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    Oceaneering Announces Confidence of Prevailing in Constellation Space Suit Competition

    September 30, 2008

    September 30, 2008 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) today expressed confidence that it will prevail in the competition for NASA’s Constellation Space Suit System (CSSS) contract.

    Oceaneering was awarded the contract on June 12.  The losing contractor protested the award to the U.S. Government Accountability Office (GAO) July 14.  The following month NASA determined that an administrative compliance issue required corrective action.  It terminated the contract and directed both contractors to make limited resubmissions.

    However, NASA presented a clarification to its plan for corrective action in a filing yesterday to the GAO, stating that it now intends to allow each contractor another opportunity to address weaknesses and deficiencies in their proposals.  Today, in light of NASA’s corrective action plan, the GAO dismissed a later protest filed by the losing contractor challenging the corrective action.

    “We believe that NASA had been taking the right approach by strictly limiting the scope of resubmissions,” said Mark Gittleman, Vice President and General Manager of Oceaneering Space Systems.  “We intend to pursue this matter to a successful conclusion,” he said.  “Our team is prepared to defend its winning proposal that met or exceeded all of NASA’s requirements.”

    Oceaneering is a global provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Oceaneering Space Systems, located in Houston, Texas immediately adjacent to NASA JSC, supports NASA in training astronauts for extravehicular activity, and designs, develops, tests, produces, and certifies astronaut equipment, robotic systems, and thermal protection systems for NASA, the Department of Defense, and commercial applications.

    For further information, please contact Jim Buchli, CSSS Program Manager, Oceaneering Space Systems, 16665 Space Center Boulevard, Houston, Texas 77058; Telephone 281-228-5300; Fax 281‑228-5547; E-mail jbuchli@oceaneering.com, or Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; Fax 713-329-4653; E-Mail investorrelations@oceaneering.com.

    PR 1012

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