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OCEANEERING ANNOUNCES INTENT TO ACQUIRE EASTPORT INTERNATIONAL

 OCEANEERING ANNOUNCES INTENT TO ACQUIRE EASTPORT INTERNATIONAL
 HOUSTON, July 14 /PRNewswire/ -- Oceaneering International, Inc. (NYSE: OII), today announced that it has signed a letter of intent to acquire all the outstanding capital stock of Eastport International, Inc., a privately held designer, manufacturer, and operator of advanced robotic systems and remotely operated vehicles (ROVs).
 The acquisition is subject to a due diligence review; the preparation of a definitive agreement that meets the approval of the stockholders of Eastport and the board of directors of Oceaneering; and the execution of the purchase agreement. While terms and conditions are still under negotiation, Oceaneering expects to acquire Eastport in a pooling of interest transaction through an exchange of not more than 950,000 shares of Oceaneering's common stock, concluding the agreement within two months.
 "Growth through acquisition and mergers has been part of our long-term strategy. This action would bring Oceaneering several sophisticated deepwater ROV and survey systems, and more importantly, some outstanding technical and managerial personnel. Our combination would provide improved customer services and make a significant contribution to our continued success," stated John R. Huff, Oceaneering's chairman, president, and chief executive officer.
 Eastport designs, manufactures, and operates advanced robotic systems and ROVs from modern state-of-the-art facilities in Upper Marlboro, Md. Eastport employs about 200 people and has annual revenues of approximately $25 million. The company offers a wide range of services including deep-ocean search and mapping, inspection, and recovery, as well as ROV support for offshore oil and gas operations and undersea cable installations. They have recently extended their robotic system expertise to the entertainment industry with a contract to design, manufacture, and install mechanical sharks for use in a theme park attraction in Florida.
 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- 7/14/92
 /CONTACT: Beth O'Sullivan of Oceaneering, 713-578-8868/
 (OII) CO: Oceaneering International, Inc.; Eastport International, Inc. ST: Texas, Maryland IN: MAR SU: TNM


GK -- NY037 -- 9037 07/14/92 10:55 EDT
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Publication:PR Newswire
Date:Jul 14, 1992
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