Oceaneering Announces $300 Million Revolving Credit Agreement

Oceaneering International, Inc.

announced that it has entered into a new credit agreement for a $300 million revolving credit facility.  The new agreement replaces a prior credit agreement that was set to expire January 22, 2012.  The new agreement became effective immediately and will remain in effect for five years.  The banks participating in the new credit agreement are Wells Fargo Bank, National Association ("Wells Fargo"), DNB Bank ASA ("DNB"), HSBC Bank USA, N.A., JPMorgan Chase Bank, N.A., Bank of America, N.A., and Barclays Bank PLC.  The amount available under the revolving credit facility can be increased to up to $500 million at any time upon the agreement of Oceaneering and existing or additional lenders.