The conference handout will be accessible after the close of the market on Friday, February 26, 2010, through the Investor Relations link at Oceaneering’s website, www.oceaneering.com. There will be no webcast of the panel discussion.

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.

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 1049

Mr. McEvoy has been with Oceaneering for 31 years, serving most recently as Executive Vice President. He started his offshore career as an officer in the U.S. Navy working in the areas of diving, salvage, and submarine rescue. Kevin has held a variety of progressively more responsible domestic and international positions in marketing, administration, and operations.

T. Jay Collins, President and Chief Executive Officer, stated, “I am pleased to have such a capable and experienced individual as Kevin to take over the additional operating responsibilities for our two largest business segments, Remotely Operated Vehicles and Subsea Products. I am confident he will continue to provide excellent leadership as we respond to the increasing demand for our products and services.”

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; E-Mail investorrelations@oceaneering.com.

PR 1051

The program calls for the repurchases to be made in open market or in privately negotiated transactions from time to time in compliance with applicable laws, rules, and regulations, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, applicable legal requirements, and other relevant factors. The timing and amount of any repurchases will be determined by management based on its evaluation of these factors. Oceaneering expects that any shares repurchased will be held as treasury stock for future use. The program does not obligate Oceaneering to repurchase any particular number of shares.

T. Jay Collins, President and Chief Executive Officer, stated, “Oceaneering has a strong balance sheet, and its operations are generating a significant amount of free cash flow. We are continuing to pursue our growth strategy and are looking for opportunities. As we have done in the past, we will use the newly authorized share repurchase program to acquire company shares whenever the relative values are compelling, balanced against other strategic options.”

Statements in this press release that express a belief, expectation, or intention are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s: determination of the timing and amount of any repurchases; and expectation that repurchased shares will be held as treasury stock for future use. 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; changes in customers’ operational plans or schedules; contract cancellations or modifications; difficulties executing under contracts; 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. For a more complete discussion of these and other risk factors, please see Oceaneering’s annual report on Form 10-K for the year ended December 31, 2008 and subsequent quarterly reports on Form 10-Q filed 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; E-Mail investorrelations@oceaneering.com.

PR 1050

Full Press Release: [PDF Link]

PR 1048

For more information about the conference, visit http://www.otcnet.org/2010/.

For more information about Oceaneering, visit http://www.oceaneering.com.

Video courtesy NASA

Working with NASA to mimic human physiology in a robot, Oceaneering Space Systems engineers have integrated features into Robonaut 2 (R2) for use in the aerospace, undersea, military and automotive industries. A dexterous anthropomorphic (human-like) robot, R2 is faster, more dexterous and more technologically advanced than any previously announced generation of similar robots.

Oceaneering Space Systems engineers have used leading edge control, sensor and vision technologies to accomplish the project at NASA’s Johnson Space Center in Houston, Texas. Oceaneering continues to provide mechanical, electrical, and software support for NASA projects.

Oceaneering International, Inc. leads the world in work class remotely operated vehicles for the oil and gas industry.

For further information about Robonaut 2, or other Oceaneering space-related robotics contact:

David Spangler
281.228.5324
dspangler@oceaneering.com

OR:

Jeffrey Lasater
281.228.5367
jlasater@oceaneering.com

Photo Credit Oceaneering

Oceaneering International, Inc. will conduct a ½ day welding seminar for customers, subsea engineers and regulatory agency personnel at the company’s Morgan City, LA diving training facilities on March 10, 2010. Along with a demonstration of the state-of-the-art facilities, grout testing and pipeline repair systems are on the agenda.

To register or for information contact Jack Couch by email: jcouch@oceaneering.com

For more information about the conference, visit http://www.subseatiebackforum.com.

For more information about Oceaneering, visit http://www.oceaneering.com.