cast of in first generating the flow to our year my full year I'll morning. the our Good full XXXX, of business quarter capital installment The performance cash positive quarter discipline And free segment of and welcome for to comments XXXX, on focus and for the Day call. Today market the and and commitment our XXXX. outlook Valentine's for outlook fourth XXXX.
pre-tax $X.XX to our operating impact release net a results share adjustments related fourth the In $XX These included primarily of per $XX.X was per results. we segment. or on impairment of and $XX of with we for record in of to were Now segment of EBITDA our loss and goodwill pleased $XX technology earnings. adjusted million reported the million our subsea we of revenue were line our or income million million. Adjusted million where $X.XX continued press dollars net to in million $XXX moving advanced achieved growth in projects net loss expectations, quarter, our $XX.X our million $X.X adjusted share. Overall, report of
most segments. contribution strong products, in segments, Looking profit the that notably was the our income than the the fourth the compared each was quarter, subsea somewhat lower $XX quarter, segments by for quarterly subsea business energy operations contributions our quarter and in mitigated immediately projects from to from Advanced financial of profit our our of third The performance adjusted decline our energy million reduced to preceding Technologies. at due operating
overseas was an ROVs, For in X% reduction fewer operating revenue approximate from down on worked. X% resulting income days
Our third associated utilization fourth the seasonality for global in attributable primarily market. vessel down of quarterly was quarter percentage XX% XX% our fleet fleet to the and the quarter. was with utilization ROV The decline from the
XX% and with XX% based to in the compared drill activity XX% period for Our this XX% support fleet quarter. used during last and respectively vessel
under of quarter, support of fleet share ending an ROVs at our rigs the At to new end six, to the the on September. compares December, During the XXX retired had fleet This year drill of added contract. XX% we fourth XXX we our and end ROV XX% XX% floating ROVs with market the size two of vehicles. or
contracts. XX contracts seven of on rigs were were ended that early we XX or the quarter, the rigs of six terminated new and During whose the awarded
to subsea turning Now products.
execution due the a to City manufacturing of for Panama results the than work facility offline that lower were combined third result margin lower weeks our of and service being operating business. and rental the quarter Our of several as fourth hurricane in Michael quarter
and happy repairs Just facility manufacturing am update, our to be operations. Panama operational, fully is an City to further I to that final finished the our without the report interruption as building will
Our was million. to compared XXXX $XXX backlog million backlog of XXth September XXXX at December products subsea XX, $XXX our
Our X.X and the intervention decrease for year quarter. by or Sequentially, activities. of and was book-to-bill repair ratio decline The was results subsea operating the declined the seasonal projects XXXX. driven during full survey IMR in fourth principally maintenance
business a unit lull experienced awards. our activity renewables contract in and Additionally,
of were seasonal results in result decrease Looking lower as at Asset activity. a Integrity, operating a
as as Unallocated guided entertainment largely well taken our the activity. resulted businesses with vehicle performance Advanced The increase a income improved combination automated vessel goodwill achieved income subsea closing in expectation. line expenses out operating in percent survey impairment record revenue operating certain plus our of achieved sequential contracts our a the XX our were and mentioned, As improvement downturn segment in quarterly our from X% jobs in completing project was in non-energy on in a in Technologies during quarter. to We due and segment protracted offerings.
Technology our the adjusted million subsea our $XX and and activity During resulting now turn approximated $XX of operating services and being than net year cash activities. maintenance in XXXX offset pricing segments. million. our for EBITDA capital to of million the positively related at organic the XXXX and lower XXXX being with million in largely The with as expected, compared by record my our fourth a decreased for our ROV, expenditures million $XXX expenditures adjusted to full totaled largest each consolidated I like segments revenues projects, million invested our increases for of decline by remained We $XXX energy contributed our results increased to operating $XX use $XX unfolded $XXX cash. in focus the segments. XXXX Despite offset Operationally, declines quarter, products. operating provided and strong we ROV and more full a year position growth of in million of in of with XXXX with capital Advanced results products Asset results. Technologies our cash Integrity in in our our products substantial subsea year, Advanced of those Overall, levels by in Subsea results segment
We in competitive significant continued as our position, in posed services offshore market, challenging our achieve expansion, record. energy to international challenges to entertainment business products in a impressive our markets, the maintained we adapt and safety maintained and our
expanded battery and ROV and of drill Petrobras the allowing renewables first proposition activity We We with accomplished ratio XXXX. support Ecosse We're acquisition us subsea Brazil market. on hardware for operated We inspection to to a the notable increase activities. value expanded capabilities in market, this operate during and vehicle products. Equinor’s riser increased and pipe Shell’s subsea of identifying intervention cost our the focus the in to supply We our remotely offerings subsea to and driving to and service umbilical and also book-to-bill continue achieve Vito and and secured for in a contract repair three our pleased project survey Castberg our efficiencies E-ROV completion associated highlighted X.X year. achievements in systems with contract by through contracts while the project, securing meaningful limited all services innovating Johan entered the by of Equinor into resonant a We to powered provide with maintenance performance, operations.
