Roderick A. Larson
morning. Good
remarks begin with like update provide an my I safe. results, responses personnel quarter in Hurricane employees Before impact our on report Panama update Since initial I'd prepared company's pleased our our to to I'm and our and to, the for XX, October all facility on our third from, respect located are been of our that manufacturing have City, local Florida. and to Michael
past, devastating come the amazed Panama this community As together in City as of the family as have our storm. in others I'm the to at other, of employees how well help each during aftermath
recovery the with work to and local through continue employees process. We the community impacted the
has Major and tested that and significant repair on no and cleanup there removal contractors being under repairs. and of restored. to making progress our siding, in equipment power Debris addition, is has roof, is and the is site ensure damage, In structural facility. way are machinery made been been
gone and grateful families, the possible thank Panama have vendors made I'd commitment like and City Our provide to support. say employees. also numerous the extra of We're of of To these was the to to respond so their customers the and and to Port collaborative each quickly efforts because who our ability mile you. of individuals
to a third quarterly back quarter. our Now I'll of start review our results. with
Next, quarter of my year we'll for a After fourth closing by for full open the I'll and followed Q&A. XXXX, overview XXXX. the of remarks, brief provide outlook call the
Looking financial at quarter our XXXX results. third
We are pleased we of basis, segments of on generated $XX.X consolidated operating that million, adjusted EBITDA each slightly was profitable, were our which than a consensus. better and
quarter expectations. third Our XXXX our consolidated met operating results
results a segment not achieved were initially in However, perspective, anticipated. from these the manner
and currency the after-tax investment the $X.XX. sale our was our and from to minus loss adjusted per an $XX.X by Excluding results, subsea of offset lower certain effects projects for gain by and quarter operating share mainly adjustments Compared second of foreign tax from exchange due adjusted the by losses, improved ROVs. products results million, contributions and profit profitability lower subsea third favorable partially expenses, unallocated our to quarter net
X% second from third XX% at Now compared to to by the ROV let's services, approximately increased on days our quarter business look as demand our Operationally, to prior segment days, improved third for increased utilization XXXX for the provide guidance, and quarter the our on last hire XX,XXX largely fleet XX% vessel-based segments quarter. quarter. to
of type Average XX% fleet ROVs lower, Brazil. hire contracts. XX% and in vessel results crews. in, vessel-based activity lower and we on the short-term the day was our geographic reactivation XX% revenue mix stressed use during contracting rig operating declining this operational notably the rate as quarter for vessels expected, to due operating sequentially, a X% rigs shift the mix was ROV environment work in activity, in to of ROVs different Europe of equipment more to day as are ROV Our quarter. performing or This with compared phenomenon declined areas, operating drill In short-term inefficiencies as efficiencies income market, than from XX% our and with and due per current levels and to support prior expected different are increase. associated
costs, or the to reactivation XX% are in the not declined impact demobilize rate do dollars, terms and usually of XX% in these approximately ROV our EBITDA While costs expected. margin was that mobilize to margins current low the they from Consequently, significant environment.
of market XXX support rigs of September. end quarter, share contract floating market at contracted to under our June. the the compares ROVs XX with share on ROVs XX drill This rigs with to XX% improved floating of drill the During slightly the support of the XX%, on end XXX having at
size fleet vehicles. at unchanged Our remained XXX work-class
Products. Subsea to Turning
third XXXX As in increase quarter results a the better businesses. operating XX% mentioned due operating income on expected to The than in improved throughput was our product quarterly during were revenues. manufactured increased before,
XXXX, total Subsea quarter third a compared and XX%, XXXX. and was the revenue of products XX%/XX% during of percentage our split the to revenues During Products the manufactured quarter and as rentals the split second XX% between service
to backlog Our million, attributable XXXX, XXXX, was was our improvement Subsea compared at XX, backlog largely XX, offerings. business to increase service an of rental for Products order September $XXX June intake and $XXX in backlog our million. The
due by than vessel modifications in higher deepwater mainly U.S. Ecosse utilization were of delayed X.X. of increase and seasonal and trials $X.X quarter to in achieved and XXXX third Gulf income of X.X expected, that as execution. million months book-to-bill driven These Projects a return quarterly an and Mexico Our operating levels equipment services. XX ratio diving pricing in profitability, Subsea services increase the survey during past a been field revenues. was Sequentially, the to and on lower generated were and year-to-date projected results has XX% results
awards was operating Integrity, income Asset For due to anticipated project in down delays by customers.
