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    Oceaneering Announces Umbilical Contract Award

    July 25, 2007

    July 25, 2007 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced today that it has secured a contract from BHP Billiton to supply umbilicals and associated subsea hardware for the Pyrenees field development offshore Western Australia.

    The order includes thermoplastic production control umbilicals totaling approximately 17 miles in length.  Product manufacturing is planned to occur in the Oceaneering Multiflex facility in Rosyth, Scotland, commencing the first quarter of 2008  for anticipated delivery in the fourth quarter of 2008.

    T. Jay Collins, President and Chief Executive Officer, stated, “We are pleased with this contract award as it is expanding our global relationship with BHP Billiton as a specialty subsea hardware provider.

    “The umbilicals we supply under this contract will support BHP Billiton’s use of a Floating Production Storage and Offloading (FPSO) system to produce oil offshore Australia.  In April of this year we delivered umbilicals for another BHP Billiton FPSO field development offshore Australia at Stybarrow, located approximately 12 miles west of Pyrenees.

    “We also are currently under contract to BHP Billiton to supply umbilical distribution connection equipment for the initial Shenzi field development in the Gulf of Mexico.”

    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 include the statements concerning Oceaneering’s plan to conduct product manufacturing at the Oceaneering Multiflex facility in Rosyth, Scotland commencing the first quarter of 2008 andexpectation of product deliveries in the fourth quarter of 2008.  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 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, 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 985

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