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On April 29, 2009, Oceaneering International ( OII) reported that its Q1 FY09 earnings increased 7.4%, which the company attributed to its business focus on deepwater and subsea completion activity and its expertise in underwater platform and pipeline repair. Net income for the quarter stood at $44.35 million or $0.80 per share compared to $41.28 million or $0.73 per share in the prior year's quarter. The latest quarterly earnings beat the most recent consensus estimate of $0.68 per share.

Total revenue declined marginally to $435.10 million from $435.82 million a year ago, due to lower revenue from Subsea Products, Inspection and Mobile Offshore Production Systems. Revenue from Remotely Operated Vehicles (ROV) advanced 7.5% to $155.60 million from $144.73 million, while revenue from Subsea Projects soared 32.3% to $63.00 million from $47.61 million in the year-ago quarter. Additionally, Advanced Technologies' revenue spiked 23.7% to $43.74 million from $35.37 million in Q1 FY08. On the flip side, revenue from Subsea Products slipped 17.0% to $114.92 million from $138.52 million, while Inspection revenue slumped 17.6% to $49.07 million from $59.55 million a year earlier. Finally, revenue from Mobile Offshore Production Systems dropped 12.6% to $8.77 million from $10.03 million on a year-over-year basis.

During the quarter under review, Oceaneering International Inc. bagged a contract from the National Aeronautics and Space Administration to develop a new space suit for solar system exploration. Also, the company let go 45 people due to a decline in market demand for their products.

Looking forward to Q2 FY09, the company expects earnings to be in the range of $0.75 per share to $0.85 per share. For FY09, earnings are anticipated to be in the range of $3.10 per share to $3.60 per share.

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