Oceaneering and DNV Form Joint Venture

Maritime Activity Reports, Inc.

May 30, 2001

Oceaneering International, Inc. announced that its Norwegian subsidiary, Oceaneering AS, has entered into a joint venture agreement with Det Norske Veritas (DNV) to provide a new inspection service capability to the offshore oil and gas, shipping, and other vessel-related markets utilizing a unique combination of Remotely Operated Vehicles (ROV) and Resonance Thickness Measurement (RTM) technology.

The 50/50 joint venture company, Argus RTM AS, will be headquartered in Stavanger, Norway. Argus RTM AS will provide a high precision, time- and cost-effective service, utilizing ROVs and advanced plate thickness measurement technologies to help customers ensure the integrity of vessels and structures operating offshore and in other marine environments.

DNV contributes an exclusive license to a unique technology, which permits underwater inspections without the need to remove marine growth.

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