2010 Energy ConferenceDecember 7, 2010

New Orleans, LA

T. Jay CollinsPresident & CEO

Safe Harbor Statement

es de & C OOceaneering International, Inc.

Safe Harbor Statement

Statements we make in this presentation that express a belief, expectation, or intention are forward looking. Forward-looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “plan,” “forecast,” “budget,” “goal,” or p , p , p , , g , g ,other words that convey the uncertainly of future events or outcomes. These forward-looking statements are based on our current information and expectations that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are: industry conditions prices of crude oil and natural gas ourindustry conditions, prices of crude oil and natural gas, our ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated.

For additional information regarding these and other factors, see our periodic filings with the Securities and Exchange Commission, including our most recent Reports on Forms 10-K and 10-Q.

WHY OII?

• Leveraged to Deepwater• Leveraged to Deepwater

– Secular Growth

– Positioned to Rebound

– Secular Growth

– Positioned to ReboundPositioned to Rebound

• Leading Market Positions

Positioned to Rebound

• Leading Market Positions

– ROVs and Specialty Subsea Products– ROVs and Specialty Subsea Products

• Strong Earnings, Balance Sheet & Cash Flow• Strong Earnings, Balance Sheet & Cash Flow

Leveraged to Deepwater

• Projects Take Years to Develop• Projects Take Years to Develop

• Largely Oil Reservoirs• Largely Oil Reservoirs

– With High Production Flow Rates– With High Production Flow Rates

• Well Capitalized Customer Base• Well Capitalized Customer Base

• Investment Based on Long-Term Commodity Price• Investment Based on Long-Term Commodity Price• Investment Based on Long-Term Commodity Price• Investment Based on Long-Term Commodity Price

Long-Term Deepwater OutlookInvest Where the Oil IsInvest Where the Oil Is

• Western IOCs Have Little Choice– Restricted Access to World Class Onshore Reserves

• Exploration Success Bodes Well for the Future

• Drilling Intensity is Rising

5Source: Wood Mackenzie and Deutsche Bank

Near-Term Deepwater OutlookPending DOI RegulationsPending DOI Regulations• Lower Activity in the U.S. Gulf of Mexico

L t M k t f

• Lower Activity in the U.S. Gulf of MexicoL t M k t f– Largest Market for

• ROV Services

• ROV Tooling & IWOCS

– Largest Market for• ROV Services

• ROV Tooling & IWOCS• ROV Tooling & IWOCS

– Sole Market for Subsea Projects Operations• ROV Tooling & IWOCS

– Sole Market for Subsea Projects Operations

• Additional Subsea Product Opportunities• Additional Subsea Product Opportunities– ROV Tooling

– BOP Control Systems

– ROV Tooling

– BOP Control Systems

Earnings Per Share Guidance2010 Estimate $3 57 - $3 62; 2011 Estimate $3 45 - $3 75Earnings Per Share Guidance2010 Estimate $3 57 - $3 62; 2011 Estimate $3 45 - $3 75

Actual Low Estimate High Estimate

2010 Estimate $3.57 $3.62; 2011 Estimate $3.45 $3.752010 Estimate $3.57 $3.62; 2011 Estimate $3.45 $3.75

$3 00

$3.50

$4.00

hare

$2.00

$2.50

$3.00

ngs

Per S

h

$0 50

$1.00

$1.50

Earn

i

$0.00

$0.50

2007 2008 2009 2010E 2011E

OII 2010 and 2011 Guidance Ranges as of October 26, 2010.