slightly third second for level Advanced to on as quarter targets. theme due segment, unit. better non-energy XXXX park operating results was of performance-based our quarter respective increased were than compensation than reduced expected the lower relative planned our the were our For the in throughput XXXX, Unallocated based expected to income Technologies, project quarter commercial expenses third expenses
items. third tax quarter included should future. Our provision tax discrete the implications discrete $XX.X for of cash The tax for million of minimal items XXXX foreseeable provision million have $XX.X
During XXXX. cash same million, the taxes in million and and ended no undrawn XX, the million third the $XX.X $XX unsecured an loan At million period our paid credit paid had totaled during compared revolving near-term as months maturities. $XXX end nine XXXX, September we to facility of quarter, the cash $XXX
address to expect operating results Sequentially, of each our the for we decline in of results of from lower results Subsea of me quarter expected fourth the due and segments onset be We believe with our third reduced of Products energy be Projects activity. the let levels quarter Now lower our Subsea to seasonality, adjusted offshore will XXXX. our segments. outlook than the most energy to leading
in For lower quarterly due range. an demand to largely vessel-based are expenses $XX our non-energy are the are fewer utilization, segment, income. days By million in projecting be revenue day segment, average improvement expected we operating to for operating loss provide services segment, and to hire. Advanced Unallocated seasonal ROV a on expecting Technologies, per on we upper our decreased
EBITDA XX% for forecast expect range. in assumes and combined fleet to the range. may work quarter mix low ROV overall worldwide to Our XX% the with the utilization, in margins utilization for cost of fleet structure, anticipated our our which high expectations, Based we locations be levels our on our ROVs be
quarter slightly expiring floaters have were new we share of end we support of our to XX%. additional rolling Of have We and during contract XX XX drill are there XX have rigs new floating for contracts, fourth begin X or or expect to the increase services. XX floating during new contracts. total floaters, the of ROV ROVs same terms XX drilling period. contracts market At ROVs September, There on XX set the have received XX XX to on approximately XX%. that rigs Of are them, them, this the that
In addition, bid will be we some on activity. contracting rigs incremental of current there based expect
operating caused facility above the in to our City, in primarily should in we flat by expect XXXX. of contract We decline the for relatively awards increase performance during mid-October due Panama full levels damage production ratio This lower year. Subsea to Florida, keep still remainder in at loss which XXXX, revenue. Hurricane For book-to-bill expecting X.X Michael Products, an an manufacturing our is of on due substantially are
complete For in U.S. decrease Subsea the late XXXX. contributions Projects, from Evolution, to of and offset to we Gulf respect slightly expect lower to operating the income work the remaining and deepwater seasonal continue on Ocean revenue, to the diving builder by items punch-list reduced still vessel survey to vessel Mexico delivered With due be Ecosse. services, increased and expect with we the work,
to margins quarter fourth due our single-digit and income lower Asset For be low expect decreases the we expect to operating in Integrity, to range. seasonal be the in
improved improve, expect guided driven of non-energy operating quarter. be Technologies, within our theme segment, Advanced expenses business guidance the our from in to backlog Unallocated range prior and our within $XX vehicle results commercial upper to are business. per expected For million our automated we income park
our EBITDA. XXXX, of the guidance $XXX operating positive year full of range contributing of the to we million, our expect lower each segments of half currently For EBITDA in adjusted with be to $XXX the million
million and the to million capital total of organic capital This should Our of to to the expenditure expenditures. range million $XXX for $XXX $XX of expenditures be in $XX includes capital year growth million approximately million million. $XX maintenance $XX
in in our gains segments, closing, manufacturing we remain XXXX, the Subsea the that activity Accordingly, industry fundamentals are businesses. offshore we believe have and looking in of Products in in a business levels the now and by of increased into likely Looking each for recovery are in we stabilized, encouraged projecting our led activity our unit. forward XXXX, energy stages we and to long-term industry early revenue
the time, a is not after expect for generate to be only have. we detailed will we can any be activity may at are and, However, XXXX. continued and products interest take of level this now to to satisfactory we'll and our time, difficult enough recovery guidance still Oceaneering questions a services more We prices sustained offer returns. and pace everyone's in you happy to take appreciate prepared recovery increased on of Overall, determine higher
