Oceaneering to Provide ROV, Survey and Associated Services for Mærsk Supply Service

HOUSTON, February 13, 2017 – Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) announced that it has entered into a long-term agreement with Mærsk Supply Service A/S (“Mærsk”) to provide eight work-class remotely operated vehicles (“ROVs”), survey and associated services, including subsea tooling, engineering, communication and data solutions, to support Mærsk’s global operations. These ROVs will be installed onboard six Mærsk newbuild vessels, comprising of two Stingray-class Subsea Intervention Vessels and four Starfish-class Anchor Handling Tug Supply Vessels, which are scheduled for delivery through 2017. Oceaneering provides ROVs, survey and associated services on a number of existing Mærsk vessels and drilling rigs.

M. Kevin McEvoy, Chief Executive Officer of Oceaneering, said, “We are excited about the opportunity to continue our long-standing relationship with Mærsk as one of their preferred providers. Our companies share a similar set of core values, and together our combined range of services, experience, and focus on safety and quality, make for a successful working relationship. This award is consistent with our stated objective to increase the number of ROVs onboard third-party vessels while maintaining our ROV market share on contracted rigs and those most likely to return to work.”

“Maersk is committed to maximizing the value of offshore project operations for customers. Through this strong partnership with Oceaneering we are able to simplify the planning and procurement process for clients by offering multiple services in one agreement. This cooperation is a prime example of how our new Integrated Solutions business area is dedicated to providing a smoother sourcing and execution process for our customers worldwide,” said Olivier Trouve, Head of Integrated Solutions of Maersk.

Oceaneering is a global 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, entertainment, and aerospace industries.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release which are forward-looking involve risks and uncertainties that may impact Oceaneering’s actual results. The forward-looking statements in this press release concern: the characterization of the contract with Mærsk as “long-term”; the expected provision of eight ROVs and other equipment and services to Mærsk; the vessels on which the ROVs and other equipment are to be installed and the timing for delivery of those vessels; and the expected continuation to provide ROV, survey and associated services on a number of Mærsk’s existing vessels. Although Oceaneering’s management believes that the expectations reflected in these forward- looking statements are reasonable, Oceaneering can give no assurance that the expectations will prove to have been correct. The forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including without limitation, changes in schedule, contract cancellation, and other contract modifications. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected.

For a more complete discussion of these and other risk factors, please see Oceaneering’s filings with the Securities and Exchange Commission. Oceaneering undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise, except as required by applicable law.

For more information on Oceaneering, please visit www.oceaneering.com.

Contact:
Suzanne Spera
Director, Investor Relations
Oceaneering International, Inc.
713-329-4707
investorrelations@oceaneering.com


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