...- With more supportive crude oil and natural gas prices, we now anticipate a low-double-digit percentage increase in global exploration and production (E&P) capital spending in 2022, which should increase demand for the oilfield services sector. - We anticipate improved cash flow and leverage measures for Oceaneering International Inc., a Houston-based provider of offshore oilfield products and services, due to higher revenues, recently implemented cost reductions, and permanent debt reduction. - Therefore, we raised our issuer credit rating on Oceaneering and our issue-level rating on its senior unsecured notes to '##-' from 'B+'. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery of principal to creditors in the event of a payment default. - The stable outlook reflects our expectation that Oceaneering's leverage will improve modestly in 2022 and 2023, with average funds from operations (FFO) to debt of about 35% over the next 12-24...
