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Yahoo
5 days ago
- Business
- Yahoo
Oceaneering International Inc (OII) Q2 2025 Earnings Call Highlights: Strong Financial ...
Net Income: $54.4 million or $0.54 per share. Consolidated Revenue: $698 million, a 4% increase over Q2 2024. Operating Income: $79.2 million, a 31% increase. Adjusted EBITDA: $103 million, a 20% increase. Cash from Operating Activities: $77.2 million. Capital Expenditures: $30.3 million. Free Cash Flow: $46.9 million. Share Repurchase: Approximately $10 million worth of shares. Ending Cash Position: $434 million with no borrowings under the secured revolving credit facility. Subsea Robotics (SSR) Operating Income: $64.5 million, a 4% improvement. SSR Revenue: Increased by approximately 2%. SSR EBITDA Margin: Expanded to 35%. ROV Fleet Utilization: 67%. Manufactured Products Operating Income: $18.8 million, a 31% rise. Manufactured Products Revenue: $145 million, a 4% increase. OPG Operating Income: $21.7 million. OPG Revenue: Increased by 4%. ADTech Operating Income: $16.3 million, a 125% increase. ADTech Revenue: Increased by 13%. Warning! GuruFocus has detected 7 Warning Signs with EPRT. Release Date: July 24, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Oceaneering International Inc (NYSE:OII) achieved a 20% increase in consolidated adjusted EBITDA, surpassing their initial guidance of a 16% increase. All operating segments contributed to exceeding the midpoint of guidance with improvements in revenue, operating income, and operating income margin. The Aerospace and Defense Technologies segment saw a 125% increase in operating income due to recent contract awards. The Offshore Projects Group completed higher-margin projects internationally, significantly boosting operating income and margin. The company maintained a strong cash position with $434 million and no borrowings under their secured revolving credit facility. Negative Points There is a potential risk of lower ROV utilization due to shifts in geographic and service mix, particularly moving away from higher-margin projects. The Manufactured Products segment faced muted bookings in the first half of 2025, impacting the book-to-bill ratio. The survey business within the Subsea Robotics segment may not achieve expected growth, potentially leading to cold stacking of a survey vessel. The Offshore Projects Group anticipates a decline in operating results in the third quarter due to changes in geographic and service mix. Free cash flow was modest in the first half of the year, requiring significant improvement in the second half to meet full-year guidance. Q & A Highlights Q: Are you seeing any impact on your business due to offshore rig whitespace, and do you expect this to affect your operations later this year? A: We have seen some impact, but our pricing improvements have offset this. We expected to reach a 70% utilization rate for ROVs by year-end, and while there are some shifts, particularly in Europe with increased abandonment activity, our expectations remain within range. The survey business might not expand as anticipated, but overall, ROVs are performing as expected. - Roderick Larson, CEO Q: Could you provide insights on the umbilicals business and its trajectory for this year and next? A: We expect orders to be flat from 2024 to 2025, with a back-half loaded order intake. The first few weeks of the second half have been promising, with $100 million in orders already. Looking ahead to 2026, we anticipate positive developments in the subsea business, including umbilicals, driven by favorable FIDs and subsea tree orders. - Roderick Larson, CEO Q: Is the slightly lower ROV utilization outlook related to vessel support or rig support, and does it reflect a change in visibility for underlying activity? A: The lower utilization outlook affects both vessel and rig support. It reflects increased clarity on plans, especially for the fourth quarter, and we are being conservative in our estimates to avoid overestimating potential activity. - Roderick Larson, CEO Q: What is driving the ROV pricing uplift, and are there any benefits from performance-based deals? A: The pricing uplift is primarily due to contract rollovers. There is no significant impact from FX or performance-based