Oceaneering and DNV Form Joint Venture

Oceaneering International, Inc. announced that its Norwegian subsidiary, Oceaneering AS, has entered into a joint venture agreement with Det Norske Veritas (DNV) to provide a new inspection service capability to the offshore oil and gas, shipping, and other vessel-related markets utilizing a unique combination of Remotely Operated Vehicles (ROV) and Resonance Thickness Measurement (RTM) technology.

The 50/50 joint venture company, ARGUS RTM AS, will be headquartered in Stavanger, Norway. ARGUS RTM AS will provide a high precision, time-and cost-effective service, utilizing ROVs and advanced plate thickness measurement technologies to help Customers ensure the integrity of vessels and structures operating offshore and in other marine environments.

DNV contributes an exclusive license to a unique technology, which permits underwater inspections without the need to remove marine growth. Oceaneering provides technical and operational expertise in designing, building, and operating ROV systems and commits to provide initial capital in the equivalent amount of approximately $3.5 million. This combination of shareholders provides the essential factors to ensure ARGUS RTM AS will be successful in delivering its services to the marketplace. The venture will be represented in numerous strategic locations worldwide.

Alexander Westwood, Managing Director Eastern Region, stated, "The goal for ARGUS RTM AS is to provide Customers with high quality information, equal to or better than that provided by dry-docking, at a significantly lower cost. This goal is achievable because the joint venture benefits from the technological, operational, and strategic strengths of each shareholder."

Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments. The Company's services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the telecommunications, aerospace, and marine engineering and construction industries.


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