Cramer's 'Mad Money' Recap: June 24

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"There is no longer any real or honest reason to keep the moratorium on offshore drilling in place," Jim Cramer told viewers of his "Mad Money" TV show Tuesday. "We have the technology to extract oil cleanly without damaging the environment."

Cramer acknowledged that the fear of offshore drilling was legitimate over the years, but he said those fears are groundless today.

Continuing his week-long series on companies that make clean offshore drilling possible, he recommended Oceaneering International (OII Quote).

Oceaneering, he said, is a buy because it's the market leader for robotic operated vehicles (ROV), unmanned robots that make offshore drilling safe by remotely inspecting pipelines, making repairs, assisting in drilling and cleaning up debris on the sea floor. Cramer said ROVs are critical to preventing the kind of spills the offshore naysayers fear most.

Of the floating rigs ordered this year, more than half will be equipped with ROVs as standard equipment. Oceaneering controls 34 percent of global market for ROVs and 75 percent of its revenues come from the ROV business.

Cramer first recommended Oceaneering on May 17, 2006 at $34.24 a share. Since then, the stock has gained 128% in value. Cramer still considers the stock a buy, especially after the company's 5.4% pullback Tuesday. "This is the stock to own for a resurgence in offshore drilling," he said.

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