pricing yet, as these elements are still developing. - Roderick Larson, CEO Q: Can you explain the expected step-up in free cash flow for the second half of the year? A: Historically, Q1 is a cash draw, with positive cash generation in Q2, and stronger cash flows in Q3 and Q4. We have visibility into this improvement as it involves collecting receivables for work already performed, which will bring in cash during the latter half of the year. - Alan Curtis, CFO Q: Is there more visibility in the OPG business, and how does this affect future bookings? A: Yes, there is increased visibility, especially with larger international contracts like BP Mauritania, which provide a stable base. While the Gulf of Mexico still involves call-out work, we are securing more guaranteed days, enhancing our future outlook. - Roderick Larson, CEO Q: How is the company positioning itself for growth opportunities from the "Big Beautiful Bill"? A: The bill positively impacts our OTECH vehicle business and other areas like space and MSD. The space program, particularly human spaceflight, is seeing renewed interest, and submarine maintenance and repair are expected to receive significant funding, prompting us to consider expanding our capacity to meet demand. - Roderick Larson, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
6 days ago
- Business
- Business Wire
Oceaneering Reports Second Quarter 2025 Results
HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported second quarter 2025 results. Rod Larson, Oceaneering's President and Chief Executive Officer, stated, "I am pleased to report another strong quarter, in which we delivered the considerable quarterly year-over-year increases noted above. We achieved these results through commencement of recent contract awards in Aerospace and Defense Technologies (ADTech), favorable service mix and strong execution in our Offshore Projects Group (OPG), conversion of higher margin backlog in Manufactured Products, and continued progression of remotely operated vehicle (ROV) day rates. As expected, all of our operating segments produced quarterly year-over-year improvements in revenue, operating income, and operating income margin." Second Quarter 2025 Segment Results As compared to the second quarter of 2024: Subsea Robotics (SSR) operating income improved 4% to $64.5 million on a 2% increase in revenue. EBITDA margin expanded slightly to 35% on improved ROV revenue per day utilized, which increased to $11,265. ROV fleet utilization was 67%. Manufactured Products operating income of $18.8 million improved 31% on a 4% increase in revenue, with operating income margin expanding to 13%. Backlog was $516 million on June 30, 2025. The book-to-bill ratio was 0.65 for the 12-month period ending on June 30, 2025. OPG operating income increased 64% to $21.7 million on a 4% increase in revenue. Operating income margin improved to 15%. Integrity Management and Digital Solutions (IMDS) operating income increased 34% to $4.6 million and operating income margin improved to 6% on relatively flat revenue. ADTech operating income of $16.3 million represented an increase of 125% on a 13% increase in revenue. Operating income margin expanded to 15%. At the corporate level, Unallocated Expenses were $46.7 million. Third Quarter 2025 Guidance As compared to the third quarter of 2024, consolidated third quarter 2025 revenue is expected to increase and consolidated EBITDA is forecasted to be in the range of $100 million to $110 million. At the segment level, for the third quarter of 2025, as compared to the third quarter of 2024: SSR revenue and operating profitability are expected to increase. Manufactured Products operating profitability is projected to increase significantly on increased revenue. OPG operating profitability is expected to decrease on relatively flat revenue. IMDS operating profitability is projected to increase significantly on relatively flat revenue. ADTech revenue and operating profitability are forecasted to increase significantly. Unallocated Expenses are expected to be in the $45 million to $50 million range. Full-year 2025 consolidated and segment guidance remains the same except as follows: Consolidated revenue is expected to grow in the mid-single digit percent range; Consolidated