Document:

<PAGE>
                                                                    EXHIBIT 10.2

                              AMENDED AND RESTATED
                         OCEANEERING INTERNATIONAL, INC.
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                                    ARTICLE I
                                     Purpose

         1.1 Purpose of Plan. The purpose of the Amended and Restated
Oceaneering International, Inc. Supplemental Executive Retirement Plan (the
"Plan") is to advance the interests of Oceaneering International, Inc. and its
subsidiaries and affiliates (hereinafter sometimes collectively or individually
referred to as the "Company") and of its owners by attracting and retaining in
its employ highly qualified individuals for the successful conduct of its
business. The Company hopes to accomplish these objectives by helping to provide
for the retirement of its key employees selected to participate in the Plan.

         1.2 ERISA Status. The Plan is intended to qualify for certain
exemptions under Title I of the Employee Retirement Income Security Act of 1974,
as amended ("ERISA"), provided for plans that are unfunded and maintained
primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees.

                                   ARTICLE II
                                   Definitions

         2.1 "Account" means collectively the Participant's Company Account and
the Participant's Deferral Account.

         2.2 "Account Value" means, at any given time, the sum of all amounts
credited to the Participant's Account, adjusted for any income, gain or loss and
any payments attributable to such account.

         2.3 "Active Participant" means a Participant who qualifies as an Active
Participant under Section 3.1.

         2.4 "Beneficiary" means the person designated by each Participant, on a
form provided by the Company for this purpose, to receive the Participant's
distribution under Article V in the event of the Participant's death prior to
receiving complete payment of his Account. In order to be effective under this
Plan, any form designating a Beneficiary must be delivered to the Committee
before the Participant's death. In the absence of such an effective designation
of a Beneficiary, "Beneficiary" means the Participant's spouse or, if there is
no spouse on the date of Participant's death, the Participant's estate.

         2.5 "Board" means the Board of Directors of the Company or the board of
directors of a company that is a successor to the Company.

         2.6 "Bonus" means any bonus paid to a Participant under any plan,
policy or program of the Company providing for the payment of annual bonuses to
employees.

         2.7 "Change of Control" means, the earliest date at which:

<PAGE>

                  (i)      any Person is or becomes the "beneficial owner" (as
                           defined in Rule 13d-3 under the Securities Exchange
                           Act of 1934, as amended, and the rules and
                           regulations promulgated thereunder), directly or
                           indirectly, of securities of the Company representing
                           20% or more of the combined voting power of the
                           Company's outstanding Voting Securities, other than
                           through the purchase of Voting Securities directly
                           from the Company through a private placement; or

                  (ii)     individuals who constitute the Board on the date
                           hereof (the "Incumbent Board") cease for any reason
                           to constitute at least a majority thereof, provided
                           that any person becoming a director subsequent to the
                           date hereof whose election, or nomination for
                           election by the Company's shareholders, was approved
                           by a vote of at least two-thirds of the directors
                           comprising the Incumbent Board shall from and after
                           such election be deemed to be a member of the
                           Incumbent Board; or

                  (iii)    the Company is merged or consolidated with another
                           corporation or entity and as a result of such merger
                           or consolidation less than 60% of the outstanding
                           Voting Securities of the surviving or resulting
                           corporation or entity shall then be owned by the
                           former stockholders of the Company; or

                  (iv)     a tender offer or exchange offer is made and
                           consummated by a Person other than the Company for
                           the ownership of 20% or more of the Voting Securities
                           of the Company then outstanding; or

                  (v)      all or substantially all of the assets of the Company
                           are sold or transferred to a Person as to which (a)
                           the Incumbent Board does not have authority (whether
                           by law or contract) to directly control the use or
                           further disposition of such assets and (b) the
                           financial results of the Company and such Person are
                           not consolidated for financial reporting purposes.

Anything else in this definition to the contrary notwithstanding, no Change of
Control shall be deemed to have occurred by virtue of any transaction which
results in the Participant, or a group of Persons which includes the
Participant, acquiring more than 20% of either the combined voting power of the
Company's outstanding Voting Securities or the Voting Securities of any other
corporation or entity which acquires all or substantially all of the assets of
the Company, whether by way of merger, consolidation, sale of such assets or
otherwise.

         2.8 "Company Account" means the account maintained by the Committee
reflecting each Participant's Company Contributions, together with any income,
gain or loss and any payments attributable to such account.

