We also generated meaningful free cash flow with our cash balance increasing by $78 million from $374 million at December 31, 2019, to $452 million at December 31, 2020.
Today, I'll focus my comments on our performance for the fourth quarter and full-year 2020, our market outlook for 2021, Oceaneering's consolidated 2021 outlook, including our expectation to generate positive free cash flow in excess of the amount generated in 2020, and EBITDA in the range of $160 million to $210 million and our business segment outlook for the full year and first quarter of 2021.
For the fourth quarter of 2020, we reported a net loss of $25 million or $0.25 per share on revenue of $424 million.
These results include the impact of $9.8 million for pre-tax adjustments associated with asset impairments and write-offs, restructuring and other expenses and foreign exchange losses recognized during the quarter, and $9.6 million of discreet tax adjustments.
Adjusted net income was $1.8 million or $0.02 per share.
We were pleased that our consolidated fourth-quarter adjusted earnings before interest taxes, depreciation, and amortization or adjusted EBITDA was $47.1 million and was sequentially higher than the third-quarter 2020 and exceeded both our guidance and consensus estimates.
Fourth-quarter 2020 consolidated adjusted operating income of $9.6 million was the best quarterly performance in 2020 and $4 million higher than the third quarter.
We generated $104 million of cash from operating activities.
And after deducting $15 million in capital expenditures, our free cash flow was $89 million for the quarter.
As a result of good operating cash flow, working capital efficiencies, and capital expenditure discipline, our cash position increased by $93.2 million during the fourth quarter of 2020.
As of December 31, 2020, our cash balance stood at $452 million.
Adjusted fourth-quarter operating results included recognition of approximately $3 million of cost-structure improvements achieved throughout 2020.
Consequently, our SSR quarterly adjusted EBITDA margin of 33% was better than expected up from the 31% achieved during the third quarter of 2020 and consistent with the margin achieved during the first nine months of 2020.
The revenue split between our remotely operated vehicle or ROV business and our combined tooling and survey businesses as a percentage of our total SSR revenue was 80% and 20% respectively compared to 82% and 18% split in the prior quarter.
Our fleet utilization for the fourth quarter was 54% down from 59% in the third quarter and our days on hire declined for both drill support and vessel-based services.
Average ROV revenue per day on hire of $7,325 was 1% higher as compared to the third quarter.
Days on hire were 12,456 in the fourth quarter as compared to 13,601 in the third quarter.
We ended the quarter and the year just as we began with a fleet count of 250 ROV systems.
Our fourth-quarter fleet use was 60% in drill support and 40% for vessel-based activity as compared to 56% and 44% respectively during the third quarter.
At the end of December, we had ROV contracts on 75 of the 129 floating rigs under contract or 58%, a slight market share increase from September 30, 2020, when we had ROV contracts on 76 of the 133 floating rigs under contract or 57%.
Subject to quarterly variances, we continue to expect our drills support market share to generally approximate 60%.
Adjusted operating income margin increased to 9% in the fourth quarter of 2020 from 5% in the third quarter of 2020 due primarily to favorable contract closeouts and supply chain savings.
Our manufactured products backlog at December 31, 2020, was $266 million, compared to our September 30, 2020 backlog of $318 million.
Our book to bill ratio was 0.4 for the full year of 2020, as compared with the trailing 12-month book to bill a 0.5 at September 30, 2020.
For the full-year 2020, Oceaneering reported a net loss of $497 million or $5.01 per share on revenue of $1.8 billion.
Adjusted net loss was $26.5 million or $0.27 per share reflecting the impact of $481 million of pre-tax adjustments, primarily $344 million associated with goodwill impairment and $102 million of asset impairments.
This compared to a 2019 net loss of $348 million or $3.52 per share on revenue of $2 billion and adjusted net loss of $82.6 million or $0.84 per share.
Compared to 2019, our 2020 consolidated revenue declined 11% to $1.8 billion with revenue decreases in each of our four energy segments being partially offset by the revenue increase in ADTech.
ADTech's contribution to our consolidated results continues to grow representing 19% of consolidated revenue in 2020 as compared to 16% in 2019.
Despite the headwinds of lower activity in our energy segments consolidated 2020 adjusted operating results and adjusted EBITDA improved by $59.6 million and $19.5 million respectively, led by our manufactured products and ADTech segments.
We generated $137 million in cash flow from operations and invested $61 million in capital expenditures, resulting in free cash flow of $76 million.
We ended the year with $452 million in cash.
This program targeted the removal of $125 million to $160 million of costs, including depreciation.
We maintained our commitment to capital discipline by reducing capital expenditures to $61 million as compared to $148 million in 2019 and we maintain focus on our core values.