adjusted EBITDA is expected to be in the range of $390 million to $420 million; SSR revenue is expected to grow in the mid-single digit percent range due to lower than expected contributions from our Survey business; ROV fleet utilization is expected to be in the mid- to high-60 percent range; and IMDS operating income margin is expected to be in the mid-single digit percent range. Non-GAAP Financial Measures Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2025 Consolidated EBITDA Estimates, 2025 Free Cash Flow Estimate, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information. Conference Call Details Oceaneering has scheduled a conference call and webcast on Thursday, July 24, 2025 at 10:00 a.m. Central Time, to discuss its results for the second quarter of 2025 and guidance for the third quarter and full year of 2025. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call. Forward-Looking Statements This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's: full-year 2025 guidance range for consolidated revenue, consolidated adjusted EBITDA, SSR revenue and expected results of the Survey business, ROV fleet utilization, and IMDS operating income margin; third quarter 2025 guidance for consolidated revenue, consolidated EBITDA, revenue and operating profitability by segment, and Unallocated Expenses; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, considerable, healthy, or significant (which is used herein to indicate a change of 20% or greater). The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, customer contract disputes, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering's latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement. About Oceaneering Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries. For more information, please visit SEGMENT INFORMATION For the Three Months Ended For the Six Months Ended Jun 30, 2025 Jun 30, 2024 Mar 31, 2025 Jun 30, 2025 Jun 30, 2024 ($ in thousands) Subsea Robotics Revenue $ 218,786 $ 214,985 $ 205,976 $ 424,762 $ 401,917 Operating income (loss) $ 64,505 $ 61,750 $ 59,632 $ 124,137 $ 105,987 Operating income (loss) % 29 % 29 % 29 % 29 % 26 % ROV days available 22,750 22,750 22,500 45,250 45,500 ROV days utilized 15,289 15,839 15,093 30,382 30,375 ROV utilization 67 % 70 % 67 % 67 % 67 % Manufactured Products Revenue $ 145,134 $ 139,314 $ 135,037 $ 280,171 $ 268,767 Operating income (loss) $ 18,772 $ 14,369 $ 8,667 $ 27,439 $ 27,559 Operating income (loss) % 13 % 10 % 6 % 10 % 10 % Backlog at end of period $ 516,000 $ 713,000 $ 543,000 $ 516,000 $ 713,000 Offshore Projects Group Operating income (loss) $ 21,663 $ 13,248 $ 35,666 $ 57,329 $ 14,092 Operating income (loss) % 15 % 9 % 22 % 18 % 5 % Integrity Management & Digital Solutions Revenue $ 75,367 $ 73,492 $ 71,418 $ 146,785 $ 143,182 Operating income (loss) $ 4,647 $ 3,473 $ 3,462 $ 8,109 $ 7,088 Operating income (loss) % 6 % 5 % 5 % 6 % 5 % Aerospace and Defense Technologies Revenue $ 109,593 $ 96,959 $ 97,151 $ 206,744 $ 194,922 Operating income (loss) $ 16,299 $ 7,244 $ 10,665 $ 26,964 $ 20,052 Operating income (loss) % 15 % 7 % 11 % 13 % 10 % Unallocated Expenses Operating income (loss) $ (46,697 ) $ (39,720 ) $ (44,620 ) $ (91,317 ) $ (77,721 ) Total Revenue $ 698,161 $ 668,808 $ 674,523 $ 1,372,684 $ 1,267,900 Operating income (loss) $ 79,189 $ 60,364 $ 73,472 $ 152,661 $ 97,057 Operating income (loss) % 11 % 9 % 11 % 11 % 8 % The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption "Reconciliations of Non-GAAP to GAAP Financial Information" for financial measures that our management considers in evaluating our ongoing operations. Expand RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this press release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included adjusted net income (loss) and diluted earnings (loss) per Share (EPS), each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2024 consolidated adjusted EBITDA and free cash flow, and 2025 consolidated EBITDA and free cash flow estimates, as well as the following by segment: EBITDA, EBITDA margins, adjusted EBITDA, and adjusted EBITDA margins. We define EBITDA margin as EBITDA divided by revenue. Adjusted EBITDA and adjusted EBITDA margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the third