Oceaneering International, Inc. has obtained the largest Inspection & Corrosion Management services contract in Oceaneering’s history. The contract, awarded by BP Exploration Operating Company Ltd. (BP), has expected revenue of approximately $90 million over an initial three-year term.

The contract expands an existing relationship with BP to provide inspection services on an increased number of BP’s facilities. As a result, the average annual revenue of $30 million Oceaneering anticipates to earn during the initial term of the contract is 40% more than the revenue received in 2005 for providing inspection services to BP. The assets covered by the contract include all of BP’s upstream oil and gas facilities, both onshore and offshore, in the U.K. and Norway. At the end of the initial term, BP has three consecutive options to extend the contract for a period of two years each.

Oceaneering, providing total management responsibility for the contract, will be supported by two key subcontractors - ABB Engineering Services for onshore facilities in the U.K. and FORCE Technology in Norway.

T. Jay Collins, President and Chief Executive Officer, stated, “We are extremely pleased with the award of this contract. To have been chosen by BP, one of the world’s largest energy companies, to perform inspection services on more of their facilities is a tribute to our reputation as being one of the foremost global inspection service providers to the oil and gas industry.”