We achieved significant improvement in our IMDS business with adjusted operating results, improving by almost $10 million as compared to 2019.
With over $250 million in contract awards during the fourth quarter of 2020 and early 2021, 45% of which is incremental business, this segment is positioned for growth in 2021.
Our Subsea Robotics business, a recognized leader in world-class ROV services secured more than $225 million of contracts during the fourth quarter of 2020.
The business also recorded several important incremental contract wins, including partnering with Dynetics to support their design of the Human Lunar Landing System for NASA and a contract to operate and maintain the U.S. Navy Submarine Rescue systems worth up to $119 million assuming annual renewals over a five-year period.
Our total recordable incident rate or TRIR of 0.3% for 2020 is a record low for Oceaneering.
EBITDA of $184 million surpassed the $165 million generated in 2019.
Positive free cash flow of $76 million surpassed the $10 million generated in 2019.
Cash increased to $452 million and consolidated adjusted EBITDA margin of 10% surpassed the 8% margin achieved in 2019, despite an 11% decrease in revenue.
With the opex plus actions taken at the very beginning of 2021 and growing optimism associated with numerous vaccine approvals, many analysts and energy researchers are now forecasting Brent pricing to stabilize in the $55 to $60 per barrel range for 2021 and longer-term pricing to be in the $50 to $70 per barrel range.
We expect Brent pricing in the $55 to $65 per barrel range will support reasonable levels of IMR activity in 2021.
Similarly, we believe that longer-term Brent pricing forecast of $50 to $70 per barrel will support increased offshore project sanctioning activity in 2021.
Analyst data suggests that the floating rig count has stabilized and throughout 2021 will remain close to the year-end 2020 levels of approximately 130 contracted rigs.
There were 123 Tree Awards in 2020 and raise that forecasts a modest recovery to around 200 in 2021 and back into the 300 range in 2022, raise that also forecast Tree Installations of 273 in 2021, which approaches the 2020 total of 299.
Also, according to raise did offer projects with an aggregate value of approximately $46 billion were sanctioned in 2020, a 53% decrease from 2019.
Sanctioning levels are expected to increase in 2021 to around $55 billion and return to 2019 levels of around $100 billion in 2022.
Raise that forecast global installed offshore wind capacity to increase by 11.8 gigawatts by in 2021, 37% over 2020.
For the year, we anticipate generating $160 million to $210 million of adjusted EBITDA with positive operating income and adjusted EBITDA contributions from each of our operating segments.
Our liquidity position at the beginning of 2021 remains robust with $452 million of cash and an undrawn $500 million revolver available until October 2021, and thereafter $450 million available until January 2023.
We expect to further strengthen this position in 2021 by generating positive free cash flow in excess of the amounts generated in 2020.
As has been the case over the past several years, it is our intent to continue to strengthen our balance sheet to ensure that we are well-positioned to deal with our $500 million bond maturity in November 2024.
For 2021, we expect our organic capital expenditures to total between $50 million and $70 million.
This includes approximately $35 million to $40 million of maintenance capital expenditures and $15 million to $30 million of growth capital expenditures.
In 2021, interest expense, net of interest income is expected to be approximately $40 million and our cash tax payments are expected to be in the range of $35 million to $40 million.
These cash tax payments do not include the impact of approximately $28 million of CARES Act tax refunds expected to be received in 2021.
For ROVs, we expect our 2020 service mix of 62% drill support and 38% vessel services to generally remain the same through 2021.
Our overall ROV fleet utilization is expected to be in the mid to high 50% range for the year with higher seasonal activity during the second and third quarters.
We expect to generally sustain our ROV market share in the 60% range for drill support.
At the end of 2020, there were approximately 24 Oceaneering ROVs onboard 21 floating drilling rigs with contract terms expiring during the first six months of 2021.
During that same period, we expect 28 of our ROVs on 24 floating rigs to begin new contracts.
For 2021, we anticipate unallocated expenses to average in the low to mid-$30 million range per quarter as we forecast higher accrual rates for projected short and long-term performance-based incentive compensation expense, as compared to 2020.
For our first-quarter 2021 outlook, we expect our first-quarter 2021 adjusted EBITDA to be in the range of $45 million to $50 million on sequentially higher revenue.

Summary:
For the fourth quarter of 2020, we reported a net loss of $25 million or $0.25 per share on revenue of $424 million.
Adjusted net income was $1.8 million or $0.02 per share.
We expect to further strengthen this position in 2021 by generating positive free cash flow in excess of the amounts generated in 2020.
For our first-quarter 2021 outlook, we expect our first-quarter 2021 adjusted EBITDA to be in the range of $45 million to $50 million on sequentially higher revenue.