S&P rates Oceaneering notes BBB

Standard & Poor's said it assigned its BBB issue-level rating (the same as the corporate credit rating) to Oceaneering International Inc.'s $500 million senior unsecured notes due 2024.

Proceeds will be used for general corporate purposes, which may include funding capital spending and share repurchases.

S&P said the ratings reflect its assessment of Oceaneering’s "satisfactory" business risk, "modest" financial risk and "strong" liquidity. These assessments reflect the company's strong market position within its remotely operated vehicles and subsea products segments, good geographic diversification, modest debt ratios and healthy free cash flow generation.

At the same time, the ratings incorporate the company's exposure to the highly cyclical and volatile oil and gas industry, the agency said.

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