...November 15, 2024 We expect stable offshore activity to support EBITDA growth in 2025. We believe EBITDA expansion will be primarily due to broad improvements across the Subsea Robotics and Aerospace and Defense Technologies (ADTech) segments. We anticipate Subsea will benefit from modest price gains of its remote operated vehicle (ROV) fleet (80% of segment revenue) as about 25% of contracts step up to market rate while utilization remains stable in the high-60% range. The tooling and survey business account for the remaining 20% of Subsea revenues. We expect the tooling business will improve due to a higher margin mix as offshore activity intensifies. We also believe the company's survey businesses could benefit as its Freedom Autonomous Underwater Vehicle (AUV) completes work in the U.S. Gulf of Mexico and is marketed internationally for the first time. Additionally, 15% of total revenue is from ADTech, which offers some protection against the more volatile energy sector and is well...