Combined EPS – OSX CompaniesExcluding OIICombined EPS – OSX CompaniesExcluding OIIExcluding OIIExcluding OII

Actual Consensus Estimate

$60

$75

hare

$45

ngs

Per

Sh

$15

$30

Earn

i

$02007 2008 2009 2010E 2011E

2010E & 2011E – Based on First Call Mean Estimates as of October 29, 2010

Relative EPS PerformanceTo Recent 2008 PeakRelative EPS PerformanceTo Recent 2008 PeakTo Recent 2008 PeakTo Recent 2008 Peak

OII OSX w/o OII

0%

10%

-20%

-10%

-40%

-30%

-50%2008 2009 2010E 2011E

Based on First Call Historical Numbers and Consensus 2010 & 2011 Estimates @ October 29, 2010

2011 EPS Guidance The Big Picture2011 EPS Guidance The Big PictureThe Big PictureThe Big Picture

SEGMENT OPERATING INCOMESEGMENT OPERATING INCOME

ROV > 2010 ROV > 2010

Subsea Products ≈ 2010Subsea Products ≈ 2010

Subsea Projects < 2010

I ti > 2010

Subsea Projects < 2010

I ti > 2010Inspection > 2010

Advanced Tech ≈ 2010

Inspection > 2010

Advanced Tech ≈ 2010

Strong Balance Sheet & Cash Flow

• September 30, 2010– $148 MM in Cash

• September 30, 2010– $148 MM in Cash

– No Debt

– $300 MM Revolving Credit Available

– No Debt

– $300 MM Revolving Credit Available$300 MM Revolving Credit Available$300 MM Revolving Credit Available

• Strong Cash Flow– Over $325 MM Expected in 2011

• Strong Cash Flow– Over $325 MM Expected in 2011

• Ample Resources to Invest in Growth• Ample Resources to Invest in Growth• Ample Resources to Invest in Growth• Ample Resources to Invest in GrowthCash Flow is defined as Net Income + Depreciation & Amortization

Plans For Cash

• Organic Growth$

• Organic Growth$– Q4 2010 Capex ≈ $35 MM

• 2010 Total ≈ $200 MM

2011 C $1 0 / $1

– Q4 2010 Capex ≈ $35 MM• 2010 Total ≈ $200 MM

2011 C $1 0 / $1– 2011 Capex $150 MM / $175 MM– 2011 Capex $150 MM / $175 MM

• Acquisitions• Acquisitions

• Share Repurchases• Share Repurchases

Acquisition Targets

• Within our Market Niches– Expand Subsea Products

• Within our Market Niches– Expand Subsea Products– Expand Subsea Products

• International Focus

– Expand Subsea Products

• International Focus• International Focus

• Reasonably Priced

• International Focus

• Reasonably PricedReasonably Priced– Accretive to Earnings

Reasonably Priced– Accretive to Earnings

Worldwide Deepwater DiscoveriesOver Two-Thirds to be DevelopedWorldwide Deepwater DiscoveriesOver Two-Thirds to be Developed

600Production Development Evaluation

Over Two Thirds to be DevelopedOver Two Thirds to be Developed

500

600

elds

502

352300

400

umbe

r of F

ie

230 150100

200

Nu

1500

Production Eval. / Dev.

Source: ODS-Petrodata – September 2010Deepwater 600 Meters

Floating Rig Supply and Demand

Floater Demand Floating Rigs Available

245250

300

Rig

s

221200

erag

e #

of R

150

uart

erly

Ave

At Sept 30Supply 247Demand 222

At Sept 30Supply 247Demand 222

100

Qu

Source: ODS-Petrodata

Floating Rig Fleet Expansion: 2010 - 2014

• 64 Rigs On Order at September 30, 2010• 64 Rigs On Order at September 30, 2010

• 41 Contracted• 41 Contracted

– Average length 7 years– Average length 7 years

• Expected to be Placed In Service

30 in 2010

• Expected to be Placed In Service

30 in 2010– ≈ 30 in 2010

– ≈ 30 in 2011

– ≈ 30 in 2010

– ≈ 30 in 2011

Source: OII Estimates Based On ODS-Petrodata Data, September 30, 2010.

