Oceaneering Announces the Sale of the Ocean Legend

Sep 12, 2011, 08:00 ET from Oceaneering International, Inc.

HOUSTON, Sept. 12, 2011 /PRNewswire/ -- Oceaneering International, Inc. (NYSE: OII) announced today the sale of the Ocean Legend, a mobile offshore production system, to an undisclosed buyer.  Oceaneering's third quarter 2011 earnings will include an estimated pretax gain in the range of $17 million to $19 million on the sale of this asset in its Subsea Projects segment operating results.

Oceaneering's 2011 EPS guidance previously given did not include the anticipated results of this transaction.

In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Oceaneering International, Inc. cautions that statements in this press release which are forward looking involve risks and uncertainties that may impact Oceaneering's actual results.  The forward-looking statements in this press release concern Oceaneering's estimated pretax gain of $17 million to $19 million on the sale of the Ocean Legend, which will be included in its Subsea Projects segment operating results reported for the third quarter of 2011.  Although Oceaneering's management believes that the expectations reflected in these forward-looking statements are reasonable, Oceaneering can give no assurance that the expectations will prove to have been correct.  The statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks.  If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected.  For a more complete discussion of these and other risk factors, please see Oceaneering's annual report on Form 10-K for the year ended December 31, 2010 and subsequent quarterly reports on Form 10-Q  filed with the Securities and Exchange Commission.

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.  

www.oceaneering.com

SOURCE Oceaneering International, Inc.



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