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John Huff News

17 Mar 2004

Oceaneering and Subsea 7 Terminate Agreement

Oceaneering and Subsea 7 have mutually agreed that the proposed acquisition of the remotely operated vehicle (ROV) drill rig support and related business operations from the Subsea 7 group of companies will not proceed. The conditions of closing have not been met and the agreement, which was signed in late November 2003 when the conditional transaction was publicly announced, has been terminated. Oceaneering and Subsea 7 have agreed it is in the best interest of both parties to terminate the agreement without further obligation. Oceaneering will expense, during the first quarter 2004, accumulated transaction costs as incremental general and administrative expense; on a preliminary basis, these costs are estimated to be in the range of $1.5 to $1.8 million pre-tax.

04 Jun 2004

Oceaneering Promotes Moschetta to VP

Oceaneering International, Inc. announced the promotion of Robert P. Moschetta to Vice President, Health Safety Environment (HSE). Moschetta joined Oceaneering in 2002 as Corporate HSE Director to provide safety and environmental support for Oceaneering's worldwide operations. John Huff, Chairman and Chief Executive Officer, stated, "Through Bob's leadership, diligence, hard work, and direction our management team has effectively worked together to improve Oceaneering's HSE processes and our performance metrics have shown significant improvement. Bob will now also manage our Houston-based quality assurance and training departments."