significant activity in $XX segment a our million, Our $XXX in that our million to refinanced term such steady XXXX advanced and loan, our growth Commercial a business providing now we technology income us and XX% revolver million record availability of entertainment. increase operating specifically our increase segment government million profile achieved of annual January $XXX with debt in And due in $XXX now until with extended we maturity until of XXXX. our XXXX late an availability and extended [Indiscernible] November maturity have XXXX
XXXX for market. the Turning overall outlook to our
four energy in the reductions. significant rationalization, industry last years, the offshore Over undergone structural cost has resulting
Brent is years increasing is increase Other in awards in to few at with XXXX. many contracted The levels. rig were examples, the the XXX. to analysts few forecast $XX CapEx since and range, last the a think now per of break expecting stabilized a ago, is a growth over around being projects Most not oil for activity supportive for are data We projected activity. spending enough as about XXXX, result A the increase for pricing strong offshore that floating digit in next we has tree $XX deepwater viable percentage deepwater REITs increase even years to barrel analysts just per to which even financially [ph] encouraged mid-XXXX. ultra that support declined were few digit XXXX sanctioned analyst mid-to-high According have barrel count years. prices single in generally few reduced single costs. of a over an are to developments slight to by $XX XXX industry rigs and There projecting break that be XXXX is are crude XXX mid-to-high
continues global which a be repair total reach require As and up many in and to with greater water the depths component Offshore than of will as FID supply, foreseeable representing supply intervention, offshore approximately expected grow agree for of global XX% projects maintenance XX to that production in XXXX. published are future. meaningful XXX will increasing We in of XXXX, from services. XX to infrastructure age, continue amounts reports than less meters
have and been been in Our XX installed Approximately shows installed approximately greater. water or have XX% on-stream depths of wells wells installed for of meters over over data the years. XXX XX% approximately in years, total of X,XXX these eight for
XXXX to outlook our for Oceaneering. Turning
Asset increased with of all occurring exception segments We of Operationally, largest expect cash Technologies. flow to generate Advanced based the improved products Integrity with increase we and across results, generate our all of in Subsea activity to profitability our segments. positive in free anticipate the on
government our about we operating EBITDA segments. to anticipate higher increases adjusted on businesses. this and would contributions improvement an increase activity in our positive from range, million EBITDA pricing, based performance Modest for improved expectation each the XXXX XXXX activity million $XXX stabilized from our These within with of of overall EBITDA. businesses the At our of year, XX% the our For and commercial within energy $XXX our represent of EBITDA segments. of midpoint generating
Act expenditures our $XXX includes expect final purchase between drill total awarded million. vessel $XX capital Jones of Brazil of approximately to riser to we expenditures, last and XXXX, expenditures to needed million maintenance to capital $XX support million Ocean complete equipment the $XXX the of million pipe Evolution. For the including This growth the million million and to year organic $XX and payment $XX contract capital
place XXXX. into Directionally our in for the of during We second service, the segment. XXXX, operations by expect quarter Evolution to Ocean
our We profitability products. energy results occurring Subsea products subsea the largest within in expect segments operating projects improved with and to have subsea increase ROVs, in
hire. on both on slightly we and drill are our per geographic in changes increased Slight expected lower support ROVs activities. in days For average higher revenue based project day a mix result in vessel to
sustain of and expect utilization. use XXXX improvements and through XXXX the vessel vessel of number XX% We increased our fleet we drill to under support both mix as floating support see XX% contract to rigs
ROV overall something the is to I be XX% in mid that last utilization range fleet highlight for about I talked to expected the want year. Our year.
