Oceaneering Scores Major Subsea Valve Contract

Oceaneering International's, subsidiary, Oceaneering Rotator AS, has been awarded a five-year, global supply contract by FMC Technologies subsidiary FMC Kongsberg Subsea AS to provide directional control valves to be installed on FMC subsea production trees.

John Huff, Chairman and Chief Executive Officer, stated, "We are very pleased to announce this contract as it extends a 20-year relationship between Rotator and FMC and provides us an important base level of business. As part of Oceaneering's Subsea Products segment, Rotator gives us a means to participate in the secular market growth for specialty subsea hardware currently underway.

"Given our demand outlook for valves, including those required for directional control and chemical injection, we announced in September of this year that we would be expanding our valve manufacturing capacity. This new capacity is expected to be available in the fourth quarter of 2006."