         2.9 "Company Contribution" means the total contributions credited to a
Participant's Company Account for any one Plan Year pursuant to the provisions
of Section 3.2.

         2.10 "Company Contribution Value" means, at any given time with respect
to a particular Company Contribution, the amount of the Company Contribution,
adjusted by any income, gain or loss and any payments attributable to such
account.

         2.11 "Compensation" means monthly base salary before any reductions.

         2.12 "Committee" means the committee appointed by the Board to
administer the Plan.

<PAGE>

         2.13 "Deferral Account" means the account maintained by the Committee
reflecting each Participant's Deferral Contributions, together with any income,
gain or loss and any payments attributable to such account.

         2.14 "Deferral Account Value" means, at any given time, 100% of the
total amount of Deferral Contributions credited to the Participant's Deferral
Account, adjusted by any income, gain or loss and any payments attributable to
such account.

         2.15 "Deferral Contribution" means Compensation or Bonus that is
credited to a Participant's Deferral Account pursuant to the provisions of
Sections 3.3 and 3.4.

         2.16 "Effective Date" means July 1, 1997 as to the original Plan, and
January 1, 2000 as to this Amended and Restated Plan.

         2.17 "Eligible Employee" means a highly compensated or management
employee of the Company who meets the criteria established by the Committee to
determine eligibility for the Plan.

         2.18 "Fiscal Year" means the twelve-month period commencing each
April 1.

         2.19 "Participant" means an individual who is or was an Eligible
Employee and has an Account balance under the Plan, including an Active
Participant.

         2.20 "Person" means any individual corporation, partnership, group,
association or other "person," as such term is used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder, other than the Company or any plans
sponsored by the Company.

         2.21 "Plan" means this Amended and Restated Oceaneering International,
Inc. Supplemental Executive Retirement Plan and any amendments hereto.

         2.22 "Plan Obligations" means, on any given date, the sum of the
Account Values of all Participants. With respect to each Participant, "Plan
Obligations" means such Participant's Account Value on the applicable date.

         2.23 "Plan Year" means the 12-month period beginning July 1 and ending
June 30.

         2.24 "Selected Index" means, with respect to any Account, the
investment vehicle with reference to which the value of such Account is
determined.

         2.25 "Vested Account Value" means the sum of the Participant's Vested
Company Contribution Values and the Participant's Deferral Account Value.

         2.26 "Vested Company Contribution Value" means, with respect to a
particular Company Contribution, the applicable Company Contribution Value
multiplied by the applicable Vested Percentage.

         2.27 "Vested Percentage" means the percentage as to which a Participant
is vested in a particular contribution, as determined under Section 4.5.

<PAGE>

         2.28 "Voting Securities" means, with respect to any corporation or
business enterprise, those securities, which under ordinary circumstances are
entitled to vote for the election of directors or others charged with comparable
duties under applicable law.

         2.29 "Year[s] of Participation" means each 12 consecutive months of
employment after the individual first becomes a Participant.

                                   ARTICLE III
                                  Contributions

         3.1 Selection of Active Participants. With respect to each Plan Year or
portion thereof, the Committee shall select, in its discretion, those Eligible
Employees approved to participate in the Plan, or participation may be
determined in any other manner authorized by the Company. The selected
individuals shall be the Active Participants for that Plan Year. Active
Participant status shall terminate upon a Participant's termination of
employment, and no contributions shall be made with respect to periods
thereafter unless the Participant resumes employment and is again selected as an
Active Participant in the Plan.

         3.2 Company Contributions. With respect to each Plan Year or portion
thereof, the Committee shall declare a contribution percentage for each Active
Participant's Company Account. The Committee has the right to change the
contribution percentage for a Participant during the Plan Year. The contribution
percentage declared for a Participant may, but need not be, the same as the
contribution percentage declared for other Participants. Company Contributions
shall be credited as of the last day of each month of the Plan Year or at such
other times as determined by the Committee to each Active Participant's Company
Account, in an amount equal to the contribution percentage declared for the
Participant multiplied by the Participant's Compensation.