35%

Remotely Operated VehiclesRevenue by Business SegmentRemotely Operated VehiclesRevenue by Business SegmentRevenue by Business SegmentRevenue by Business Segment

September YTD 2010

OII ROV Fleet Size

252250

300

En

d

150

200

t @ P

erio

d

125

50

100

hic

le C

ou

nt

0

Veh

September 2010

ROV Operating LeverageROV Operating Leverage

Revenue / Day on Hire Fleet Utilization

80%

100%

$9,000

$11,000

60%$7,000

20%

40%

$3,000

$5,000

0%$1,0002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

* September YTD

2010 & 2011 ROV Overview

• Increase in Days On Hire– Add at Least 18 New Systems in 2010

• Increase in Days On Hire– Add at Least 18 New Systems in 2010Add at Least 18 New Systems in 2010

– Add 15 New Systems in 2011

Add at Least 18 New Systems in 2010

– Add 15 New Systems in 2011

ROV Expansion Opportunities

• Both Drill Support and Construction & Field • Both Drill Support and Construction & Field

Maintenance ServiceMaintenance Service

• Rigs on Order without ROV Contracts• Rigs on Order without ROV Contracts

– 37 as of September 2010– 37 as of September 2010

• Subsea Service Vessels Under Construction• Subsea Service Vessels Under Construction

Operating Income – ROV2010 Estimate ≈ 2009; 2011Estimate > 2010Operating Income – ROV2010 Estimate ≈ 2009; 2011Estimate > 2010

(in millions)Actual Estimate

2010 Estimate 2009; 2011Estimate 2010 2010 Estimate 2009; 2011Estimate 2010

$200

$250

≈

$150

$50

$100

$02007 2008 2009 2010E 2011E

OII 2010 and 2011 Guidance Ranges as of October 26, 2010.

Worldwide Subsea CompletionsThis Decade Expected to Grow 45%Worldwide Subsea CompletionsThis Decade Expected to Grow 45%

Completed Estimated

This Decade Expected to Grow 45% This Decade Expected to Grow 45%

4,000

5,000

mpl

etio

ns 4442

3,000

Subs

ea C

om 3071

1,000

2,000

Num

ber o

f S

1111

090s 00s 10s

N

Source: Quest Offshore Resources – August 2010

Subsea Tree OrdersForecasted at Historically High LevelsSubsea Tree OrdersForecasted at Historically High LevelsForecasted at Historically High LevelsForecasted at Historically High Levels

800

1000

rs

20% Growth

600

Tree

Ord

er

200

400

0'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10F '11F '12F '13F '14F

Source: Quest Offshore Resources – Mean Case Forecast - September 2010

Subsea ProductsRevenue by Business SegmentSubsea ProductsRevenue by Business SegmentRevenue by Business SegmentRevenue by Business Segment

ROV Tooling

Field Development Umbilicals

ROV Tooling & Work Packages

September YTD 2010

e d e e op e tHardware

Subsea ProductsSubsea Products

• Required for Every Subsea Completion• Required for Every Subsea Completion

• Subsea Hardware– Umbilicals

• Subsea Hardware– Umbilicals– ROV Tooling– Field Development

IWOCS

– ROV Tooling– Field Development

IWOCS– IWOCS– Connectors & Valves – BOP Control Systems

– IWOCS– Connectors & Valves – BOP Control Systems y

• Highly Engineered

W ld id C

y

• Highly Engineered

W ld id C• Worldwide Coverage• Worldwide Coverage

Additional Subsea Product OpportunitiesMacondo Incident Safety ConcernsAdditional Subsea Product OpportunitiesMacondo Incident Safety Concerns

• ROV Tooling • ROV Tooling

Macondo Incident Safety Concerns Macondo Incident Safety Concerns

– Hot Stabs with Higher Flow Rates

– Hot Stab Receptacles & Valves

– Hot Stabs with Higher Flow Rates

– Hot Stab Receptacles & Valves

– ROV Accumulator Reservoir Skids

– Backup Accumulator Bottle Skids

– ROV Accumulator Reservoir Skids

– Backup Accumulator Bottle SkidsBackup Accumulator Bottle Skids

• BOP Control Systems

Backup Accumulator Bottle Skids

• BOP Control Systems BOP Intervention Accumulator Skid

– Acoustically Actuated

– Dead Man Control

– Acoustically Actuated

– Dead Man Control

Subsea Products BacklogAt Period EndSubsea Products BacklogAt Period EndAt Period EndAt Period End