quarter of 2025 and for the full year of 2025, we cannot reliably predict certain of the necessary line items for the reconciliations to net income and, accordingly, have excluded such line items in the reconciliation. EBITDA and EBITDA margins, adjusted EBITDA and adjusted EBITDA margins, and related information by segment are each non-GAAP financial measures. We define free cash flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA margins, and free cash flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA margins, and free cash flow (and the adjusted amounts thereof) may not be comparable to similarly titled measures that other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures. For the Three Months Ended June 30, 2025 SSR MP OPG IMDS ADTech Unallocated Expenses and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 64,505 $ 18,772 $ 21,663 $ 4,647 $ 16,299 $ (46,697 ) $ 79,189 Adjustments for the effects of: Depreciation and amortization 12,385 2,741 4,663 1,839 900 2,872 25,400 Other pre-tax — — — — — 4,092 4,092 EBITDA 76,890 21,513 26,326 6,486 17,199 (39,733 ) 108,681 Adjustments for the effects of: Foreign currency (gains) losses — — — — — (5,430 ) (5,430 ) Total of adjustments — — — — — (5,430 ) (5,430 ) Adjusted EBITDA $ 76,890 $ 21,513 $ 26,326 $ 6,486 $ 17,199 $ (45,163 ) $ 103,251 Revenue $ 218,786 $ 145,134 $ 149,281 $ 75,367 $ 109,593 $ 698,161 Operating income (loss) % as reported in accordance with GAAP 29 % 13 % 15 % 6 % 15 % 11 % EBITDA Margin 35 % 15 % 18 % 9 % 16 % 16 % Adjusted EBITDA Margin 35 % 15 % 18 % 9 % 16 % 15 % For the Three Months Ended June 30, 2024 SSR MP OPG IMDS ADTech Unallocated Expenses and other Total ($ in thousands) Adjustments for the effects of: Depreciation and amortization 11,981 3,237 5,584 1,803 616 2,759 25,980 Other pre-tax — — — — — 550 550 EBITDA 73,731 17,606 18,832 5,276 7,860 (36,411 ) 86,894 Adjustments for the effects of: Foreign currency (gains) losses — — — — — (1,034 ) (1,034 ) Total of adjustments — — — — — (1,034 ) (1,034 ) Adjusted EBITDA $ 73,731 $ 17,606 $ 18,832 $ 5,276 $ 7,860 $ (37,445 ) $ 85,860 Revenue $ 214,985 $ 139,314 $ 144,058 $ 73,492 $ 96,959 $ 668,808 Operating income (loss) % as reported in accordance with GAAP 29 % 10 % 9 % 5 % 7 % 9 % EBITDA Margin 34 % 13 % 13 % 7 % 8 % 13 % Adjusted EBITDA Margin 34 % 13 % 13 % 7 % 8 % 13 % Expand For the Three Months Ended March 31, 2025 SSR MP OPG IMDS ADTech Unallocated Expenses and other Total ($ in thousands) Adjustments for the effects of: Depreciation and amortization 11,736 2,650 4,689 1,730 833 2,810 24,448 Other pre-tax — — — — — (219 ) (219 ) EBITDA 71,368 11,317 40,355 5,192 11,498 (42,029 ) 97,701 Adjustments for the effects of: Foreign currency (gains) losses — — — — — (1,050 ) (1,050 ) Total of adjustments — — — — — (1,050 ) (1,050 ) Adjusted EBITDA $ 71,368 $ 11,317 $ 40,355 $ 5,192 $ 11,498 $ (43,079 ) $ 96,651 Revenue $ 205,976 $ 135,037 $ 164,941 $ 71,418 $ 97,151 $ 674,523 Operating income (loss) % as reported in accordance with GAAP 29 % 6 % 22 % 5 % 11 % 11 % EBITDA Margin 35 % 8 % 24 % 7 % 12 % 14 % Adjusted EBITDA Margin 35 % 8 % 24 % 7 % 12 % 14 % Expand EBITDA and Adjusted EBITDA and Margins by Segment For the Six Months Ended June 30, 2025 SSR MP OPG IMDS ADTech Unallocated Expenses and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 124,137 $ 27,439 $ 57,329 $ 8,109 $ 26,964 $ (91,317 ) $ 152,661 Adjustments for the effects of: Depreciation and amortization 24,121 5,391 9,352 3,569 1,733 5,682 49,848 Other pre-tax — — — — — 3,873 3,873 EBITDA 148,258 32,830 66,681 11,678 28,697 (81,762 ) 206,382 Adjustments for the effects of: Foreign currency (gains) losses — — — — — (6,480 ) (6,480 ) Total of adjustments — — — — — (6,480 ) (6,480 ) Adjusted EBITDA $ 148,258 $ 32,830 $ 66,681 $ 11,678 $ 28,697 $ (88,242 ) $ 199,902 Revenue $ 424,762 $ 280,171 $ 314,222 $ 146,785 $ 206,744 $ 1,372,684 Operating income (loss) % as reported in accordance with GAAP 29 % 10 % 18 % 6 % 13 % 11 % EBITDA Margin 35 % 12 % 21 % 8 % 14 % 15 % Adjusted EBITDA Margin 35 % 12 % 21 % 8 % 14 % 15 % For the Six Months Ended June 30, 2024 SSR MP OPG IMDS ADTech Unallocated Expenses and other Total ($ in thousands) Operating Income (Loss) as reported in accordance with GAAP $ 105,987 $ 27,559 $ 14,092 $ 7,088 $ 20,052 $ (77,721 ) $ 97,057 Adjustments for the effects of: Depreciation and amortization 24,791 6,412 12,019 3,062 1,219 5,535 53,038 Other pre-tax — — — — — 720 720 EBITDA 130,778 33,971 26,111 10,150 21,271 (71,466 ) 150,815 Adjustments for the effects of: Foreign currency (gains) losses — — — — — (3,231 ) (3,231 ) Total of adjustments — — — — — (3,231 ) (3,231 ) Adjusted EBITDA $ 130,778 $ 33,971 $ 26,111 $ 10,150 $ 21,271 $ (74,697 ) $ 147,584 Revenue $ 401,917 $ 268,767 $ 259,112 $ 143,182 $ 194,922 $ 1,267,900 Operating income (loss) % as reported in accordance with GAAP 26 % 10 % 5 % 5 % 10 % 8 % EBITDA Margin 33 % 13 % 10 % 7 % 11 % 12 % Adjusted EBITDA Margin 33 % 13 % 10 % 7 % 11 % 12 % Expand
Cision Canada
21-07-2025
- Business
- Cision Canada
OPG and OSGE strengthen collaboration on small modular reactors in Poland
New agreement could pave way for OPG to partner in operating the Polish reactors WARSAW, Poland, July 21, 2025 /CNW/ - Ontario Power Generation (OPG) and Orlen Synthos Green Energy (OSGE) have signed a letter of intent (LOI) that paves the way for the Canadian company to provide pre-deployment, operations, maintenance, and other services to OSGE as Poland deploys small modular nuclear reactors (SMRs). The LOI builds on an earlier agreement announced by the companies in June 2023. Poland plans to build as many as 24 GE Hitachi Vernova Nuclear (GVH) BWRX-300 reactors – the same technology as OPG is building at its Darlington New Nuclear Project (DNNP) site east of Toronto – at six locations across the country. OPG and OSGE signed the LOI today in Warsaw, Poland. This is the first major milestone in the development and operation of BWRX-300 SMRs in Poland. This LOI represents a long-term relationship between Ontario and Poland to deploy SMRs together, which will ultimately benefit the Ontario supply chain and demonstrating the value of being a first mover in SMRs. In addition, OPG could provide pre-operations services including site-specific assessments, project management, licensing strategy, and advisory services as Poland builds out clean energy generation to meet demand and achieve energy independence. Key facts OPG has begun construction on the G7's first commercial grid-scale SMR at its DNNP site. Construction on the first of four planned BWRX-300 reactors will be complete by the end of this decade, with the unit connected to the grid by the end of 2030. Once complete, this SMR will produce enough electricity to power the equivalent of 300,000 homes. OPG and its project partners will complete the three subsequent units in the mid-2030s, pending regulatory and other approvals. Ontario is home to a robust nuclear supply chain. More than eighty Ontario companies have already signed agreements with OPG to deliver the SMR project, establishing themselves as leaders in the growing domestic and global markets for new nuclear technologies. In 2022, Synthos Green Energy and ORLEN established the joint venture OSGE to deploy a fleet of BWRX-300 SMRs in Poland. This agreement further cements a well-established relationship between OPG and OSGE. In addition to the Letters of Intent, in 2024, OPG subsidiary Laurentis Energy Partners signed a $40 million contract with the Polish company to complete a Preliminary Safety Analysis Report (PSAR) on SMRs. Orlen Synthos Green Energy and OPG are also part of a technical collaboration group – also including GE Vernova Hitachi and the Tennessee Valley Authority – which has invested in the development of the BWRX-300 standard design and detailed design for key components, including reactor pressure vessel and internals. Quotes "With many decades safely operating nuclear power generation, and our leadership on SMRs, jurisdictions are looking to OPG and Ontario as they advance new nuclear power, as a solution for their energy security needs," said Nicolle Butcher, OPG President and CEO. "We are honoured by the potential opportunity to help Poland build a nuclear fleet, while also growing our domestic nuclear supply chains and economies." "Benefiting from Canadians' expertise allows us to feel confident in building the first SMR reactor in Poland," said Rafał Kasprów, OSGE CEO. "We recognize OPG's experience in the nuclear industry as well as its determination and advancement in deploying the first BWRX-300. Today, we are embarking on new opportunities to bring clean, stable energy for our citizens and Polish industry." About OPG As Ontario's largest and one of North America's most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects and electrification initiatives to power the growing demands of a clean economy. Learn more about how the company is delivering these initiatives while prioritizing people, partnerships and strong communities at
