Summary Of Major Accounting Policies Business Combination Disclosure (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 2,500	$ 229,979	$ 224,000
Inventory Write-down	$ 30,490	$ 9,025

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory Write-down	$ 30,490	$ 9,025
Inventory for remotely operated vehicles	118,337		$ 163,539
Other inventory, primarily raw materials	178,858		164,914
Total	$ 297,195		$ 328,453

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2014	Sep. 30, 2016	Dec. 31, 2015	Nov. 21, 2014
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.65%
Payments of Debt Issuance Costs	$ 6,900
Notes Payable, Fair Value Disclosure		$ 517,000
4.650% Senior Notes due 2024		500,000	$ 500,000	$ 500,000
Unamortized Debt Issuance Expense		(5,558)	(6,073)
Fair Value Hedge Liabilities		7,814	1,909
Loans Payable to Bank		300,000	300,000
Revolving credit facility		0	0
Long-term Debt		$ 802,256	$ 795,836

Debt - Line of Credit (Details)

Debt - Line of Credit (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2014	Sep. 30, 2016
Line of Credit Facility [Line Items]
Line of Credit Facility, Available Additional Borrowing Capacity		$ 300
Payments of Financing Costs	$ 2.2
Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.125%
Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.30%
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		0.125%
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		1.125%
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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Derivative, Amount of Hedged Item	$ 100,000		$ 100,000
Fair Value Hedge Liabilities	7,814		7,814		$ 1,909
Loans Payable to Bank	300,000		300,000		300,000
Line of Credit Facility, Amount Outstanding	0		0		0
Other income (expense), net	570	$ (9,099)	(6,823)	$ (14,883)
Cash and Cash Equivalents, at Carrying Value	441,625	271,155	441,625	271,155	385,235	$ 430,714
Other Assets, Current	110,024		110,024		$ 191,020
Other Income [Member]
Loss Contingencies [Line Items]
Other income (expense), net	700	$ (7,900)	(7,600)	$ (17,900)
Angola, Kwanza
Loss Contingencies [Line Items]
Cash and Cash Equivalents, at Carrying Value	32,000		32,000
Investments and Other Noncurrent Assets	50,000		50,000
Other Assets, Current	$ 10,000		$ 10,000

Earnings Per Share, Stock-Bas27

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Sep. 30, 2016	Dec. 31, 2015	Dec. 12, 2014
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		1,079,607	1,079,607	831,291
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					10,000,000
Stock Repurchase Program, Total Number of Shares Repurchased To Date		2,000,000	2,000,000
Stock Repurchase Program, Total Shares Repurchased To Date, Amount		$ 100	$ 100
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		$ 17	$ 17
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
Dividend Declared [Member]
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.15	$ 0.27

Earnings Per Share, Stock-Bas28

Earnings Per Share, Stock-Based Compensation and Share Repurchase Plan (Earnings Per Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Shareholders' Equity, Earnings Per Share And Stock-Based Compensation [Abstract]
Basic shares outstanding	98,061	97,845	98,025	98,609
Effect of restricted stock units	0	340	359	382
Diluted shares outstanding	98,061	98,185	98,384	98,991

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Operating Loss Carryforwards [Line Items]
Effective income tax rate continuing operations	31.30%	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	$ 4.7	$ 4.7

Income Taxes - Summary Of Earli

Income Taxes - Summary Of Earliest Tax Years Open To Examination (Details)	9 Months Ended
	Sep. 30, 2016
United States [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2,013
United Kingdom [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2,012
Norway [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2,006
Angola [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2,013
Brazil [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2,010
Australia [Member]
Income Tax Examination [Line Items]
Earliest tax years open to examination by tax authorities	2,012

Business Segment Information -

Business Segment Information - Financial Data By Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Revenue	$ 549,275	$ 625,539	$ 743,613	$ 1,783,158	$ 2,340,688
Income from Operations	(11,856)	38,380	113,464	74,623	328,054
Depreciation and amortization	74,200	59,979	62,022	193,960	183,508
Oil And Gas [Member]
Segment Reporting Information [Line Items]
Revenue	466,570	543,064	661,265	1,551,089	2,097,822
Income from Operations	2,018	52,573	135,886	129,441	414,146
Depreciation and amortization	72,465	58,174	60,220	188,562	177,845
ROVs [Member]
Segment Reporting Information [Line Items]
Revenue	126,507	139,641	198,426	413,769	634,299
Income from Operations	(23,845)	18,020	52,417	21,162	175,893
Depreciation and amortization	43,705	34,026	35,094	111,415	107,236
Subsea Products Member
Segment Reporting Information [Line Items]
Revenue	157,269	190,897	220,039	542,978	700,825
Income from Operations	6,109	25,121	46,079	71,870	138,379
Depreciation and amortization	14,205	12,952	12,681	39,964	38,247
Subsea Projects [Member]
Segment Reporting Information [Line Items]
Revenue	110,799	138,662	147,191	378,883	473,087
Income from Operations	15,029	10,237	28,841	32,055	81,724
Depreciation and amortization	8,575	8,353	9,782	25,447	24,140
Asset Integrity [Member]
Segment Reporting Information [Line Items]
Revenue	71,995	73,864	95,609	215,459	289,611
Income from Operations	4,725	(805)	8,549	4,354	18,150
Depreciation and amortization	5,980	2,843	2,663	11,736	8,222
Advanced Technologies [Member]
Segment Reporting Information [Line Items]
Revenue	82,705	82,475	82,348	232,069	242,866
Income from Operations	4,357	5,528	1,635	10,478	12,922
Depreciation and amortization	789	806	618	2,329	1,879
Unallocated Expenses [Member]
Segment Reporting Information [Line Items]
Income from Operations	(18,231)	(19,721)	(24,057)	(65,296)	(99,014)
Depreciation and amortization	$ 946	$ 999	$ 1,184	$ 3,069	$ 3,784