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    Oceaneering Announces Subsea BOP Control System Orders

    September 17, 2007

    September 17, 2007 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that it has recently secured three contracts for subsea blowout preventer (BOP) control systems, with a combined value in excess of $30 million.

    The orders include two discrete hydraulic systems for moored, semisubmersible drilling rigs undergoing major upgrades.  The third is a multiplex system for an ultra-deepwater, sixth generation, dynamically positioned drillship currently under construction.

    These systems are being engineered and manufactured at Oceaneering Intervention Engineering’s facility in Houston, with deliveries anticipated to commence in the fourth quarter of 2007 and end in the fourth quarter of 2008.

    T. Jay Collins, President and Chief Executive Officer, stated, “These contract awards are evidence of our success in expanding our suite of specialty subsea products to support the oil and gas industry’s growing deepwater effort.  Utilizing the latest technology, we are offering subsea BOP control systems engineered to provide superior performance and reliability to reduce maintenance of the control system and minimize the potential for rig down time.  Reliability has become critical given the escalation in contract dayrates for floating offshore drilling rigs.

    “Future demand for subsea BOP control systems is tied to the announced expansion of the global floating drilling rig fleet through 2010, currently more than 60 units, and additional upgrades to existing rigs, which we believe are highly likely.”

    Statements in this press release that express a belief, expectation or intention, as well as those that are not historical fact, are forward looking.  The forward-looking statements in this press release concern Oceaneering’s anticipated BOP control system delivery dates commencing in the fourth quarter of 2007 and ending in the fourth quarter of 2008, and assessment of future subsea BOP control system market demand. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: industry conditions; prices of crude oil and natural gas; Oceaneering’s ability to obtain and the timing of new projects; and changes in competitive factors.  Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated.  These and other risks are more fully described in Oceaneering’s latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission.

    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 988

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