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    Oceaneering Announces BC-10 Umbilical Contract

    January 04, 2007

    January 4, 2007 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that it has secured a contract with the BC-10 Consortium, operated by Shell, to supply umbilicals for block BC-10 offshore Brazil.

    The order is for hybrid subsea pump and steel tube production control umbilicals totaling approximately 50 kilometers (31 miles) in length.  Manufacture of the product is planned to involve the Oceaneering Multiflex facilities in Panama City, Florida and Niteroi, Brazil commencing in late 2007.

    These umbilicals will be used for the ten well, subsea development of the Ostra, Abalone, and Argonauta fields in water depths ranging from 4,900 to 6,500 feet located within BC-10 in the Campos Basin.  This will be the first full field development based on subsea oil and gas separation and pumping.

    Hybrid umbilicals offer several capabilities in a single integrated product, which generally lower an offshore field operator’s development cost.  Hybrid pump umbilicals specifically provide electric power transmission to subsea pumps that increase as well as accelerate production from some fields, particularly those with heavy crude or in deepwater.

    Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications.  Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.

    For further information, please contact Jack Jurkoshek, Director 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 966

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