UPDATE: Goldman Sachs Upgrades Oceaneering International to Buy

Goldman Sachs raises its rating on Oceaneering International (NYSE: OII) to Buy from Neutral as it sees opportunity for the company's remotely operated vehicles from increased activity in deep water drilling.

Goldman Sachs says, "OII will be a major beneficiary of increases in deepwater drilling activity. OII should see several years of growth in its ROV segment as 63 deepwater rigs are under-construction, and scheduled for 2012-2015 delivery, each of which need 1-2 ROVs. ...OII is seeing increased demand for its services due to higher safety standards being practiced in the offshore arena, and its ROV tooling systems are being leased for frequent monitoring of the subsea pressure control systems."

OII closed at $52.45 a share on Friday.