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Oceaneering Announces BP Angola Contract

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 Oceaneering's:  anticipated delivery of  project management, engineering, and vessel services; estimated commencement date; anticipated supply of two vessels and outfitting each with two Oceaneering work class ROVs capable of working in 3,000 meters of water; intent to mobilize the Ocean Intervention III from the U.S. Gulf of Mexico to Angola commencing in early January 2012; belief that the contract represents a significant geographic expansion with considerable backlog for its Subsea Projects business; belief that the contract further reinforces its long-term commitment to Angola, and that Angola is a growing market for Oceaneering's services and products; previously announced 2012 EPS guidance range of $2.45 to $2.65; and projection that the contract scope of the work performed will expand gradually during the first half of the year.  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 project design or schedule, contract cancellation, change orders and other modifications, and difficulties executing on the project.  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 annual report on Form 10-K for the year ended December 31, 2010 and subsequent quarterly reports on Form 10‑Q filed 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 further information, please contact Jack Jurkoshek, Director Investor Relations,

Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670;

www.oceaneering.com; E-Mail investorrelations@oceaneering.com.

SOURCE Oceaneering International, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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