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    Oceaneering Acquires GTO Subsea AS

    March 17, 2008

    March 17, 2008 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has acquired GTO Subsea AS (GTO) for approximately $45 million.  GTO is a rental provider of specialized subsea dredging and excavation equipment, including remotely operated vehicle (ROV) deployed units, to the offshore oil and gas industry.

    GTO equipment is used for the subsea suction, transport, and disposal of sand, clay, and rock associated with ocean floor construction, decommissioning, and drill support activities in support of offshore oil and gas exploration and production.  GTO was established in 1999, is based in Kristiansund, Norway, and has an excellent operating reputation in the North Sea.  GTO’s technologically advanced equipment has also been utilized off Sakhalin Island and West Africa, and in the Gulf of Mexico.

    T. Jay Collins, President and Chief Executive Officer, stated, “We are very pleased to add GTO’s unique product line to our ROV tooling suite.  For the entire year of 2008, GTO expects revenue of approximately $15 million.  We therefore anticipate this acquisition will contribute about $12 million of revenue to our Subsea Products segment for the balance of this year and will be marginally accretive to our earnings.

    “Given GTO’s track record of success in the North Sea and our worldwide operating infrastructure, we will market this dredging and excavation equipment in conjunction with our ROV services on a global basis.  We expect to grow the business as the oil and gas industry expands its level of subsea activity.”

    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:   expectations with respect to the acquisition increasing Oceaneering’s Subsea Products segment sales;  the acquisition being marginally accretive to 2008 earnings; ability to market GTO’s equipment in conjunction with Oceaneering’s ROV services on a global basis;  and growing GTO’s business as the oil and gas industry expands its level of subsea activity.  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.

    PR997

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