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    Oceaneering Announces Agreement to Acquire ROV Related Business Operations from Subsea 7

    November 30, 2003

    November 30, 2003 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has entered into an agreement to acquire the drill support ROV business consisting of 82 remotely operated vehicles (ROVs), including 54 work class and 28 observation class, related contracts and employees, and significant subsea engineering, tooling, and products capabilities and capacity from the Subsea 7 group of companies. This agreement has been approved by the respective Boards of Directors and is conditional upon several factors, including no material adverse findings during the due diligence review. It is anticipated that closing of the transaction will occur in early 2004.

    PR 865

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