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OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)Year Ended December 31,2011 2010 2009Net Income $ 235,658 $ 200,531 $ 188,353Other comprehensive income, net of tax:Foreign currency translation adjustments (18,374) 1,893 56,333Pension-related adjustments 143 285 (1,812)Change in fair value of interest rate hedge andother — 2,428 629Other comprehensive income (18,231) 4,606 55,150Comprehensive Income $ 217,427 $ 205,137 $ 243,503The accompanying Notes are an integral part of these Consolidated FinancialStatements.28 <strong>Oceaneering</strong> International, Inc.
OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYear Ended December 31,(in thousands) 2011 2010 2009Cash Flows from Operating Activities:Net income $ 235,658 $ 200,531 $ 188,353Adjustments to reconcile net income to net cashprovided by operating activities:Depreciation and amortization 151,227 153,651 122,945Deferred income tax provision 7,502 31,184 21,631Net gain on sales of property and equipment (24,188 ) (2,758 ) (305 )Noncash compensation 12,529 8,490 6,369Distributions from unconsolidated affiliates greaterthan earnings 2,262 5,569 5,194Excluding the effects of acquisitions, increase(decrease) in cash from:Accounts receivable (99,537) 12,104 11,568Inventory (11,492 ) (827 ) 3,365Other operating assets (62 ) (30,074 ) 1,202Currency translation effect on working capital (10,589 ) 6,519 16,215Accounts payable and accrued liabilities 8,968 56,100 8,036Income taxes payable 14,484 (6,485 ) 25,578Other operating liabilities 1,810 7,846 8,083Total adjustments to net income 52,914 241,319 229,881Net Cash Provided by Operating Activities 288,572 441,850 418,234Cash Flows from Investing Activities:Purchases of property and equipment (235,028) (185,262) (175,021 )Business acquisitions, net of cash acquired (291,617) (21,918) —Dispositions of property and equipment and equityinvestment 43,874 15,284 12,535Net Cash Used in Investing Activities (482,771) (191,896) (162,486 )Cash Flows from Financing Activities:Net proceeds (payments) from revolving creditfacility 120,000 (100,000) (4,000)Payments of 6.72% Senior Notes — (20,000) (20,000)Payments of Term Loan — — (85,000 )Proceeds from issuance of common stock — 693 1,880Excess tax benefits from stock-based compensation 1,320 1,741 2,523Cash dividends (48,707 ) — —Purchases of treasury stock (17,491) (49,520) —Net Cash Provided by (Used in) FinancingActivities 55,122 (167,086) (104,597 )Net Increase (Decrease) in Cash and CashEquivalents (139,077) 82,868 151,151Cash and Cash Equivalents—Beginning ofPeriod 245,219 162,351 11,200Cash and Cash Equivalents—End of Period $ 106,142 $ 245,219 $ 162,351The accompanying Notes are an integral part of these Consolidated FinancialStatements.2011 Annual Report 29
Page 3 and 4: Financial Highlights($ in thousands
Page 5 and 6: In December we secured a three-year
Page 7: 2011 Financial SectionOceaneering I
Page 10 and 11: Oceaneering Common StockOur common
Page 12 and 13: Management's Discussion and Analysi
Page 14 and 15: Critical Accounting Policies and Es
Page 16 and 17: We establish valuation allowances t
Page 18 and 19: In 2009, we used $162 million in in
Page 20 and 21: For 2011, our ROV revenue and opera
Page 22 and 23: We earn equity income from our 50%
Page 24 and 25: Controls and ProceduresDisclosure C
Page 26 and 27: In our opinion, Oceaneering Interna
Page 28 and 29: OCEANEERING INTERNATIONAL, INC. AND
Page 32 and 33: OCEANEERING INTERNATIONAL, INC. AND
Page 34 and 35: for marine services equipment (such
Page 36 and 37: segment and its Australian assets a
Page 38 and 39: Revenue in Excess of Amounts Billed
Page 40 and 41: elationship and, if it is, the type
Page 42 and 43: December 31,(in thousands) 2011 201
Page 44 and 45: in entities or jurisdictions that h
Page 46 and 47: 4. SELECTED BALANCE SHEET AND INCOM
Page 48 and 49: On January 6, 2012, we entered into
Page 50 and 51: Financial Instruments and Risk Conc
Page 52 and 53: The table that follows presents Rev
Page 54 and 55: The following table presents Assets
Page 56 and 57: Geographic Operating AreasThe follo
Page 58 and 59: equirements. The Compensation Commi
Page 60 and 61: in 2011, 2010 and 2009 were subject
Page 62 and 63: Forward-Looking StatementsAll state
Page 64: Oceaneering International, Inc.1191

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