Oceaneering to Acquire Mechanica AS

December 6, 2011 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) announced that one of its wholly owned subsidiaries, Oceaneering AS, has entered into a definitive agreement to acquire Mechanica AS. The transaction is subject to approval by the Norwegian Competition Authority.

Mechanica, headquartered in Stavanger, Norway, is a design and fabrication company specializing in remotely operated subsea tools for the offshore oil and gas industry. For 2010, Mechanica's revenue was approximately $12 million.

Oceaneering is a global 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; E-Mail investorrelations@oceaneering.com.

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