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    Oceaneering Announces $40 Million Capital Spending Authorization

    September 06, 2005

    September 6, 2005 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has received Board of Directors’ approval to invest approximately $40 million in a variety of new capital projects, of which $20 million is anticipated to be spent in 2005. These projects include enhancing umbilical manufacturing capabilities and efficiencies at Oceaneering’s plant in Scotland, increasing subsea control valve production capacity, building three new work class ROVs, and adding four Installation Workover and Control Systems to Oceaneering’s rental fleet in the Gulf of Mexico.

    PR 927

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