Oceaneering Multiflex Panama City Plant Delivers First Major Umbilical

December 12, 2006 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced it has delivered the first major steel tube umbilical manufactured at its Multiflex facility in Panama City, Florida to Newfield Exploration Company (NYSE: NFX).

The 28-mile umbilical has 14 steel tube hydraulic power and chemical injection lines and two electrical quads for power and signal operations.  The umbilical will be used by Newfield to tie back a subsea well in the Gulf of Mexico Wrigley field, located in approximately 3,700 feet of water at Mississippi Canyon 506, to Shell’s Cognac platform at Mississippi Canyon 194.

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 964

[The use in this release of such terms as Oceaneering, company, group, organization, we, us, our, and its, or references to specific entities, is not intended to be a precise description of corporate relationships.]