         3.3 Participant Deferrals. For any Fiscal Year, the Committee may, in
its sole discretion, allow an Active Participant to elect to defer each month
the present payment by the Company of any whole percentage (or dollar amount) of
his Compensation that would otherwise be paid during such Fiscal Year, and
instead have that amount credited to his Deferral Account. The Compensation
otherwise currently payable to the Participant shall be reduced by the amount
the Participant elected to have contributed to the Participant's Deferral
Account, which shall be a Deferral Contribution. In addition, for any Fiscal
Year, the Committee may, in its sole discretion, allow an Active Participant to
elect to defer the present payment by the Company of any whole percentage (or
dollar amount) of his Bonus earned during such Fiscal Year, and instead have
that amount credited to his Deferral Account. The Bonus otherwise payable to the
Participant shall be reduced by the amount the Participant elected to have
contributed to the Participant's Deferral Account, which shall be a Deferral
Contribution.

         3.4 Manner of Deferral Election. The Committee shall prescribe, in its
sole discretion, the procedures and limitations for Deferral Contributions, if
any. Elections to make Deferral Contributions shall be in writing, signed by the
Participant, in a form supplied by the Company. Unless the Committee otherwise
provides in its sole discretion, the form must be completed, signed and returned
to the Committee prior to the beginning of the Fiscal Year for which the
election is to be effective and a Participant's election shall be irrevocable
for the applicable period(s) for which it was filed. The Committee may provide
that a Participant's election shall be effective until it is revoked. An
election may be revoked prospectively by notice to the Participant from the
Committee that the election is terminated.

<PAGE>

                                   ARTICLE IV
                                    Accounts

         4.1 Company Accounts. The Committee shall establish and maintain an
individual bookkeeping account for each Participant, which shall be the
Participant's Company Account. The Committee shall credit the amount of each
Company Contribution made on behalf of a Participant to such Participant's
Company Account as of the last day of each month of the Plan Year for which the
Company Contribution was made or at such other times as determined by the
Committee. The Committee shall further debit and/or credit the Participant's
Company Account with any income, gain or loss and any payments attributable to
such Account on a daily basis, or at such other times as it shall determine
appropriate. The sole purpose of the Participant's Company Account is to record
and reflect the Company's Plan Obligations related to Company Contributions to
each Participant under the Plan. The Company shall not be required to segregate
any of its assets with respect to Plan Obligations, nor shall any provision of
the Plan be construed as constituting such segregation.

         4.2 Deferral Accounts. The Committee shall establish and maintain an
individual bookkeeping account for each Participant, which shall be the
Participant's Deferral Account. The Committee shall credit the amount of each
Deferral Contribution made on behalf of a Participant to such Participant's
Deferral Account as soon as administratively feasible following the applicable
deferral. The Committee shall further debit and/or credit the Participant's
Deferral Account with any income, gain or loss and any payments attributable to
such Account on a daily basis, or at such other times as it shall determine
appropriate. The sole purpose of the Participant's Deferral Account is to record
and reflect the Company's Plan Obligations related to Deferral Contributions to
each Participant under the Plan. The Company shall not be required to segregate
any of its assets with respect to Plan Obligations, nor shall any provision of
the Plan be construed as constituting such segregation.

         4.3 Accruals to the Accounts.

                  (a)      The Committee shall designate one or more investment
                           vehicles to serve as an index or indices for the
                           purpose of determining amounts to be debited and/or
                           credited to the Participant's Account. On a form
                           supplied by the Company, a Participant may choose to
                           allocate Company Contributions and his Deferral
                           Contributions to the designated investment vehicles,
                           and may change such allocation with respect to future
                           Company Contributions and Deferral Contributions,
                           such change in allocation to be effective
                           immediately. On a form supplied by the Company, a
                           Participant may also exchange amounts already in the
                           Participant's Company Account and Deferral Account
                           between and among the designated investment vehicles
                           as frequently as daily, or at other times as shall be
                           determined by the Committee. A copy of any available
                           Prospectus or other disclosure materials for each
                           investment vehicle shall be made available to each
                           Participant upon request. The investment vehicle
                           pursuant to which investment gains/losses to any
                           Account thereof are to be determined shall be
                           referred to as the "Selected Index." The Committee
                           shall select from time to time the Selected Index a
                           Participant shall be deemed to have elected for
                           purposes of all or any portion of his Account as to
                           which he has not actually made an allocation
                           election. The Committee may change at any time the
                           Selected Indexes available under the Plan.

