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    Oceaneering Announces First Quarter Earnings

    May 06, 2003

    May 6, 2003– Houston, Texas – Oceaneering International, Inc. (NYSE:OII) today reported first quarter earnings for the quarter ended March 31, 2003. On revenues of $140.7 million, Oceaneering generated net income of $6.0 million, or $0.25 per common share. On a comparable basis for the first quarter of 2002, Oceaneering reported revenues of $138.8 million and net income of $8.4 million, or $0.35 per common share.

    PR 849

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