CTV News
11-07-2025
- General
- CTV News
‘This burial site has been desecrated;' Ancestral remains found at future site of OPG parking lot
This aerial footage shows archaeological work that is ongoing at the site of a future OPG parking lot in Oshawa. Ancestral remains have been found at the site of a planned parking lot next to Ontario Power Generation's new Oshawa headquarters. In a statement provided to CTV News Toronto, OPG confirmed that the bone fragment was located on July 3 during 'archeological work' at the site and later determined to be ancestral following an investigation by Durham police. The OPG said in the statement that it 'recognizes the significance and sensitivity' of the finding and is 'committed to working closely with the local Indigenous communities and authorities to ensure a thorough and culturally respectful investigation.' 'Access to the site is strictly controlled, and we are treating the area with the utmost care, sensitivity, and reverence,' the statement notes. The remains were located underneath a site at 1910 Colonel Sam Dr. that is set to be excavated to allow for the construction of a new parking lot. In a joint statement released earlier this week, four Ontario First Nations communities said that the proposed parking lot will stand above a historic site known as the Scucog Carrying Place which 'has long been used' by its 'ancestors and community.' The First Nations communities said that the remains were located 'within large, excavated soil piles.' 'This burial site has been desecrated, and our communities are grieving,' the statement reads. 'We believe there is a high probability that additional ancestors' remains will be found at this site.' The OPG has said that construction at the site has been on hold since April 10 to allow for archaeological work, which involves the participation of Indigenous representatives. However, in their statement representatives from the Alderville First Nation, the Mississaugas of Scugog Island First Nation, Hiawatha First Nation and Curve Lake First Nation took issue with the precautions that had been taken at the site. 'It is with deep frustration and upset that we note contractors undertook these excavations and soil piling, seemingly without the information of an archeological assessment, or guidance from a cultural heritage policy, in an area publicly well-known as the Scugog Carrying Place,' they said. 'A full archaeological assessment would normally have been conducted before any ground disturbance took place.' The OPG says that following the discovery of the remains 'Indigenous representatives, who had been participating in the archeological work, ensured appropriate cultural protocols were observed.' It said that authorities were also notified 'immediately.' In their statement, the four First Nations communities said that they will be working with the Chief Coroner and government authorities to 'ensure a lawful and culturally respectful investigation into the circumstances of the excavation.'
Toronto Star
10-07-2025
- General
- Toronto Star
First Nations say ancestral remains found during excavation near Ontario Power Generation's new Oshawa headquarters
Four First Nations say their communities are grieving following the discovery of ancestral remains during the excavation for proposed parking lot near the new Ontario Power Generation (OPG) headquarters in Oshawa. The remains were found at Scugog Carrying Place at 1910 Colonel Sam Dr., a well-known historic site that has 'long been used by our ancestors and community,' said the release, which was published on behalf of Alderville First Nations, the Mississaugas of Scugog Island First Nations, Hiawatha First Nations and Curve Lake First Nations. Public access to the site has been restricted.