<PAGE>

                  (b)      Any "Selected Index" is solely for the purpose of
                           determining investment gains/losses to an Account,
                           and nothing herein shall obligate the Company to
                           invest any part of its assets in any investment
                           vehicle serving as a Selected Index or in any other
                           investments.

         4.4 Nature and Source of Payments. The obligation to make distributions
under this Plan with respect to each Participant shall constitute a liability of
the Company to the Participant and any Beneficiary in accordance with the terms
of this Plan. All distributions payable hereunder shall be made from the general
assets of the Company, and nothing herein shall be deemed to create a trust of
any kind between the Company and any Participant or other person. No special or
separate fund need be established nor need any other segregation of assets be
made to assure that distributions will be made under this Plan. No Participant
or Beneficiary shall have any interest in any particular asset of the Company by
virtue of the existence of this Plan. Each Participant and Beneficiary shall be
an unsecured creditor of the Company.

         4.5 Vesting.

                  (a)      Normal Vesting: A Participant's Vested Percentage of
                           each Plan Year's Company Contribution, adjusted by
                           any income, gain or loss and any payments
                           attributable thereto, shall be determined at the end
                           of each Plan Year by the number of full Plan Years
                           that the Participant remains as a Participant in the
                           continuous employment of the Company from and after
                           the first day of the Plan Year with respect to which
                           the Company Contribution is made, as set forth in the
                           following schedule:

<Table>
<Caption>
Full Plan Years of Continuous Employment as a
 Participant Beginning With Contribution Year              Vesting Percentage
---------------------------------------------              ------------------
<S>                                                        <C>
Less than 1                                                        0%
At least 1 but less than 2                                        33%
At least 2 but less than 3                                        66%
At least 3                                                       100%
</Table>

A Participant's Vested Percentage with regard to the Participant's Deferral
Account will always be 100%.

                  (b)      Forfeiture: Upon termination of employment other than
                           as described in Section 4.5(c), a Participant shall
                           forfeit all amounts credited to his Account other
                           than his Vested Account Value determined as of the
                           close of business coincident with or next following
                           the date on which the Participant terminated
                           employment; provided, however, that amounts not so
                           forfeited shall continue to be debited and credited
                           in accordance with Section 5.4 from and after
                           termination of employment.

                  (c)      Accelerated Vesting: The schedule above
                           notwithstanding, the Participant shall have a Vested
                           Percentage of 100% for his entire Account upon the
                           soonest of the following to occur during the
                           Participant's employment with the Company: (i) the
                           date that

<PAGE>

                           the Participant has completed 10 Years of
                           Participation, (ii) the date that the sum of the
                           Participant's attained age and Years of Participation
                           equals 65, (iii) the date of termination of the
                           Participant's employment as a result of the
                           Participant's death or disability, or (iv) the date
                           of termination of the Participant's employment within
                           24 months following a Change of Control. In the event
                           the Company terminates the Plan, all Participants
                           will be 100% vested in Accounts not theretofore
                           forfeited. Cessation of Company Contributions under
                           the Plan shall not be deemed a termination of the
                           Plan.

                                    ARTICLE V
                                  Distributions

         5.1 Occasions for Distributions. The Company shall distribute a
Participant's Vested Account Value following the events and in the manner set
forth in this Article V. A Participant's Account shall be debited in the amount
of any distribution made from the Account as of the date of the distribution.

         5.2 Distribution Elections. Subject to rules established by the
Committee, a Participant may file a distribution election directing how his
Vested Account Value shall be distributed following his termination of
employment for any reason. Such distribution election must be made on a form
supplied by the Company for that purpose. To be effective, such distribution
election must be filed at least 12 months prior to the date the Participant's
Vested Account Balance is to be distributed. In the event the Participant files
more than one distribution election, the last distribution election shall
control. Anything to the contrary notwithstanding, the Committee, in its sole
discretion, has the right to substitute a lump-sum payment to the Participant
equal to the Participant's Vested Account Value.

         5.3 Distribution on Account of Termination of Employment. If a
Participant terminates employment with the Company for any reason, including by
reason of death or disability, the Company shall distribute, or begin
distributing to the Participant (or the Participant's Beneficiary) within 45
days, the full amount of the Participant's Vested Account Value, unless the
Participant has elected to delay such distribution until the next calendar year.
If the Participant has elected to delay payment of a lump sum payment to the
calendar year following termination or death, payment shall be made no later
than the later of (i) the fifth (5th) business day of the calendar year
following termination or death and (ii) 45 days following termination or death.
Such distributions shall be in the form specified on the most recently filed
distribution election form (unless the Committee elects to substitute a lump-sum
payment as described in Section 5.2). If no election form exists, the
distribution will be distributed as soon as practicable in the form of a
lump-sum payment equal to the Participant's Vested Account Value.

