Deepwater autonomous underwater vehicle by Fugro, Boeing, and Oceaneering enters service

April 7, 2003

HOUSTON, April 7, 2003 - Fugro N.V. [AEX:FUGR], Boeing [NYSE:BA], and Oceaneering International, Inc. [NYSE:OII] announce that the jointly developed Echo Ranger, an unmanned autonomous underwater vehicle (AUV) that performs deepwater surveying, has entered service for clients in the Gulf of Mexico. The three companies have formed an alliance to provide deepwater AUV survey services around the world employing this new system.

Echo Ranger operates at water depths to 3,000 meters (10,000 feet) and is a more cost effective alternative for gas, oil, and telecommunications companies seeking to collect deepwater "swath" bathymetry, survey natural and man-made seafloor features, and profile sub-bottom marine sediments. In contrast to a traditional towed survey system that requires the use of a long umbilical cable to transmit information back to a tow-vessel, Echo Ranger internally stores data from the various survey sensors for download upon vehicle recovery. In addition, for real-time data observation and quality control, the Echo Ranger can also transmit survey data back to the mother ship through the water column by use of an on-board acoustic modem. A similar modem arrangement is used to send operating instructions to the vehicle and to receive critical feedback on system performance.

The Echo Ranger builds upon research and development performed by Boeing in support of the Long-Term Mine Reconnaissance System (LMRS), a contract that calls for an unmanned autonomous vehicle that will enable the U.S. Navy to clear mines from shipping routes. Fugro, a world leader in offshore survey services, developed the survey sensor payload, seafloor positioning, and data analysis systems. Oceaneering, one of the leading manufacturers and operators of remotely operated underwater vehicles, developed the launch and recovery and shipboard services systems. Both Fugro and Oceaneering have worldwide bases of operation from which the AUV can be supported.

For further information, please contact:

Boeing : Diana Ball
Phone: (562) 797-5863
Diana.ball@boeing.com

Fugro: Thomas K. Hamilton
Phone: (713) 369-5815
thamilton@fugro.com

Oceaneering: Joseph F. Wadsworth
Phone: (832) 467-7837
wadsworth@oie.oceaneering.com

The Echo Ranger underwater vehicle was developed in part by Boeing’s Integrated Defense Systems (IDS) business unit, headquartered in St. Louis. A $25 billion business, Boeing IDS provides systems solutions to its global military, government and commercial customers. It is a leading provider of intelligence, surveillance and reconnaissance; the world’s largest military aircraft manufacturer; the world’s largest satellite manufacturer and a leading provider of space-based communications; the primary systems integrator for U.S. missile defense; NASA’s largest contractor; and a global leader in satellite launch services.

Fugro collects and interprets data related to the earth’s surface and the soils and rocks beneath. Fugro operates around the world at sea, on land and from the air, using professional, highly-skilled staff and advanced technologies, data gathering equipment and systems, many of which have been developed in-house.

Oceaneering is an advanced applied technology company that provides engineered services and hardware to Customers who operate in marine, space, and other harsh environments. The Company’s services and products are marketed worldwide to oil and gas companies, government agencies, and firms in the telecommunications, aerospace, and marine engineering and construction industries.