In our opinion, <strong>Oceaneering</strong> International, Inc. and Subsidiaries maintained, in all materialrespects, effective internal control over financial reporting as of December 31, 2011, based onthe COSO criteria.We also have audited, in accordance with the standards of the Public Company AccountingOversight Board (United States), the consolidated balance sheets of <strong>Oceaneering</strong> International,Inc. and Subsidiaries as of December 31, 2011 and 2010, and the related consolidatedstatements of income, comprehensive income, cash flows, and shareholders' equity <strong>for</strong> each ofthe three years in the period ended December 31, 2011 of <strong>Oceaneering</strong> International, Inc. andSubsidiaries and our report dated February 24, 2012 expressed an unqualified opinion thereon.Houston, TexasFebruary 24, 201224 <strong>Oceaneering</strong> International, Inc.
INDEX TO FINANCIAL STATEMENTS AND SCHEDULESIndex to Financial StatementsReport of Independent Registered Public Accounting FirmConsolidated Balance SheetsConsolidated Statements of IncomeConsolidated Statements of Comprehensive IncomeConsolidated Statements of Cash FlowsConsolidated Statements of Shareholders’ EquityNotes to Consolidated Financial StatementsSelected Quarterly Financial Data (unaudited)REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Board of Directors and Shareholders of <strong>Oceaneering</strong> International, Inc.We have audited the accompanying consolidated balance sheets of <strong>Oceaneering</strong>International, Inc. and Subsidiaries (the Company) as of December 31, 2011 and 2010,and the related consolidated statements of income, comprehensive income, cash flows,and shareholders’ equity <strong>for</strong> each of the three years in the period endedDecember 31, 2011. These financial statements are the responsibility of the Company’smanagement. Our responsibility is to express an opinion on these financial statementsbased on our audits.We conducted our audits in accordance with the standards of the Public CompanyAccounting Oversight Board (United States). Those standards require that we plan andper<strong>for</strong>m the audit to obtain reasonable assurance about whether the financial statementsare free of material misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. Webelieve that our audits provide a reasonable basis <strong>for</strong> our opinion.In our opinion, the consolidated financial statements referred to above present fairly, in allmaterial respects, the consolidated financial position of <strong>Oceaneering</strong> International, Inc.and Subsidiaries at December 31, 2011 and 2010, and the consolidated results of theiroperations and their cash flows <strong>for</strong> each of the three years in the period endedDecember 31, 2011, in con<strong>for</strong>mity with U.S. generally accepted accounting principles.We have also audited, in accordance with the standards of the Public CompanyAccounting Oversight Board (United States), <strong>Oceaneering</strong> International, Inc. andSubsidiaries’ internal control over financial reporting as of December 31, 2011, based oncriteria established in Internal Control – Integrated Framework issued by the Committeeof Sponsoring Organizations of the Treadway Commission and our report datedFebruary 24, 2012 expressed an unqualified opinion thereon.Houston, TexasFebruary 24, 20122011 Annual Report 25
- Page 3 and 4: Financial Highlights($ in thousands
- Page 5 and 6: In December we secured a three-year
- Page 7: 2011 Financial SectionOceaneering I
- Page 10 and 11: Oceaneering Common StockOur common
- Page 12 and 13: Management's Discussion and Analysi
- Page 14 and 15: Critical Accounting Policies and Es
- Page 16 and 17: We establish valuation allowances t
- Page 18 and 19: In 2009, we used $162 million in in
- Page 20 and 21: For 2011, our ROV revenue and opera
- Page 22 and 23: We earn equity income from our 50%
- Page 24 and 25: Controls and ProceduresDisclosure C
- Page 28 and 29: OCEANEERING INTERNATIONAL, INC. AND
- Page 30 and 31: OCEANEERING INTERNATIONAL, INC. AND
- Page 32 and 33: OCEANEERING INTERNATIONAL, INC. AND
- Page 34 and 35: for marine services equipment (such
- Page 36 and 37: segment and its Australian assets a
- Page 38 and 39: Revenue in Excess of Amounts Billed
- Page 40 and 41: elationship and, if it is, the type
- Page 42 and 43: December 31,(in thousands) 2011 201
- Page 44 and 45: in entities or jurisdictions that h
- Page 46 and 47: 4. SELECTED BALANCE SHEET AND INCOM
- Page 48 and 49: On January 6, 2012, we entered into
- Page 50 and 51: Financial Instruments and Risk Conc
- Page 52 and 53: The table that follows presents Rev
- Page 54 and 55: The following table presents Assets
- Page 56 and 57: Geographic Operating AreasThe follo
- Page 58 and 59: equirements. The Compensation Commi
- Page 60 and 61: in 2011, 2010 and 2009 were subject
- Page 62 and 63: Forward-Looking StatementsAll state
- Page 64: Oceaneering International, Inc.1191
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