XML 153 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table Pay vs. Performance
The table below provides additional information relating to the compensation of our Chief Executive
Officer and other Named Executive Officers, respectively, in accordance with Regulation S-K Item 402(v),
for each of the years indicated. In determining “compensation actually paid” (“CAP”) to our executives, we
are required to make various adjustments to amounts that have previously been reported in the Summary
Compensation Table (“SCT”), reflecting the different methods prescribed by the SEC for reporting the
compensation of our Named Executive Officers in the Summary Compensation Table above and in the
Pay vs. Performance Table below. Compensation amounts shown for our Other NEOs (as defined below)
are reported as averages for each of the fiscal years indicated.
CEO Pay (1)
Other NEO Pay (1)
Value of Initial Fixed $100
Investment Based On:
(4)
Other Performance
Measures (5)
Year
Summary
Compensation
Table Total
Compensation
(2)
Compensation
“Actually
Paid”
(3)
Average
Summary
Compensation
Table Total
Compensation
(2)
Average
Compensation
“Actually
Paid”
(3)
Total
Shareholder
Return
Peer Group
Total
Shareholder
Return
Net
Income
(thousands)
Adjusted
EBITDA
(thousands)
2024
$7,401,994
$8,887,141
$1,713,329
$1,980,299
$174.92
$101.68
$147,468
$347,211
2023
$7,753,037
$9,117,186
$2,021,658
$2,287,151
$142.72
$115.10
$97,403
$289,046
2022
$5,754,808
$7,946,721
$1,436,391
$1,807,773
$117.30
$112.94
$25,941
$232,638
2021
$6,516,179
$7,323,619
$1,731,592
$1,897,064
$75.86
$69.94
$(49,307)
$210,601
2020
$5,251,749
$3,900,173
$1,785,614
$1,293,390
$53.32
$57.92
$(496,751)
$184,287
        
