Oceaneering Ups Credit Facility by $50M

Oceaneering International, Inc. announced that it has amended its $250 million revolving credit agreement. The amendment increases the amount to $300 million and extends the maturity date to January 2012.

The banks participating in the amended credit agreement are Wells Fargo Bank, N.A. (Wells Fargo); DnB NOR Bank ASA (DnB); HSBC Bank USA, National Association (HSBC); JP Morgan Chase Bank, N.A. (Chase); The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BoTM); Comerica Bank; Amegy Bank, National Association; and Citibank, N.A. The amount available under the credit agreement can be increased to $450 million at any time upon the agreement of Oceaneering and existing or additional lenders.

The new facility will be available for general corporate purposes. Wells Fargo was Administrative Agent and Lead Arranger; DnB acted as Syndication Agent; and HSBC, Chase, and BoTM as Co-Documentation Agents. The amended credit agreement contains similar restrictive maintenance covenants as Oceaneering's existing indebtedness relative to the level of debt to total capitalization and interest coverage.

Robert P. Mingoia, Vice President and Treasurer, stated, "We are extremely pleased that our international group of banks has shown their confidence in our future business prospects. The new arrangement provides us medium-term capital at a reduced cost and, coupled with our anticipated strong cash flow, provides us with continued financial flexibility to fund future growth."

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.