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    Oceaneering Announces Medusa Spar Participation Agreement

    September 03, 2003

    September 3, 2003 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced today that it has signed an agreement to participate in the formation of a limited liability company (LLC), which will own a 75% undivided ownership interest in the deepwater production spar on the Medusa field in the Gulf of Mexico, subject to the occurrence of certain events. The LLC will earn a tariff based on production volume throughput. Oceaneering expects to invest approximately $45 million to acquire a 50% ownership in this LLC and estimates the closing of this transaction to occur in the fourth quarter 2003.

    PR 857

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