Oceaneering International Inc Liquidation Value

Oceaneering International (OII) as of March 31, 2026 carries a deeply negative liquidation value under the standard recovery-haircut framework, consistent with prior periods. MFFAIS reports a cash liquidation value of approximately -$842M, liquid liquidation value of -$470M, and operating liquidation value of -$262M, reflecting the structural gap between haircutted assets and face-value liabilities.

On the asset side, the primary recovery items are: cash and equivalents of $607M (100% recoverable, the single largest contributor to recovery); accounts receivable net of $372M (90-95% recovery, ~$335-353M); contract assets (current) of $224M (treated at similar AR haircut, ~$202-213M); and inventory of $208M gross-of-reserves at $208M net (60% recovery, ~$125M, noting $47M in existing valuation reserves already applied). PP&E net is $445M but subject to a 50-70% haircut, yielding $222-311M in recovery—however this is equipment-heavy (ROVs, vessels, specialized subsea gear) where actual realized value in a forced liquidation scenario would likely be at the lower end or below the 50% floor. Operating ROU assets of $324M have zero recovery—these are lease obligations mirrored on the liability side. Goodwill of $51M is zero in liquidation. Other noncurrent assets and deferred tax assets of $307M combined are substantially zero or deeply discounted in liquidation.

On the liability side, face-value obligations standing against recovery include: $489M long-term debt net of discount/issuance costs (the 2028 Senior Notes at $500M face; market-quoted fair value $502M as of period end, confirming near-par trading), current liabilities of $729M (including $439M accrued liabilities, $176M AP, $129M current operating lease liability), noncurrent operating lease liability of $231M (perpetuates post-liquidation per the lens), and other noncurrent liabilities of $81M. Total liabilities ex-equity approximate $1.53B face value.

Compared to the Q1 2025 segment asset snapshot ($2.275B total assets vs. $2.643B currently), total assets grew approximately $368M, driven primarily by $258M increase in Corporate and Other assets (largely cash carried at the holding company level given the $607M cash balance). This cash buildup versus year-ago levels is the most favorable liquidity-side change from a recovery standpoint, though it is partially seasonal—management explicitly notes Q1 cash drawdown is typical, with the $81M reduction during Q1 2026 less severe than the $116M reduction in Q1 2025.

The $500M 2028 Senior Notes remain the dominant liability overhang. No debt was repurchased or redeemed in Q1 2026. The revolving credit facility remains fully undrawn at $215M capacity with all covenants in compliance. The ADTech contract dispute accrual ($6.8M new liability partially offset by $1.3M release) is noted in MD&A but is not separately XBRL-tagged as a distinct line item. Vessel charter commitments with staggered maturities through Q1 2029 are discussed in MD&A but not separately tagged in XBRL—these represent operating lease obligations already captured in the OperatingLeaseLiabilityNoncurrent and OperatingLeaseLiabilityCurrent lines.