Why Oceaneering International Stock Plunged 23% in July
Shares of Oceaneering International (NYSE: OII) tumbled 23.3% in July, according to data provided by S&P Global Market Intelligence. The stock plunged after the offshore service and products company posted lackluster second-quarter results.
The company's second-quarter revenue rose sequentially and year over year. That was due to the much-improved performance of the remotely operated vehicles segment and the subsea products segment. Both business units delivered double-digit revenue growth thanks to improving conditions in the offshore drilling market.
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