         5.4 Continuation of Accounts after Commencement of Distributions. If a
Participant's Vested Account Value is to be distributed in a form other than a
lump sum payable as soon as practical, then the Account shall continue to be
credited (or debited) with earnings or losses as described in Section 4.3, until
the entire Vested Account Value has been distributed.

                                   ARTICLE VI
                                    Committee

         6.1 Authority. The Committee shall have the authority, subject to the
provisions of the Plan, to establish, adopt and revise such rules and
regulations and to make all such determinations relating to the Plan as it may
deem necessary or appropriate for the administration of the Plan. The Committee
may correct any defect or supply any omission or reconcile any inconsistency in
this Plan or any agreement or document related to this Plan in the manner and to
the extent the Committee deems necessary or

<PAGE>

appropriate to carry this Plan into effect. The Committee's interpretation of
the Plan, and all decisions and determinations by the Committee with respect to
the Plan, shall be final and binding on all parties.

         6.2 Delegation of Authority. The Committee may delegate any of its
powers or responsibilities to one or more members of the Committee or any other
person or entity.

         6.3 Procedures. The Committee may establish procedures to conduct its
operations and to carry out its rights and duties under the Plan.

         6.4 Compensation and Expenses. The members of the Committee shall serve
without compensation for their services, but all expenses of the Committee and
all other expenses incurred in administering the Plan shall be paid by the
Company.

         6.5 Statements to Participants. Periodically, with the frequency
determined by the Committee in its sole discretion, but not less frequently than
annually, the Committee shall transmit to each Participant a written statement
regarding the Participant's Account activity for the period beginning on the
date following the effective date of the preceding statement and ending on the
effective date of the current statement.

         6.6 Indemnification. The Company shall indemnify the members of the
Committee and/or any of their delegates against the reasonable expenses,
including attorneys' fees, actually and appropriately incurred by them in
connection with the defense of any action, suit or proceeding, or in connection
with any appeal thereto, to which they or any of them may be a party by reason
of any action taken or failure to act under or in connection with the Plan and
against all amounts paid by them in settlement thereof (provided such settlement
is approved by independent legal counsel selected by the Company) and against
all amounts paid by them in satisfaction of a judgment in any such action, suit
or proceeding, except in relation to matters as to which it shall be adjudged in
a suit of final adjudication that such Committee member is liable for fraud,
deliberate dishonesty or willful misconduct in the performance of his duties;
provided that within 60 days after the institution of any such action, suit or
proceeding a Committee member has offered in writing to allow the Company, at
its own expense, to handle and defend any such action, suit or proceeding.

                                   ARTICLE VII
                            Amendment and Termination

         Power to Amend and/or Terminate Reserved. The Company retains the
unilateral power to amend the Plan, or to terminate the Plan at any time.
Without the consent of affected Participants or Beneficiaries, no such amendment
or termination shall adversely affect any Participants or Beneficiaries with
respect to their right to receive the applicable Vested Account Value,
determined as of the later of the date that the Plan amendment or termination is
adopted or by its terms to be effective.

                                  ARTICLE VIII
                                  Miscellaneous

         8.1 Plan Does Not Affect the Rights of Employee. Nothing contained in
this Plan shall be deemed to give any Participant the right to be retained in
the employment of the Company, to interfere

<PAGE>

with the rights of the Company to discharge any Participant at any time or to
interfere with a Participant's right to terminate his employment at any time.

         8.2 Nonalienation and Nonassignment. Except for debts owed the Company
by a Participant or Beneficiary, no amounts payable or to become payable under
the Plan to a Participant or Beneficiary shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, by operation of law or otherwise, and
any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber
or charge the same by a Participant or Beneficiary prior to distribution as
herein provided shall be null and void.

         8.3 Tax Withholding. The Company shall have the right to deduct from
any payments to a Participant or Beneficiary under the Plan any taxes required
by law to be withheld with respect to such payments. In addition, the Company
shall have the right to deduct from any Participant Deferrals or Company
Contributions any applicable employment taxes or other required withholdings
with respect to a Participant.

