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OCEANEERING FINALIZES EASTPORT ACQUISITION

 OCEANEERING FINALIZES EASTPORT ACQUISITION
 HOUSTON, Aug. 27 /PRNewswire/ -- Oceaneering International, Inc.,


(NYSE: OII) announces that it has finalized the acquisition of all the outstanding capital stock of Eastport International, Inc., in a pooling of interest transaction through an exchange of 860,000 shares of Oceaneering's common stock.
 Oceaneering announced its intent to acquire Eastport on July 14, 1992. The acquisition was finalized following a due diligence review and the approval of Eastport's stockholders and the board of directors of Oceaneering.
 Eastport is a designer, developer, and operator of advanced robotic systems and remotely operated vehicles (ROVs). Based in Upper Marlboro, Md., Eastport employs about 200 people and has annual revenues of approximately $25 million. Eastport has an outstanding record in providing deep-ocean search and mapping, inspection, recovery, and ROV development and operations on behalf of a variety of customers including international telecommunications companies, the U.S. Navy, and the insurance and oilfield industries.
 "The acquisition brings Oceaneering some outstanding technical and managerial personnel, as well as a total of five ROVs including the ultradeepwater systems Magellan 725 and Ocean Explorer 6000. We will be consolidating our existing worldwide non-oilfield operations with Eastport's, and the combined operations will be known as Oceaneering Technologies. This unique blend of expertise and resources will allow us to expand revenues from non-oilfield customers in existing markets and venture into new non-oilfield market niches," stated John R. Huff, chairman, president, and chief executive officer of Oceaneering.
 Oceaneering, together with its affiliate companies, is one of the world's largest underwater services companies. Oceaneering supplies a comprehensive range of integrated technical services to a wide array of industries. Principal services are directed to the offshore oil and gas industry and include drilling support; subsea construction; production systems; facilities maintenance and repair; survey and positioning; engineering; and specialized inspection, both offshore and onshore.
 -0- 8/27/92
 /CONTACT: Beth O'Sullivan, corporate communications and investor relations manager of Oceaneering International, 713-578-8868/
 (OII) CO: Oceaneering International, Inc. ST: Texas IN: OIL SU: TNM


SH -- NY059 -- 4028 08/27/92 14:53 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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