Gabelli & Co Raises 2012 EPS Estimate to $2.55 on Oceaneering International

A report from Gabelli & Co reiterates its Hold rating and raises its 2012 EPS estimate from $2.45 to $2.55 on Oceaneering

. The report states, “Yesterday the company announced that it will acquire AGR Field Operations from AGR Group ASA (AGROSL) for $240 million including acquired debt… We view the acquisition as a positive use of cash and expect Oceaneering to expand AGR's technology and services into other regions including the Gulf of Mexico.” OII closed yesterday at $43.25.