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote Our Chief Executive Officer for each of the fiscal years indicated was Mr. Larson. Our Named Executive
Officers in each of the fiscal years indicated included:  (i) Messrs. Curtis, McDonald, Childress and Laura in
2024; (ii) Ms. Jennifer F. Simons, our Senior Vice President, Chief Legal Officer and Secretary and Messrs.
Curtis, McDonald and Childress in 2023; (iii) Messrs. Curtis, McDonald and Childress, as well as Mr. David
K. Lawrence, our former Senior Vice President, General Counsel and Secretary and Mr. Eric A. Silva, our
former Senior Vice President, Strategic Planning, in 2022; (iv) Messrs. Curtis, Lawrence, Martin and Silva,
in 2021; and (v) Messrs. Curtis, Lawrence and Silva, as well as Mr. Charles W. Davison, Jr., our former
Chief Operating Officer, in 2020 (collectively referred to herein as the “Other NEOs”).
(2)Reflects the amount reported in the “Total” column of the Summary Compensation Table above for the Chief
Executive Officer and the average of the amounts reported in the “Total” column of the Summary
Compensation Table for the Other NEOs for each of the fiscal years indicated.
(3)Reflects the CAP to the Chief Executive Officer and the Other NEOs as computed in accordance with Item
402(v) of Regulation S-K and may not reflect the actual amount of compensation earned by or paid to the
Chief Executive Officer during the fiscal year indicated. Such amounts are calculated by deducting the
amounts reported in the “Stock Awards” column of the Summary Compensation Table from the “Total”
column of the Summary Compensation Table for the Chief Executive Officer, and by deducting the average
of the amounts reported in the “Stock Awards” column of the Summary Compensation Table from the
average of the amounts reported in the “Total” Column of the Summary Compensation Table for the Other
NEOs, in each case, in the fiscal years indicated and making certain adjustments as set forth below.
Amounts reported under the “Other Adjustments” heading for 2020-2021 have been revised from those
amounts provided in our Definitive Proxy Statement on Schedule 14A with respect to our 2023 annual
meeting of stockholders to reflect changes to how we calculate the value of our restricted stock unit awards
for Named Executive officers who are retirement eligible in accordance with SEC guidance released in
September 2023 		       
Peer Group Issuers, Footnote The values disclosed in the “Total Shareholder Return” column represent the value of an investment of $100
in each of (i) our Common Stock and (ii) the PHLX Oil Service Sector Index as of December 31, 2019,
measured over each of the periods ending on December 31, 2020, 2021, 2022, 2023 and 2024. It is
assumed that dividends, if any, are reinvested. The PHLX Oil Service Sector Index is the published industry
or line-of-business index that we selected for purposes of Item 201(e) of Regulation S-K under the
Exchange Act in our Annual Report on Form 10-K for the year ended December 31, 2024. 		       
PEO Total Compensation Amount $ 7,401,994 $ 7,753,037 $ 5,754,808 $ 6,516,179 $ 5,251,749
PEO Actually Paid Compensation Amount $ 8,887,141 9,117,186 7,946,721 7,323,619 3,900,173
Adjustment To PEO Compensation, Footnote Such amounts are calculated by deducting the
amounts reported in the “Stock Awards” column of the Summary Compensation Table from the “Total”
column of the Summary Compensation Table for the Chief Executive Officer, and by deducting the average
of the amounts reported in the “Stock Awards” column of the Summary Compensation Table from the
average of the amounts reported in the “Total” Column of the Summary Compensation Table for the Other
NEOs, in each case, in the fiscal years indicated and making certain adjustments as set forth below.
Amounts reported under the “Other Adjustments” heading for 2020-2021 have been revised from those
amounts provided in our Definitive Proxy Statement on Schedule 14A with respect to our 2023 annual
meeting of stockholders to reflect changes to how we calculate the value of our restricted stock unit awards
for Named Executive officers who are retirement eligible in accordance with SEC guidance released in
September 2023.
Amounts Deducted from and Added to Total Compensation for the CEO to Determine Compensation “Actually Paid”
Year
Summary
Compensation
Table Total
Stock Awards
as Reported in
Summary
Compensation
Table (A)
Other Adjustments
Total
Compensation
“Actually
Paid” (F)
Fair Value as of
Year End of
Awards
Granted During
Year that
Remain
Outstanding as
of Year End (B)
Year-over-Year
Change in Fair
Value of
Awards
Granted in
Prior Year that
Remain
Outstanding as
of Year End (C)
Fair Value
as of
Vesting
Date of
Awards
Granted
During Year
that Vest
During Year
(D)
Year-over-Year
Change in Fair
Value of
Awards
Granted in
Prior Year that
Vest During
Year (E)
2024
$7,401,994
$(2,218,135)
$2,633,089
$965,203
$—
$104,990
$8,887,141
2023
$7,753,037
$(1,917,631)
$2,062,011
$971,548
$—
$248,221
$9,117,186
2022
$5,754,808
$(1,473,176)
$1,822,196
$1,607,307
$—
$235,586
$7,946,721
2021
$6,516,179
$(1,795,488)
$1,720,930
$642,324
$—
$239,674
$7,323,619
2020
$5,251,749
$(1,104,042)
$857,980
$(1,012,673)
$—
$(92,841)
$3,900,173
        