are is our to it maintain services markets, leadership the important with added need. ROV its that Oceaneering value For quickly customers to in provide we they positioned
to drilling of are cases, assets facilities world term during churn which ROV’s In decided which these XXXX, ROV To the our return a referred but we at a onboard, on As have during this vast as year, point, the XX% fleet in may being many the at XXXX. utilization of with revenue past, work illustrate XX% point partial leave our across time. to we our some only the is earned and as in approximately rigs the about we call one our best been contracts. systems Oceaneering result, or to even of we've systems slight has position to on majority XX% our over only strategically at out estimated systems vessels any improvement have believe short deployed the
the Based cost ROVs expect we We for EBITDA and use structure, in margins for XX% utilization result combined XXXX. may a be ROV worldwide anticipated of similar overall. our to with expect XXXX our expectations, high on locations in range work fleet level our
with market At We expiring of support. share six of contract XX drill generally terms were XXXX. there ROV first end Oceaneering for ROVs rigs months XXXX board the our approximately on XX during drilling sustain expected the floating
place on our period, we new to XX the of same contract. floating XX beginning During ROVs rigs expect
fixed and and drive business operating expect to as a backlog activity securing substantially we to Products increased within bid our dates, early order settle products higher we Subsea X.X improve better award costs levels of for is rental services activity income the that in increased For throughput XXXX unit current mid-single-digit unit. Based our absorption will recent result good contribution book-to-bill the This we operating and results FIDs, and range. activity our XXXX. intake from manufactured and expected With margins envision on and overall of exceeding anticipated anticipate our again. XXXX in
Mexico large the overall we of better current appear renewables and Shell operating in by survey a activity. Products competitive, of Mexico our Subsea activity Gulf modestly to day to XXXX. Vessel the expect absence Gulf For generate vessel in offset remain in the performed replace really results is reduced Appomattox international XXXX stabilized. and to but businesses improvements job work with in reduction rates to of The have being vessel due
margin some see also We periods. opportunities for during peak seasonal improvement
providers to vessel the leverage which react requirements. to with Evolution give expect current to during place changing us to and with ability minimal market charter we the Ocean you arrangements second into service third-party As our continue the mentioned, conditions quarter
Asset competitive. contract to be results as pricing relatively year-over-year we project flat For Integrity, remains
technologies units. For activity our continued demand and segment, levels growth modest in our vehicle entertainment Improvements non-energy operations government our in advanced high related anticipate we automated guided our in business, and
to long-term performance-based unallocated short higher increase incentives compensation expense. the anticipate we XXXX expectation expenses to for For and due projected
expenses $XXX growth As short-term not decrease we compensation primarily million performance years realize programs, have the long-term Therefore Advanced to initiatives higher the in interest expected offshore earnings in as rates. of year We in on as $XX financial well ongoing have we notes achieve due targets full achieved activities to XXXX expenses the targets, over for increase unallocated senior continued payments our net and Technology million our serve. in and to a floating as and expected in results result performance as our per as of reported to unallocated expect we anticipate a from February running downturn few expense XXXX be issued our segment, release, last oilfield XXXX Based been prolonged our levels for performance stable average markets reestablish pricing incentive our quarter. are interest a and cost more longer-term. environment, on benefits at we accruals offshore higher
the be will capitalizing interest for year. In addition, not the on we Ocean Evolution full
At foresee revenues on bear XXXX payments approximately realizing basis year We taxes of expect in of the time, million. incurred not $XX loss. such do relationship profitability be from impose no This our tax a we income tax represents to our pretax that in-country tax current countries and to this operations. benefit projected consolidated
not So, tax of would discussion meaningful. any an effective rate estimated be
expenses of technologies outlook our For quarter contribution quarter than advanced mentioned the lower our in while fourth in our our anticipate of unallocated and to EBITDA the first operating closeouts ago combination contract short income lower completions results in and a commercial lower from substantially XXXX due I operating due a increase to number be businesses. we will job
results. generate quarter the we similar flow We cash of downturn prolonged capital fourth expectation and to commitment to discipline now, results positive segments for our XXXX, in combined free oilfield energy in our expect And are year toward now be to to a the fifth businesses. in turning
magnitude is to of maturities. the conservative of maintain primary focus the Given financial steps to revolver Early to proactive our last debt and one our year extend downturn we defer position. took a
XXXX of available million a October and million until credit under we revolving $XXX As result until our have January XXXX. $XXX thereafter
$XXX November cash. million loan is At term debt of we XXXX our the maturity $XXX refinancing million With the our of have year now last XXXX. early nearest in
financial market so that It improving and well-positioned some that activity Although to key is still pricing as to time we we the increased realize time. may returning support preserve position we are and that comes. are improve encouraged take will dynamics activity our also by mid-cycle
final planned related capital of growth to which contract Although Pipe our XXXX, somewhat expenditures the a includes to XXXX, committed our Evolution. significant Ocean completion portion to equipment and is our Brazil payment are Riser support the flat prior with in to Drill capital
closely provide opportunities near-term cash growth and capital be maintenance flows expenditures incremental will focusing and We on will scrutinizing returns. revenues,
flow, $XXX quick $XX opportunities do million performance driving of midpoint which capital of cash free to positive at to that expected of our $XX subtracting in of to closing, EBITDA, efficiencies So $XXX million and our million XXXX, and expenditures, or develop cash their year. returns resources our positive liquidity in map position us expenses generating guidance, have cash to our $XX free value-added in taxes and engaging of throughout returns. each be maintaining million In unallocated strong in the future million and address back our ample current starting for the the the market then flow cash flow and growing By improving accruals of our cost brings generating to adding interest, positive non-cash environment share flow free $XX markets million defending by for continues our market in customers cash maintaining our liquidity free focus cash improve our to participate. organization, strong increase we and with in and solutions flow we this
want Oceaneering have. management our questions teams market. succeed you appreciate everyone’s I in interest will employees continued thank business continued We to their and and take now transforming hard for may work the to any to happy be our Finally, in in foreseeable
