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    Oceaneering and Subsea 7 Terminate Acquisition Agreement

    March 16, 2004

    March 16, 2004 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) today announced Oceaneering and Subsea 7 have mutually agreed that the proposed acquisition of the remotely operated vehicle (ROV) drill rig support and related business operations from the Subsea 7 group of companies will not proceed. The conditions of closing have not been met and the agreement, which was signed in late November 2003 when the conditional transaction was publicly announced, has been terminated.

    PR 875

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