$308$300

$400

s

$200

$

$ M

illio

ns

$100

$02006 2007 2008 2009 2010*

*September 2010

Operating Income – Subsea Products2010 Estimate > 2009; 2011 Estimate ≈ 2010Operating Income – Subsea Products2010 Estimate > 2009; 2011 Estimate ≈ 2010

(in millions)Actual Estimate

2010 Estimate 2009; 2011 Estimate 2010 2010 Estimate 2009; 2011 Estimate 2010

$75

$100( )

≈

$50

$75

$25

$02007 2008 2009 2010E 2011E

OII 2010 and 2011 Guidance Ranges as of October 26, 2010.

Gulf of Mexico Deepwater Discoveries50% to be DevelopedGulf of Mexico Deepwater Discoveries50% to be Developed

Production Development Evaluation

50% to be Developed50% to be Developed

150

200

elds

160

154109100

150

umbe

r of F

ie

154

5150

Nu

50

Production Eval. / Dev.

Source: ODS-Petrodata – September 2010Deepwater 600 Meters

Subsea Completions – Gulf of Mexico Historical and ProjectedSubsea Completions – Gulf of Mexico Historical and Projected

Completed Estimated

Historical and ProjectedHistorical and Projected

227800

1000

plet

ions

600

ubse

a C

omp

210426

725

200

400

umul

ativ

e Su

2100

1999 2004 2009 2014P

Cu

Source: Quest Offshore Resources – August 2010. Historical through 2009.

Subsea ProjectsRevenue by Business SegmentSubsea ProjectsRevenue by Business Segment

13%

Revenue by Business SegmentRevenue by Business Segment

DivingDivingPage 16

DeepwaterDeepwater

September YTD 2010

Subsea Projects – Ocean ProjectReplacement VesselSubsea Projects – Ocean ProjectReplacement VesselReplacement VesselReplacement Vessel

• U.S. Flagged 200’ x 46’ DSV • U.S. Flagged 200’ x 46’ DSV

• 3000 sq ft Deck Space• 3000 sq ft Deck Space

• 4-Point Mooring System

• Built in Below Deck Equipment

• 4-Point Mooring System

• Built in Below Deck Equipment• Built-in Below Deck Equipment

• Available Q1 2011

• Built-in Below Deck Equipment

• Available Q1 2011

Subsea Projects – Ocean PatriotDMT Sapphire AcquisitionSubsea Projects – Ocean PatriotDMT Sapphire AcquisitionDMT Sapphire Acquisition DMT Sapphire Acquisition

• Acquired for $16.5 MM in June 2010• Acquired for $16.5 MM in June 2010

• Renamed Ocean Patriot • Renamed Ocean Patriot

• Will Be Outfitted with a new SAT System [Neptune]

• Available Q1 2011

• Will Be Outfitted with a new SAT System [Neptune]

• Available Q1 2011• Available Q1 2011

• Expected to be Accretive to

• Available Q1 2011

• Expected to be Accretive to 2011 Earnings2011 Earnings

2011 Subsea Projects OverviewGOM Shallow Water Installation & IRM2011 Subsea Projects OverviewGOM Shallow Water Installation & IRMGOM Shallow Water Installation & IRM GOM Shallow Water Installation & IRM

• OII Vessels Available for this Market • OII Vessels Available for this Market – Ocean Quest

– Ocean Inspector

– Ocean Quest

– Ocean InspectorOcean Inspector

– Ocean Project

Ocean Patriot

Ocean Inspector

– Ocean Project

Ocean Patriot– Ocean Patriot

• Saturation Diving Systems

– Ocean Patriot

• Saturation Diving Systems− Nemo

− Nautilus

− Nemo

− Nautilus

− Neptune− Neptune

2011 Subsea Projects OverviewGOM Deepwater Installation & IRM2011 Subsea Projects OverviewGOM Deepwater Installation & IRM

