Oceaneering International Inc

OII is in a Stage 3 Distribution with a clear Support Failure flipping the broken zone into resistance. Short-term momentum is stalled below the 9/20 EMAs and price is testing the 50 SMA on rising volume, reinforcing medium-term bearish permission despite the longer-term uptrend. Selling into rallies near the broken EMA cluster is recommended.

• ↑Q2’26 revenue up 10% YoY to $768M; adjusted EBITDA of $115M best since Q3’15
• ↑$445M project backlog and 0.88 book-to-bill ensure clear near-term revenue pipeline
• ↓Projected revenue decline without repeat of large intervention projects in offshore segment