Non-PEO NEO Average Total Compensation Amount $ 1,713,329 2,021,658 1,436,391 1,731,592 1,785,614
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,980,299 2,287,151 1,807,773 1,897,064 1,293,390
Adjustment to Non-PEO NEO Compensation Footnote
Amounts Deducted from and Added to Total Compensation for the Other NEOs to Determine Compensation “Actually Paid”
Year
Summary
Compensation
Table Total
Stock Awards
as Reported in
Summary
Compensation
Table (A)
Other Adjustments
Total
Compensation
“Actually
Paid” (F)
Fair Value as of
Year End of
Awards
Granted During
Year that
Remain
Outstanding as
of Year End (B)
Year-over-Year
Change in Fair
Value of
Awards
Granted in
Prior Year that
Remain
Outstanding as
of Year End (C)
Fair Value
as of
Vesting
Date of
Awards
Granted
During Year
that Vest
During Year
(D)
Year-over-Year
Change in Fair
Value of
Awards
Granted in
Prior Year that
Vest During
Year (E)
2024
$1,713,329
$(403,688)
$479,207
$169,860
$—
$21,591
$1,980,299
2023
$2,021,658
$(580,961)
$654,833
$155,230
$—
$36,391
$2,287,151
2022
$1,436,391
$(281,491)
$291,548
$321,197
$—
$40,128
$1,807,773
2021
$1,731,592
$(374,016)
$358,485
$135,092
$—
$45,911
$1,897,064
2020
$1,785,614
$(308,527)
$147,667
$(276,498)
$—
$(54,866)
$1,293,390
(A) Reflects either (i) the grant date fair value, with respect to the Chief Executive Officer, or (ii) the average
grant date fair value, with respect to the Other NEOs, as reported in the “Stock Awards” column of the
Summary Compensation Table.
(B) Reflects either (i) the fair value, with respect to the Chief Executive Officer, or (ii) the average of the fair
value, with respect to the Other NEOs, as of the end of the covered fiscal year of any awards granted to
the applicable individuals during the covered fiscal year that are outstanding and unvested as of the end
of the covered fiscal year.
(C) Reflects either (i) the amount, with respect to the Chief Executive Officer, or (ii) the average amount,
with respect to the Other NEOs, equal to the change in fair value as of the end of the covered fiscal
year (from the end of the prior fiscal year) of any portion of any awards granted in a prior fiscal year that
remained outstanding and unvested as of the end of the covered fiscal year.
(D) Reflects the average fair value, with respect to the Other NEOs, as of the vesting date of the portion of
awards granted during the covered fiscal year that vested during the covered fiscal year. Our Chief
Executive Officer did not receive any awards that were granted and that vested (in whole or a portion
thereof) in the same fiscal year.
(E) Reflects either (i) the amount, with respect to the Chief Executive Officer, or (ii) the average amount,
with respect to the Other NEOs, equal to the change in fair value as of the vesting date (from the end of
the prior fiscal year) of the portion of any awards granted in a prior fiscal year that vested during the
covered fiscal year.
(F) None of the awards (in whole or a portion thereof) granted to any of the named executive officers in
prior fiscal years were forfeited during any of the covered fiscal years and no dividends or other
earnings were paid on stock or other awards during any of the covered fiscal years.
        
Compensation Actually Paid vs. Total Shareholder Return        
Compensation Actually Paid vs. Net Income        
Compensation Actually Paid vs. Company Selected Measure        
Tabular List, Table Key Performance Measures
The following table contains an unranked list of the most important financial performance measures used
by the Company to link executive “compensation actually paid” in 2024, calculated in accordance with the
SEC’s regulations, to the Company’s performance in fiscal year 2024, as such measures are defined for
purposes of our 2024 cash bonus program and 2024 performance unit awards. The role of each of these
performance measures in the compensation of our named executive officers and a description of how
each measure is calculated are discussed under “Compensation Discussion & Analysis” above.
Key Performance Measures
Adjusted EBITDA
Free Cash Flow
Relative Total Shareholder Return
        
Total Shareholder Return Amount $ 174.92 142.72 117.30 75.86 53.32
Peer Group Total Shareholder Return Amount 101.68 115.10 112.94 69.94 57.92
Net Income (Loss) $ 147,468,000 $ 97,403,000 $ 25,941,000 $ (49,307,000) $ (496,751,000)
Company Selected Measure Amount 347,211,000 289,046,000 232,638,000 210,601,000 184,287,000
PEO Name Mr. Larson        
Additional 402(v) Disclosure Pay vs. Performance Graphical Disclosure
The following charts illustrate the relationship between CAP over the four-year period ended
December 31, 2024, and trends in our Relative Total Shareholder Return, net income and Adjusted
EBITDA over the same period. Further, the chart entitled “CAP vs. TSR (OII and OSX)” shows the
relationship between our TSR and that of the OSX over the same period, as described in Note (4) to the
Pay vs. Performance Table above.
        
Measure:: 2          
Pay vs Performance Disclosure          
Name Free Cash Flow        
Measure:: 3          
Pay vs Performance Disclosure          
Name Relative Total Shareholder Return        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 2,633,089 $ 2,062,011 $ 1,822,196 $ 1,720,930 $ 857,980
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 965,203 971,548 1,607,307 642,324 (1,012,673)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
PEO | OII Stock Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,218,135) (1,917,631) (1,473,176) (1,795,488) (1,104,042)
PEO | Year over Year Change in Fair Value of Equity Awards Vesting during year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 104,990 248,221 235,586 239,674 (92,841)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 479,207 654,833 291,548 358,485 147,667
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 169,860 155,230 321,197 135,092 (276,498)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | OII Stock Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (403,688) (580,961) (281,491) (374,016) (308,527)
Non-PEO NEO | Year over Year Change in Fair Value of Equity Awards Vesting during year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 21,591 $ 36,391 $ 40,128 $ 45,911 $ (54,866)