(State or other jurisdiction

of incorporation)

(IRS Employer

Identification No.)

11911 FM 529

Houston, TX

The lower vulnerability level of deepwater markets to periods of cyclically low oil prices;

Our 2009 projected cash flow, defined as net income plus depreciation and amortization, of $295 million to $310 million;

Our capital expenditures plan of $175 million for 2009;

Our future liquidity and cash flow;

Our projection that 2009 earnings per share will be $3.25 to $3.45;

Our earnings per share guidance of $0.82 to $0.90 for the 3rd quarter of 2009;

Our segment operating income guidance for ROVs, Subsea Products, Subsea Projects, Inspection and MOPS for 2009 compared to 2008, with ROVs up and the other segments down;

Our expectation that our ROV, Subsea Products and Subsea Projects segments will combine for more than 85% of our operating income in 2009;

Our segment operating income guidance for the 2^nd half of 2009 compared to the 1^st half of 2009 at the midpoint of our annual EPS guidance range:

ROVs up on an increase in days on hire and efforts to control costs;

Subsea Products flat on an increase in revenue, due to a change in job mix;

Subsea Projects down due to reduced utilization and lower rates for our deepwater vessels;

Inspection flat; and

MOPS down as the Ocean Producer will come off its contract and a lower dayrate for the Ocean Legend;

Anticipated deepwater discoveries to be evaluated and developed;

Floating rig fleet expansion overview, 2009 – 2012;

Future floating rig demand, 2009 – 2012, and our belief that floating rig demand will drive future demand growth in ROV services and subsea hardware;

Expected 2009 ROV operating income to improve by increasing days on hire, by adding 24 to 30 new systems. Average 2009 pricing and utilization anticipated to be slightly less than 2008;

Expectation that we will continue to expand our ROV fleet for both drill support and construction service consistent with market demand;

Our expectation that 2009 ROV operating income will exceed that of 2008;

Subsea completions expected to almost triple in this decade over the 1990s, and increase by over 100% in the decade commencing 2010;

Subsea tree orders forecast to be up approximately 60% in the period 2009 – 2013 compared to the period 2004 – 2008;

Expectation that 2009 Subsea Products operating income will be down compared to 2008, as the cost benefit of manufacturing process improvements are unlikely to offset product demand declines, including lower umbilical plant throughput;

Anticipated increased sales of field development hardware and pipeline repair systems in 2009 compared to 2008;

Expectation that our Subsea Projects business will continue to benefit from 2008 hurricane repair work in the second half of 2009.

Projected cumulative subsea completions in the Gulf of Mexico through 2009 and 2014;

Our expectation that 2009 Subsea Projects operating income will be lower than 2008, due to a continuation of declining demand for shallow-water services and competitive rate pressure in the deepwater vessel market due to an increase in vessel availability;

Our projected 2009 net income plus depreciation and amortization in the Supplemental Financial Information, defined as cash flow in the presentation;

Our projected 2009 EBITDA (as defined and reconciled to GAAP measures in the Supplemental Financial Information to the presentation); and

Subsea production control umbilicals orders forecast to be up approximately 45% in the period 2009 – 2013 compared to the period 2004 – 2008 in the Supplemental Financial Information.

worldwide demand and prices for oil and gas;

general economic and business conditions and industry trends;

delays in deliveries of deepwater drilling rigs;

the ability of the Organization of Petroleum Exporting Countries, or OPEC, to set and maintain production levels and pricing;

the level of production by non-OPEC countries;

the ability of oil and gas companies to generate funds for capital expenditures;

domestic and foreign tax policy;

laws and governmental regulations that restrict exploration and development of oil and gas in various offshore jurisdictions;

rapid technological changes;

the political environment of oil-producing regions;

the price and availability of alternative fuels;

changes in competitive factors;

changes in project designs or schedules;

contract cancellations, change orders and other modifications; and

difficulties executing on projects.