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    Oceaneering Announces Contract for BOP Control System

    July 25, 2006

    July 25, 2006 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has been awarded a contract valued at over $13 million by Frontier Drilling USA to deliver a new generation, subsea blowout preventer (BOP) control system.

    The electro-hydraulic, microprocessor-based control and data acquisition system will feature proprietary components and technologies designed for long term, critical service, and reliable operation in deepwater environments.

    The BOP control system is being built for installation onboard the Frontier Peregrine II drillship.  This vessel is currently undergoing a substantial refit, including an operating water depth upgrade to over 5,000 feet with a subsea BOP system and 9,000 feet with a surface BOP system, in order to perform drilling and development operations worldwide.

    Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments.  Oceaneering’s services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the aerospace and marine engineering and construction industries.

    For further information, please contact Jack Jurkoshek, Manager Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; Fax 713-329-4653; www.oceaneering.com; E-Mail investorrelations@oceaneering.com.

    PR 955

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