OCEANEERING INTERNATIONAL INC

10. OPERATIONS BY BUSINESS SEGMENT AND GEOGRAPHIC AREA

Business Segment Information. We are a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace and manufacturing industries. Ourfive reportable segments are Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions and Aerospace and Defense Technologies.

Our Energy business leverages our asset base and capabilities for providing services and products for offshore energy operations, inclusive of the offshore renewables energy market. Our Energy segments are:

•Subsea Robotics—Our Subsea Robotics segment provides the following:

◦ ROVs for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance and repair;

◦ ROV tooling; and

◦ survey services, including hydrographic survey and positioning services and autonomous underwater vehicles for geoscience.

•Manufactured Products—Our Manufactured Products segment provides the following:

◦ distribution and connection systems including production control umbilicals and field development hardware and pipeline connection and repair systems, along with clamp connectors and subsea and topside control valves primarily to the energy industry; and

◦autonomous mobile robotic technology to a variety of industries.

•Offshore Projects Group—Our OPG segment provides the following:

◦ subsea installation and intervention, including riserless light well intervention services, inspection, maintenance and repair (“IMR”) services, principally in the U.S. Gulf and offshore Africa, utilizing owned and charter vessels;

◦ installation and workover control systems and ROV workover control systems;

◦ diving services;

◦ project management and engineering; and

◦ drill pipe riser services and systems and wellhead load relief solutions.

• Integrity Management & Digital Solutions—Our Integrity Management & Digital Solutions (“IMDS”) segment provides the following:

◦ asset integrity management services; and ◦

◦ software, digital and connectivity solutions for the energy industry.

Our Aerospace and Defense Technologies segment provides services and products, including engineering and related manufacturing in defense and space exploration activities, principally to U.S. Government agencies and their prime contractors.

Unallocated Expenses are those not associated with a specific business segment. These consist of expenses related to our incentive and deferred compensation plans, including restricted stock units, performance units and bonuses, as well as other general expenses, including corporate administrative expenses.

Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM analyzes each segment’s performance using revenue and operating income (loss). Operating income (loss) for each business segment includes certain regional shared services cost allocations directly attributable to each segment. Intersegment revenue and expenses have been eliminated in the reported revenue and operating income (loss). We determine operating income (loss) for each business segment before interest income or expense, equity in income (losses) of unconsolidated affiliates, other income (expense) and provision for income taxes.

Our CODM uses both revenue and operating income (loss) for each segment in the annual budgeting and forecasting processes. The CODM considers budget-to-actual and forecast-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources to each segment.

There are no differences in the basis of segmentation or in the basis of measurement of segment profit or loss from those used in our consolidated financial statements for the years ended December 31, 2024 and 2023. We have added additional disclosures, retrospectively, as required under ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The tables that follow present information about our business segments, as well as the Unallocated Expenses category, and includes a reconciliation to income (loss) before income taxes:

Revenue. For the year ended December 31, 2025, revenue from one customer, the U.S. Government, which is served primarily by our ADTech segment, accounted for 12% of our total consolidated annual revenue, and no other customer accounted for more than 10% of our total consolidated revenue. No individual customer accounted for more than 10% of our consolidated revenue for the year ended December 31, 2024. For the year ended December 31, 2023, revenue from one customer, the U.S. Government, which is served primarily by our ADTech segment, accounted for 10% of our total consolidated annual revenue, and no other customer accounted for more than 10% of our total consolidated revenue.

Depreciation and Amortization Expense. Depreciation expense on property and equipment, reflected in the Depreciation and Amortization Expense table above, was $86 million, $89 million and $99 million in 2025, 2024 and 2023, respectively.

Amortization expense primarily relating to long-lived intangible assets and debt issuance costs and discounts, reflected in the Depreciation and Amortization Expense table above, was $16 million, $14 million and $6.4 million 2025, 2024 and 2023, respectively.

Assets, Property and Equipment, Net and Goodwill. All assets specifically identified with a particular business segment have been segregated. Cash and cash equivalents, certain other current assets, certain investments and certain other assets have not been allocated to particular business segments and are included in Corporate and Other. The changes in our reporting units’ goodwill balances are from the acquisition of GDi in the fourth quarter of 2024 and currency exchange rate changes for all of the periods presented.

Geographic Operating Areas. For 2025 and 2024, $350 million and $335 million, respectively, of right-of-use operating lease assets are included in the following table which summarizes Property and Equipment, Net and Right-of-Use Operating Lease Assets by geographic area:

Revenue is based on location where services are performed and products are manufactured. See Note 3—”Revenue” for disclosure of revenue by geographic area .