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    Oceaneering Acquires Medusa Spar Ownership Position

    December 18, 2003

    December 18, 2003 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced today that it has finalized its previously announced investment of approximately $45 million to acquire a 50% ownership position in Medusa Spar LLC, a limited liability company (LLC). The LLC owns a 75% undivided ownership position in the spar production platform moored in over 2,200 feet of water on the Medusa field in the Gulf of Mexico, Mississippi Canyon Block 582.

    PR 863

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