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Investor Presentaiton

Free Cash Flow "Free Cash Flow" (FCF) is a non-GAAP financial measure. FCF represents cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). Oceaneering's management believes that this is an important measure because it represents funds available to reduce debt and pursue opportunities that enhance shareholder value, such as making acquisitions and returning cash to shareholders through dividends or share repurchases. For 3-Month Period Ended Sep 30, 2023 Jun 30, 2023 (in thousands) $ 29,812 $ 19,002 For the Year Ended Dec 31, 2022 (in thousands) $ 25,941 Net Income (loss) Non-cash adjustments: Depreciation and amortization 25,596 26,046 120,969 Other non-cash 6,381 2,923 8,542 Other increases (decreases) in cash from operating activities 17,819 (27,520) (34,569) Cash flow provided by (used in) operating activities 79,608 20,451 120,883 Purchases of property and equipment (25,945) (22,428) Free Cash Flow $ 53,663 $ (1,977) (81,043) $ 39,840 ā“‡ OCEANEERING 38
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