         8.4 Setoffs. To the fullest extent permitted by law, any amounts owed
by a Participant or Beneficiary to the Company may be deducted by the Company
from such Participant's Vested Account Value at the time and to the extent that
such Vested Account Value is otherwise payable hereunder.

         8.5 Construction. Unless the context clearly indicates to the contrary,
the masculine gender shall include the feminine and neuter, and the singular
shall include the plural and vice versa.

         8.6 Applicable Law. The terms and provisions of the Plan shall be
construed in accordance with the laws of the State of Texas.

         8.7 Successors. The Plan shall be binding upon the Company and its
successors and assigns, in accordance with its terms.

         8.8 Claims Procedure. A Participant or Beneficiary may make a claim for
Plan benefits by filing a written application for benefits with the Committee.
Such application shall set forth the nature of the claim and any other
information that the Committee may reasonably request. The Committee shall
notify the applicant of the benefits determination within a reasonable time
after receipt of the claim, which shall not exceed 90 days unless special
circumstances require an extension of time for processing the claim. If such an
extension is required, written notice of the extension shall be furnished to the
applicant prior to the end of the initial 90-day period. In no event shall such
an extension exceed a period of 90 days from the end of the initial period. The
extension notice shall indicate the special circumstances requiring an extension
of time, and the date by which a final decision is expected to be rendered.

         Notice of a claim denial, in whole or in part, shall be set forth in a
manner calculated to be understood by the applicant and shall contain the
following:

                  (a)      the specific reason or reasons for the denial; and

                  (b)      a specific reference to the pertinent Plan provisions
                           on which the denial is based; and

<PAGE>

                  (c)      a description of any additional material or
                           information necessary for the applicant to perfect
                           the claim and an explanation of why such material or
                           information is necessary; and

                  (d)      an explanation of the Plan's claims review procedure.

         Participants shall be given timely written notice of the time limits
set forth herein for determinations on claims, appeal of claim denial and
decisions on appeal. If notice of a claim determination is not provided within
the applicable time frame described above, the claim shall be deemed denied and
the applicant may appeal the denial as set forth below.

         If a written claim results in a claim denial, either in whole or in
         part, the applicant has the right to appeal. The appeal must be in
         writing. The administrative process for appealing a claim is: Upon
         receipt of a claim denial, a Participant may file a written request,
         including any additional information supporting the claim, for
         reconsideration to the Committee within 60 days of receiving
         notification that the claim is denied.

         The Committee normally shall render a decision no later than 60 days
         following receipt of the request for review. The Participant may
         request a formal hearing before the Committee which the Committee may
         grant in its discretion. Under special circumstances which require an
         extension of time for rendering a decision (including but not limited
         to the need to hold a hearing), the decision may be delayed up to 120
         days following receipt of the request for review. If such an extension
         is required, the Participant will be advised in writing before the
         extension begins.

         The Committee will provide written notice of its final determination.
         The notice will include specific reasons for the decision, be written
         in a manner calculated to be understood by the Participant and make
         specific reference to the Plan provisions on which it is based.

         An appeal will not be considered if it is not filed within the
applicable period of time. If a decision on an appeal is not provided within any
applicable time frame described above, the claim shall be deemed denied on
appeal.

         At any stage in the appeals process, the applicant or his or her
designated representative may review pertinent documents, including copies of
the Plan document and information relating to the applicant's entitlement to
such benefit, and submit issues and comments in writing.

         8.9 Arbitration. Any dispute or claim arising out of this Plan or the
breach thereof shall be settled by arbitration in accordance with the rules of
the American Arbitration Association, to be conducted in Houston, Texas before
an arbitrator selected in accordance with such rules. Judgment upon the award
rendered by the Arbitrator may be entered in any court having jurisdiction
thereof.

         IN WITNESS WHEREOF, Oceaneering International, Inc. has caused this
Plan to be executed by its duly authorized officer, effective as provided
herein.

                                          OCEANEERING INTERNATIONAL, INC.

