OCEANEERING

Oceaneering International, Inc. announced that it has been selected as the preferred contractor to provide a mobile offshore production unit (MOPU) for development of the Legendre North and South oil fields in WA-1-P on the North West Shelf of Western Australia. Participants in WA-1-P are Woodside Energy Ltd., Apache Energy Ltd., and Santos Ltd. While a definitive agreement is being finalized, Oceaneering will commence work to convert its jackup Marine 7 to serve as the Legendre MOPU. The unit will be equipped with production process and gas injection facilities. The expected capital cost of the MOPU is between $75 and $80 million. Installation offshore Western Australia is anticipated to occur in December 2000. The oil companies have announced that first oil is planned for mid-2001.
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