What happened 

Shares of Oceaneering International (OII 4.45%) jumped by as much as 24% on Thursday after the oil and gas industry supplier reported its third-quarter financial results. Shares were up 20.4% as of 1:10 p.m. ET. 

So what 

Revenue was up 19.9% to $559.7 million while net income improved from a $7.4 million loss a year ago to a profit of $18.3 million, or $0.18 per share. On an adjusted basis (factoring out one-time items), earnings were $0.23 per share, $0.10 a share ahead of analysts' consensus estimate. 

In 2023, management expects consolidated EBITDA in the range of $260 million to $310 million, and free cash flow generation of over $100 million. For perspective, they expect adjusted EBITDA of $215 million to $240 million this year, and free cash flow of $25 million to $75 million.

Now what 

The offshore drilling market is improving and management expects that to boost its business. CEO Roderick Larson said "offshore recovery is clearly underway," and positive fundamentals are expected to last "for years to come."

The fossil fuels segment of the energy sector has struggled in recent years as producers have cut back on capital spending. But high energy prices and a growing focus among many national governments on energy independence have made those investments more palatable in the last year. The impact of that shift has been trickling down to companies like Oceaneering International. Based on the company's expected EBITDA and free cash flow levels, the stock looks attractive at today's share prices, although I'll wait to see if it settles lower in the coming days.