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    Oceaneering Announces Record First Quarter Earnings – 2007

    May 01, 2007

    May 1, 2007 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) today reported record first quarter earnings for the period ended March 31, 2007. On revenue of $344 million, Oceaneering generated net income of $33.2 million, or $0.60 per share. This quarter’s results included, in Subsea Projects gross margin, a $3.5 million pre-tax gain on the sale of the Ocean Service, an ROV support vessel. During the corresponding period in 2006, Oceaneering reported revenue of $290 million and net income of $25.5 million, or $0.47 per share.

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