Oceaneering Acquires Ten Work Class ROVs From Fugro

Oceaneering International, Inc. announced that it has acquired from Fugro (USA), Inc. 10 work class ROVs and related assets in North America. Seven of the 10 vehicles are under contract -- four in Mexico, two in Canada, and one in the U.S. Gulf of Mexico. The purchase price was $16.5 million. T. Jay Collins, President and Chief Operating Officer, stated "We are very pleased to add these additional work class ROVs to Oceaneering's fleet, which now consists of 170 vehicles -- the largest in the industry with an estimated 38% market share. "This acquisition positions our North American ROV operation with additional vehicles to benefit from an expected increase in our ROV drill support services in 2005. In addition to our leading market position in the Gulf of Mexico, we now have ROVs onboard seven of the 10 floating drilling rigs working offshore Mexico and four ROVs working offshore Canada. "We expect the net income contribution from these additional ROVs to be accretive by approximately $1.2 million during the first year of operation."