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    Oceaneering Announces Collins to Succeed Huff as CEO

    May 12, 2006

    May 12, 2006 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that John R. Huff will relinquish the Chief Executive Officer (CEO) position at today’s Annual Meeting of Shareholders, and T. Jay Collins, Oceaneering’s President and a member of its Board of Directors, will succeed Mr. Huff as CEO. Mr. Huff’s retirement as CEO in 2006 was planned as part of his Service Agreement entered into in November 2001.

    PR 948

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