Oceaneering International, Inc. announced that its Board of Directors has declared a two-for-one common stock split and the initiation of a regular quarterly dividend.
The two-for-one common stock split is to be accomplished by means of a stock dividend, payable on June 10, 2011 to shareholders of record as of the close of business on May 19, 2011. Based on the current number of shares outstanding, the stock split will increase Oceaneering's total shares outstanding from approximately 54 million to 108 million. Oceaneering expects that its common stock will begin trading on a split-adjusted basis on June 13, 2011.
Oceaneering's Board also initiated a regular quarterly dividend of $0.15 per common share on the split-adjusted shares, with the first such dividend payable on June 29, 2011 to shareholders of record at the close of business on June 17, 2011.
M. Kevin McEvoy, President and Chief Executive Officer, stated, "Our Board's decision to initiate a regular quarterly dividend underscores our confidence in Oceaneering's financial strength and future business prospects. While our main objective continues to be growing Oceaneering's asset base and earnings capability, we are pleased to begin a new initiative to return a portion of our earnings to our shareholders. We believe our regular quarterly dividend will not compromise our ability to pursue organic growth and acquisition opportunities."
Taking into account the stock split, Oceaneering's EPS guidance range for the second quarter of 2011 is now $0.45 to $0.50, and for the year 2011 is now $1.83 to $1.95. The historical impact since 2006 on Oceaneering's reported EPS is detailed in the attached table.
Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.
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