CURRENT\ue000 REPORT
PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF
THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934

o\ue000 Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425)
o\ue000 Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12)
o\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14d-2(b))
o\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 13e-4(c)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.13e-4(c))

Item\ue000 5.02\ue000 Departure\ue000 of\ue000 Directors\ue000 or\ue000 Certain\ue000 Officers;\ue000 Election\ue000 of\ue000 Directors;\ue000 Appointment\ue000 of\ue000 Certain\ue000 Officers;
Compensatory\ue000 Arrangements\ue000 of\ue000 Certain\ue000 Officers
Item\ue000 9.01\ue000 Financial\ue000 Statements\ue000 and\ue000 Exhibits

EX-10.1 EX-10.2 EX-10.3 EX-10.4 EX-10.5 EX-10.6

Committee\u201d)\ue000 granted\ue000 awards\ue000 of\ue000 restricted\ue000 stock\ue000 units\ue000 and\ue000 performance\ue000 units\ue000 under\ue000 the\ue000 Company\u2019s\ue000 2005\ue000 Incentive\ue000 Plan\ue000 (the\ue000 \u201cIncentive\ue000 Plan\u201d) to\ue000 various\ue000 employees,\ue000 including\ue000 each\ue000 of\ue000 Oceaneering\u2019s\ue000 executive\ue000 officers.\ue000 The\ue000 following\ue000 table\ue000 sets\ue000 forth\ue000 the\ue000 number\ue000 of\ue000 restricted\ue000 stock\ue000 units and\ue000 performance\ue000 units\ue000 awarded\ue000 to\ue000 Oceaneering\u2019s\ue000 chief\ue000 executive\ue000 officer,\ue000 and\ue000 each\ue000 other\ue000 current\ue000 executive\ue000 officer\ue000 of\ue000 Oceaneering\ue000 listed\ue000 in\ue000 the \u201cSummary\ue000 Compensation\ue000 Table\u201d\ue000 in\ue000 Oceaneering\u2019s\ue000 proxy\ue000 statement\ue000 for\ue000 its\ue000 2008\ue000 annual\ue000 meeting\ue000 of\ue000 stockholders.

The\ue000 performance\ue000 units\ue000 are\ue000 scheduled\ue000 to\ue000 vest\ue000 in\ue000 full\ue000 on\ue000 the\ue000 third\ue000 anniversary\ue000 of\ue000 the\ue000 award\ue000 date,\ue000 subject\ue000 to
(a)\ue000 earlier\ue000 vesting\ue000 on\ue000 an\ue000 employee\u2019s\ue000 attainment\ue000 of\ue000 retirement\ue000 age\ue000 or\ue000 the\ue000 termination\ue000 or\ue000 constructive
termination\ue000 of\ue000 an\ue000 employee\u2019s\ue000 employment\ue000 in\ue000 connection\ue000 with\ue000 a\ue000 change\ue000 of\ue000 control\ue000 or\ue000 due\ue000 to\ue000 death\ue000 or
disability\ue000 and\ue000 (b)\ue000 such\ue000 other\ue000 terms\ue000 as\ue000 are\ue000 set\ue000 forth\ue000 in\ue000 the\ue000 award\ue000 agreement.\ue000 The\ue000 number\ue000 of\ue000 performance\ue000 units
shown\ue000 represent\ue000 units\ue000 with\ue000 an\ue000 initial\ue000 notional\ue000 value\ue000 of\ue000 $100\ue000 and\ue000 are\ue000 not\ue000 equivalent\ue000 to\ue000 shares\ue000 of\ue000 Oceaneering
common\ue000 stock.\ue000 The\ue000 Compensation\ue000 Committee\ue000 has\ue000 approved\ue000 specific\ue000 financial\ue000 goals\ue000 and\ue000 performance
measures\ue000 based\ue000 on\ue000 cumulative\ue000 cash\ue000 flow\ue000 from\ue000 operations\ue000 and\ue000 a\ue000 comparison\ue000 of\ue000 return\ue000 on\ue000 invested\ue000 capital
and\ue000 cost\ue000 of\ue000 capital\ue000 for\ue000 the\ue000 three-year\ue000 period\ue000 January\ue000 1,\ue000 2009\ue000 through\ue000 December\ue000 31,\ue000 2011\ue000 to\ue000 be\ue000 used\ue000 as\ue000 the
basis\ue000 for\ue000 the\ue000 final\ue000 value\ue000 of\ue000 the\ue000 performance\ue000 units\ue000 under\ue000 the\ue000 Incentive\ue000 Plan.\ue000 The\ue000 final\ue000 value\ue000 of\ue000 each
performance\ue000 unit\ue000 may\ue000 range\ue000 from\ue000 $0\ue000 to\ue000 $125.\ue000 Upon\ue000 settlement,\ue000 the\ue000 value\ue000 of\ue000 the\ue000 performance\ue000 units\ue000 will\ue000 be
payable\ue000 in\ue000 cash.

Restricted\ue000 stock\ue000 units\ue000 are\ue000 scheduled\ue000 to\ue000 vest\ue000 in\ue000 full\ue000 on\ue000 the\ue000 third\ue000 anniversary\ue000 of\ue000 the\ue000 award\ue000 date,\ue000 subject\ue000 to
(a)\ue000 earlier\ue000 vesting\ue000 on\ue000 an\ue000 employee\u2019s\ue000 attainment\ue000 of\ue000 retirement\ue000 age\ue000 or\ue000 the\ue000 termination\ue000 or\ue000 constructive
termination\ue000 of\ue000 an\ue000 employee\u2019s\ue000 employment\ue000 in\ue000 connection\ue000 with\ue000 a\ue000 change\ue000 of\ue000 control\ue000 or\ue000 due\ue000 to\ue000 death\ue000 or
disability\ue000 and\ue000 (b)\ue000 such\ue000 other\ue000 terms\ue000 as\ue000 are\ue000 set\ue000 forth\ue000 in\ue000 the\ue000 award\ue000 agreement.\ue000 Each\ue000 restricted\ue000 stock\ue000 unit
represents\ue000 the\ue000 equivalent\ue000 of\ue000 one\ue000 share\ue000 of\ue000 Oceaneering\ue000 common\ue000 stock.\ue000 Settlement\ue000 of\ue000 the\ue000 restricted\ue000 stock
units\ue000 will\ue000 be\ue000 made\ue000 in\ue000 shares\ue000 of\ue000 Oceaneering\ue000 common\ue000 stock.