• OII Vessels Available for this Market • OII Vessels Available for this Market

GOM Deepwater Installation & IRMGOM Deepwater Installation & IRM

– Ocean Intervention

– Ocean Intervention II

– Ocean Intervention

– Ocean Intervention IIOcean Intervention II

– Ocean Intervention III

Ol mpic Inter ention IV

Ocean Intervention II

– Ocean Intervention III

Ol mpic Inter ention IV– Olympic Intervention IV– Olympic Intervention IV

Operating Income – Subsea Projects2010 Estimate < 2009; 2011 Estimate < 2010Operating Income – Subsea Projects2010 Estimate < 2009; 2011 Estimate < 2010

(in millions)Actual Estimate

2010 Estimate 2009; 2011 Estimate 20102010 Estimate 2009; 2011 Estimate 2010

$100

$120( )

$60

$80

$20

$40

$02007 2008 2009 2010E 2011E

OII 2010 and 2011 Guidance Ranges as of October 26, 2010.

OII Summary

• Diversified OFS Company• Diversified OFS CompanyDiversified OFS Company

Le eraged to Deep ater

Diversified OFS Company

Le eraged to Deep ater• Leveraged to Deepwater• Leveraged to Deepwater

• Leading Market Positions in Technical Niches • Leading Market Positions in Technical Niches

• Strong Earnings, Balance Sheet & Cash Flow• Strong Earnings, Balance Sheet & Cash Flow

®®

Supplemental Financial Information

Net Income + Depreciation & Amortization

$400

Actual Low Estimate High Estimate

$300

$400

s)s)

$200

($ m

illio

ns($

mill

ions

$100

$0 2007 2008 2009 2010* 2011*

*2010 - $345MM-$350MM, *2011 - $325MM-$350MM - Based on OII EPS Guidance Range October 26, 2010.

EBITDA

$500

Actual Low Estimate High Estimate

$400

$500

s)s)

$200

$300

($ m

illio

ns($

mill

ions

$100

$200

$0 2007 2008 2009 2010* 2011*

* 2010 - $455MM-$460MM, *2011 - $425MM-$460MM, Based on OII EPS Guidance Range October 26, 2010.See Next Slide For Non-GAAP Reconciliation to Net Income

EBITDA Reconciliation to Net IncomeEarnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measurement. Oceaneering’s management uses EBITDA because we believe that this measurement is a widely accepted financial indicator used by investors and analysts to analyze and compare companies on the basis of operating performance, and that this measurement may be used by some investors and others to make informed investment decisions. You should not consider EBITDA in isolation from or as a substitute for net income or cash flow measures prepared in

Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measurement. Oceaneering’s management uses EBITDA because we believe that this measurement is a widely accepted financial indicator used by investors and analysts to analyze and compare companies on the basis of operating performance, and that this measurement may be used by some investors and others to make informed investment decisions. You should not consider EBITDA in isolation from or as a substitute for net income or cash flow measures prepared inshould not consider EBITDA in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. EBITDA calculations by one company may not be comparable to EBITDA calculations made by another company. The following table provides a reconciliation between net income (a GAAP financial measure) and EBITDA (a non-GAAP financial measure) for Oceaneering’s historical and projected results on a consolidated basis for the periods indicated:

should not consider EBITDA in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. EBITDA calculations by one company may not be comparable to EBITDA calculations made by another company. The following table provides a reconciliation between net income (a GAAP financial measure) and EBITDA (a non-GAAP financial measure) for Oceaneering’s historical and projected results on a consolidated basis for the periods indicated:

Period Ended December 31, 2007 2008 2009 2010E 2010E 2011E 2011E(in millions of $) LOW HIGH LOW HIGH

Net Income 180.4 199.4 188.4 195 200 185 205

Depreciation & Amortization 93.8 115.0 122.9 150 150 140 145

Subtotal 274.2 314.4 311.3 345 350 325 350

Interest Expense/Income, Net 14.1 12.6 7.1 5 5 0 0

Income Tax Expense 97.1 107.8 101.4 105 105 100 110

EBITDA 385.4 434.8 419.8 455 460 425 460

OII Balance Sheet(in millions)

