Oceaneering Announces Record First Quarter Earnings

April 29, 2009 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) today reported record first quarter earnings for the period ended March 31, 2009. On revenue of $435 million, Oceaneering generated net income of $44.3 million, or $0.80 per share. During the corresponding period in 2008, Oceaneering reported revenue of $436 million and net income of $41.3 million, or $0.73 per share as restated.

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