Investor Presentaiton

Comparing Operating Results* 2023 Q3 vs 2023 Q2 Consolidated Results Subsea Robotics Manufactured Products Offshore Projects Group Integrity Management and Digital Solutions Aerospace and Defense Technologies Unallocated Expenses Primary Variance Factors for Q3 2023 compared to Q2 2023 Consolidated EBITDA of $84.1M was at the upper end of our guided range and exceeded consensus estimates. Offshore activity drove operating improvements in our Subsea Robotics (or SSR) and Offshore Projects Group (or OPG) segments. In addition, and as expected, we also saw improvement in our government-focused businesses. Revenue and operating income increased as expected. Lower activity in ROVS was offset by slight ROV pricing improvements and higher survey and tooling activity. Improved EBITDA margin of 31% reflected the benefit of new contract pricing. Revenue declined. Operating income and related margin percentage of $8.2M and 7%, respectively, declined due primarily to changes in product mix. Backlog increased to $556M from $418M in Q2 on strong order intake throughout our energy businesses. Revenue increased 15%, driving increased operating income. Operating income margin improved to 18% as compared to 13% margin in Q2, reflecting increased global demand for vessel-based services, changes in service mix, and the successful resolution of a commercial dispute. Revenue increased 5%. Operating income declined slightly. Operating income margin of 5% declined from the 6% recorded in Q2, due primarily to slight changes in geographic and service mix. Revenue increased 6%. Operating income increased significantly. Operating income margin of 14% improved and benefitted from margin recovery on Q2 contract costs. Expenses increased to $42.2M but were less than forecasted due to lower-than-expected accruals for performance-based incentive compensation. * For a reconciliation of segment Adjusted EBITDA to segment Operating Income for the periods presented, see the Supplemental Information slides. Ⓡ OCEANEERING 10

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