D 31 D 31 D 31 D 31 S t 30

( )

Dec 31, 2006

Dec 31, 2007

Dec 31, 2008

Dec 31, 2009

Sept 30, 2010

E it $697 $915 $968 $1 224 $1 338Equity $697 $915 $968 $1,224 $1,338

Debt 194 200 229 120 0

Cash 26 27 11 162 148

Debt/Cap 22% 18% 19% 9% 0%

Capital Investments by Type: 2005 - 2009

Organic Growth Acquisitions

12%

88%

Oilfield Capital Investments*: 2005 - 2009> 85% on ROVs and Subsea Products

ROV Subsea Products All Other Oilfield Segments

60%60%27%

* Capital Expenditures

Capital Investments*: 2009> 90% on ROVs and Subsea Products

* Capital Expenditures - December 2009

Capital Investments*: 2010> 75% on ROVs and Subsea Products

ROV Subsea Products Subsea Projects Other

4%

19%

57%21%

* Capital Expenditures – September YTD 2010

Business Segment Revenue

% of Oilfield% of Oilfield

ROV - 40%

>85%Products - 32%

87%Projects - 15%

Inspection - 13%

Oilfield Non Oilfield

September 2010

Business Segment Operating Income

% of Oilfield% of Oilfield

ROV - 55%

>90%Products - 26%

95%Projects - 12%

Inspection - 7%

Oilfield Non Oilfield

September 2010

Supplemental Market Information

Oilfield ROV FleetOwnership Profile – December 2009

35%

p

35%

OII

Subsea 7OII Subsea 7

Saipem

Acergy

248

ce gy

Fugro

Other

706 Vehicles

Source: OII Estimates – December 2009

OII ROV FleetGeographic Profile –September 2010g p p

927 68

18

GOM

Africa

35

18 ca

Norway

Brazil

5144

U.K.

Asia/Pac

Other NA

252 Vehicles

September 2010

Oilfield ROV Drill Support MarketSeptember 2010p

OII

Subsea 758% Subsea 7

Fugro

Sonsub

Other

167 Floating Rigs In Service

Source: ODS-Petrodata and OII Estimates

OII ROV FleetConstruction/Field Maintenance Locations

7GOM

Af i24

10

Africa

Norway

Oth15

Other

56 Vehicles

September 2010

OII ROV FleetConstruction/Field Maintenance Customers

O

33

23Operators

Contractors33

56 Vehicles

September 2010

Global Subsea Production Umbilicals Market Share By Length Awarded – 2009 y g

Source: Quest Offshore Resources – February 2010

Worldwide Umbilical Market OverviewForecasted at Historically High Levels

Umbilicals Tree Orders

y g

20% Growth Trees 3,000750

ers -

KM

ers

51% Growth - Umbilicals20% Growth - Trees

2,000500

mbi

lical

Ord

e

Tree

Ord

e

1,000250

U

00

Source: Quest Offshore Resources – Mean Case Forecast - November 2010

Umbilical Products

Steel Tube UmbilicalsSteel Tube UmbilicalsThermoplastic Hose UmbilicalsThermoplastic Hose Umbilicals

OIE Products

ROV Tooling & Work Packages

Production Control Valves

g

Installation Workover & Control Systems Field Development HardwareConnectors & Repair Systems

Annual Price PerformanceOII vs. OSX [Oilfield Service Index]

120

OII vs. OSX [Oilfield Service Index]20102010

OII up 21%OII up 21%OSX up 15%OSX up 15%

60

80

100

ange

0

20

40

ual %

Cha

-60

-40

-20

Ann

u

-80

OII OSXOII OSX

*Through November 9, 2010: Source – NYSENet

Annual Price PerformanceOII vs. OSX [Oilfield Service Index]

700

OII vs. OSX [Oilfield Service Index]20102010

OII up 21%OII up 21%OSX up 15%OSX up 15%

500

600

ange

200

300

400

ual %

Cha

0

100

Ann

u

-100

OII OSXOII OSX

*Through November 9, 2010: Source – NYSENet