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    Oceaneering Announces Shenzi Umbilical Distribution System Contract

    March 06, 2007

    March 6, 2007 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has secured a contract from BHP Billiton Limited (NYSE:BHP) to supply umbilical distribution and connection equipment for the initial Shenzi field development.  Co-venturers in the Shenzi development include Hess Corporation and Repsol YPF.

    The order is for three suction-pile-supported umbilical distribution system structures, 40 steel tube flying lead assemblies, junction plates, and assorted test equipment.  Each structure will have umbilical termination, hydraulic, and electrical/communication assemblies that will be independently retrievable for ease of maintenance.

    Product manufacturing is planned to take place at the Oceaneering Intervention Engineering facility in Houston, Texas.  Hardware deliveries are expected to commence in the second quarter of 2007 and conclude in the first quarter of 2008.

    The Shenzi field is located within the Gulf of Mexico, Green Canyon area in water depth of approximately 4,300 feet.  The initial field development will consist of seven subsea production wells tied back to a tension leg platform.

    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 Intervention Engineering facility in Houston, Texas, and expectation of commencing hardware deliveries in the second quarter of 2007 and concluding in the first 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 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.

    PR 969

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