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Oceaneering International, Inc. News

Oceaneering Announces Subsea BOP Control System Contract

HOUSTON, April 30 PRNewswire-FirstCall — Oceaneering International, Inc. (NYSE: OII) announced it has been awarded a contract valued at over $14 million by Frontier Drilling USA to deliver a new generation, subsea blowout preventer (BOP) control system.

This electro-hydraulic, microprocessor-based control and data acquisition system will be manufactured at Oceaneering Intervention Engineering's facility in Houston for installation onboard the Bully 2 drillship. This drillship is a sixth-generation drilling rig being built to operate in deepwater, to 12,000 feet, and arctic conditions. The Bully 2 has a scheduled delivery date in the second quarter of 2010.

Oceaneering previously secured the BOP control system order for the Bully 1, which is planned for delivery in the fourth quarter of 2009. The Bully drillships are owned by a joint venture between Shell EP Offshore Ventures Ltd. and Frontier Drillships Ltd. and are contracted to work worldwide for Shell.

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; http://www.oceaneering.com; E-Mail investorrelations@oceaneering.com.

SOURCE Oceaneering International, Inc.

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