Exhibit 99.1

Oceaneering Reports Second Quarter 2010 Earnings

— Raises 2010 EPS Guidance Range to $3.20 to $3.40

— Issues Third Quarter EPS Guidance Range of $0.90 to $1.00

July 28, 2010 – Houston, Texas – Oceaneering International, Inc. (NYSE:OII) today reported second quarter earnings for the period ended June 30, 2010. On revenue of $464 million, Oceaneering generated net income of $54.3 million, or $0.98 per share. During the corresponding period in 2009, Oceaneering reported revenue of $451 million and net income of $48.1 million, or $0.87 per share.

Summary of Results

(in thousands, except per share amounts)

Year over year, Oceaneering’s quarterly earnings improvement was broad-based, with the exception of Subsea Projects. Sequentially, quarterly earnings increased as all business segments, led by Subsea Products, achieved better operating income results.

Results for the second quarter of 2010 include: $3.5 million of ROV operating income related to an insurance claim for a lost system; $2.1 million of other income consisting of a termination fee earned as the stalking horse bidder in an asset auction proceeding; and $2.9 million of interest expense incurred to terminate an interest rate hedge. Subsea Projects results in the first quarter of 2010 included a $5.2 million impairment charge to reduce the carrying value of The Performer to its fair value, less the anticipated cost to sell.

T. Jay Collins, President and Chief Executive Officer, stated, “We are extremely pleased with our earnings for the quarter, which were considerably above our guidance range. This was primarily attributable to the amount of deepwater vessel, ROV and ROV tooling work BP awarded us stemming from the Macondo well incident.

“During the quarter, we put three new ROVs into service, lost one on the Deepwater Horizon, and retired six. At the end of the June, we had 249 vehicles in our fleet, compared to 235 a year ago. We expect to add at least 10 new ROVs to our fleet during the second half of 2010 to meet contracted demand.

“Our Subsea Products backlog at quarter-end was $347 million, up slightly from our March 31 backlog and about the same as that of one year ago. We continue to project improved demand for our Subsea Products with a meaningful increase in operating income during the second half of 2010.

“We completed the previously announced acquisition of the DMT Sapphire during the quarter at a purchase price of $16.5 million. This vessel, to be renamed the Ocean Patriot, is currently in a shipyard being outfitted for saturation diving service. During July, we sold The Performer for use in international areas where we do not normally operate vessels.

“During the quarter we paid down $100 million on our revolving credit facility, invested $58.7 million in capital expenditures, and purchased one million shares of our common stock at a cost of approximately $44.5 million. At the end of the quarter, we had $145 million of cash, $20 million of debt, $300 million available under our revolving credit facility, and $1.25 billion of equity.

“Looking forward, we increased our earnings forecast for the second half of 2010 based on our expected level of services and products to be provided at the Macondo well site and an improved outlook for our Subsea Products operations. Consequently, we are raising our 2010 annual EPS guidance to a range of $3.20 to $3.40 from $2.80 to $3.10. Compared to 2009, our new 2010 forecast assumptions include achieving an increased profit contribution from Subsea Products, relatively flat ROV results, and lower Subsea Projects operating income.

“For the third quarter of 2010, we expect sequentially higher Subsea Products and Subsea Projects operating income and a lower ROV profit contribution. We are forecasting EPS of $0.90 to $1.00.

“For 2010 we anticipate generating in excess of $310 million of cash flow, simply defined as net income plus depreciation and amortization. Our balance sheet and projected cash flow provide us with ample resources to invest in Oceaneering’s growth.

“Looking beyond 2010, our belief that the oil and gas industry will continue to invest in deepwater remains unchanged. There will undoubtedly be greater regulatory scrutiny and higher costs associated with finding and developing hydrocarbon reserves in deepwater, particularly in the Gulf of Mexico. However, the deepwater play remains one of the best frontiers for adding large hydrocarbon reserves with high production flow rates. With our existing assets, we are well positioned to supply a wide range of the services and products required to

support safe deepwater exploration, development, and production efforts of our customers. Therefore, we anticipate demand for our deepwater services and products will continue to grow.”

Statements in this press release that express a belief, expectation, or intention are forward looking. The forward-looking statements in this press release include the statements concerning Oceaneering’s: expectation of adding at least 10 new ROVs to its fleet during the second half of 2010 to meet contracted demand; projection of improved demand for its Subsea Products with a meaningful increase in operating income during the second half of 2010; plan to rename the DMT Sapphire, Ocean Patriot; increased earnings forecast for the second half of 2010 based on its expected level of services and products to be provided at the Macondo well site and an improved outlook for its Subsea Products operations; 2010 EPS guidance range of $3.20 to $3.40; 2010 forecast assumptions that, compared to 2009, it will achieve increased profit contribution from Subsea Products, relatively flat ROV results, and lower Subsea Projects operating income; expectation for the third quarter of 2010 of sequentially higher Subsea Products and Subsea Projects operating income and a lower ROV profit contribution; forecasted third quarter 2010 EPS of $0.90 to $1.00; anticipation of generating, during 2010, in excess of $310 million of cash flow, as defined, and the expectation that this cash flow will provide ample resources to invest in the company’s growth; belief that the oil and gas industry will continue to invest in deepwater; belief that there will be greater regulatory scrutiny and higher costs associated with finding and developing hydrocarbon reserves in deepwater, particularly in the Gulf of Mexico; belief that the deepwater play remains one of the best frontiers for adding large hydrocarbon reserves with high production flow rates; and anticipation that demand for its deepwater services and products will continue to grow. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on current information and expectations of Oceaneering 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 risks and uncertainties related to: industry conditions; prices of crude oil and natural gas; Oceaneering’s ability to obtain, and the timing of, new projects; changes in customers’ operational plans or schedules; contract cancellations or modifications; difficulties executing under contracts; 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 a more complete discussion of these and other risk factors, please see Oceaneering’s annual report on Form 10-K for the year ended December 31, 2009 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Oceaneering is a global oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.

For further information, please contact Jack Jurkoshek, Director Investor Relations, Oceaneering International, Inc., 11911 FM 529, Houston, Texas 77041; Telephone 713-329-4670; Fax 713-329-4653; E-Mail investorrelations@oceaneering.com. A live webcast of the company’s earnings release conference call, scheduled for Thursday, July 29, 2010 at 11:00 a.m. Eastern, can be accessed at www.oceaneering.com/investor-relations/.

OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Income should be read in conjunction with the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

SEGMENT INFORMATION

RECONCILIATION of GAAP to NON-GAAP FINANCIAL INFORMATION