Subsea projects boost Oceaneering's 4Q profit

Oceaneering International Inc. reports its 4Q 2005 profit climbed 68% percent on stronger sales, led by its subsea projects and products segments.

Offshore staff

(US) - Oceaneering International Inc. reports its 4Q 2005 profit climbed 68% percent on stronger sales, led by its subsea projects and products segments.

Chairman and CEO John Huff attributed the results to growth in the company's offshore oil field niche market and high demand for inspection and repair services in the GoM following last year's destructive hurricane season.

Quarterly earnings increased to $19.7 million from $11.7 million in the year-ago period.

Revenue grew to $288.7 million from $226 million at the same time last year.

For the full year 2005, earnings increased to $62.7 million from $40.3 million in 2004.

Revenue in 2005 rose to $998.5 million from $780.2 million in 2004.

02/25/06

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