...September 21, 2023 NEW YORK (S&P Global Ratings) Sept. 21, 2023--S&P Global Ratings today assigned its '##-' issue-level rating and '3' recovery rating to Oceaneering International Inc.'s proposed $200 million add-on to its $300 million senior notes due in 2028. We view the transaction as deleveraging pro-forma the recently announced cash tender offer of its $400 million, 4.65% senior notes due 2024, funded with a combination of the proposed note offering and $200 million of cash on hand. Assuming the tender offer is completed as expected, pro-forma leverage would likely be viewed favorably against our upgrade threshold of 45% funds from operation (FFO) to debt. We will evaluate the results of the tender offer once completed and expect to review the rating at the close of the transaction. The cash tender offer for its $400 million, 4.65% senior notes due in 2024 will be funded by the proposed $200 million add-on debt and $200 million of cash on hand from its high cash balance of $504 million...