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    Oceaneering Expands Capital Spending Program to Meet Escalating Market Demand

    September 29, 2005

    September 29, 2005 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has received Board of Directors’ approval to expand its recent capital spending authorization by an additional $18 million to build six work class ROVs at an estimated total capital cost of $13 million, and a Saturation (SAT) Diving System for approximately $5 million. Of the $18 million to be invested, nearly $11 million is anticipated to be spent in 2005.

    PR 930

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