Oceaneering is a global provider of engineered services and equipment, primarily for the offshore energy industry, with a growing presence in aerospace and defense. The company's two core product lines are remotely operated vehicles (ROVs) and subsea umbilicals. Oceaneering owns and operates what it claims is the world's largest fleet of work-class ROVs — 250 systems — which are used for drill support on floating rigs and vessel-based subsea installation, inspection, and maintenance work. ROV revenue is earned on a dayrate basis, with profitability driven by utilization and pricing per day. Subsea umbilicals — cables and tubes connecting surface platforms to subsea wellheads — are manufactured at plants in the U.S., Scotland, and Brazil and sold to offshore operators globally; umbilical margins are driven by backlog pricing and plant utilization. Oceaneering operates five segments: Subsea Robotics (ROVs and survey services), Manufactured Products (umbilicals and production control hardware), Offshore Projects Group (vessel-based installation and intervention), Integrity Management & Digital Solutions (asset integrity and inspection services), and Aerospace and Defense Technologies (ADTech), which serves the U.S. Navy and NASA. ADTech, which operates under government contracts, is the fastest-growing segment. Oceaneering's growth strategy focuses on pushing ROV dayrates higher, expanding ADTech, and building AI-driven inspection capabilities through its 2024 acquisition of GDi.