                                          By: /s/ Marvin J. Migura
                                              --------------------
                                          Name: Marvin J. Migura
                                          Title: Sr. Vice President
                                          Date:  September 13, 2002

ATTEST:

By:      /s/ George R. Haubenreich, Jr.
         ------------------------------
Name:    George R. Haubenreich, Jr.
Title:   Secretary<PAGE>
                                                                    EXHIBIT 10.3

                        2002 NON-EXECUTIVE INCENTIVE PLAN

                                       OF

                         OCEANEERING INTERNATIONAL, INC.

                  1. Plan. This 2002 Non-Executive Incentive Plan of Oceaneering
International, Inc. (the "Plan") was adopted by Oceaneering International, Inc.
(the "Company") to reward certain key employees of the Company and certain
independent consultants by enabling them to acquire shares of common stock of
the Company.

                  2. Objectives. This Plan is designed to attract and retain key
employees of the Company and its Subsidiaries, to attract and retain consultants
and other independent contractors, to encourage the sense of proprietorship of
such employees and independent contractors and to stimulate the active interest
of such persons in the development and financial success of the Company and its
Subsidiaries. These objectives are to be accomplished by making Awards under
this Plan and thereby providing Participants with a proprietary interest in the
growth and performance of the Company and its Subsidiaries.

                  3. Definitions. As used herein, the terms set forth below
shall have the following respective meanings:

                  "Authorized Officer" means the Chairman of the Board or the
Chief Executive Officer of the Company (or any other senior officer of the
Company to whom either of them shall delegate the authority to execute any Award
Agreement).

                  "Award" means the grant of any Option, SAR, Stock Award or
Cash Award, whether granted singly, in combination or in tandem, to a
Participant pursuant to such applicable terms, conditions and limitations as the
Committee may establish in order to fulfill the objectives of the Plan.

                  "Award Agreement" means a written agreement between the
Company and a Participant setting forth the terms, conditions and limitations
applicable to an Award.

                  "Board" means the Board of Directors of the Company.

                  "Cash Award" means an award denominated in cash.

                  "Code" means the Internal Revenue Code of 1986, as amended
from time to time.

                  "Committee" means the Compensation Committee of the Board or
such other committee of the Board as is designated by the Board to administer
the Plan.

                                      -1-
<PAGE>

                  "Common Stock" means the Common Stock, par value $0.25 per
share, of the Company.

                  "Company" means Oceaneering International, Inc., a Delaware
corporation.

                  "Dividend Equivalents" means, with respect to shares of
Restricted Stock that are to be issued at the end of the Restriction Period, an
amount equal to all dividends and other distributions (or the economic
equivalent thereof) that are payable to stockholders of record during the
Restriction Period on a like number of shares of Common Stock.

                  "Employee" means an employee of the Company or any of its
Subsidiaries and an individual who has agreed to become an employee of the
Company or any of its Subsidiaries and actually becomes such an employee within
the following six months.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time.

                  "Fair Market Value" of a share of Common Stock means, as of a
particular date, (i) if shares of Common Stock are listed on a national
securities exchange, the mean between the highest and lowest sales price per
share of Common Stock on the consolidated transaction reporting system for the
principal national securities exchange on which shares of Common Stock are
listed on that date, or, if there shall have been no such sale so reported on
that date, on the last preceding date on which such a sale was so reported, (ii)
if shares of Common Stock are not so listed but are quoted on the Nasdaq
National Market, the mean between the highest and lowest sales price per share
of Common Stock reported by the Nasdaq National Market on that date, or, if
there shall have been no such sale so reported on that date, on the last
preceding date on which such a sale was so reported, (iii) if the Common Stock
is not so listed or quoted, the mean between the closing bid and asked price on
that date, or, if there are no quotations available for such date, on the last
preceding date on which such quotations shall be available, as reported by the
Nasdaq Stock Market, or, if not reported by the Nasdaq Stock Market, by the
National Quotation Bureau Incorporated or (iv) if shares of Common Stock are not
publicly traded, the most recent value determined by an independent appraiser
appointed by the Company for such purpose.

                  "Independent Contractor" means a person providing services to
the Company or any of its Subsidiaries except an Employee.

                  "Option" means a right to purchase a specified number of
shares of Common Stock at a specified price that is not intended to comply with
the requirements set forth in Section 422 of the Code.

                  "Participant" means an Employee or Independent Contractor to
whom an Award has been made under this Plan.

                  "Restricted Stock" means any Common Stock that is restricted
or subject to forfeiture provisions.

                                      -2-
<PAGE>

                  "Restriction Period" means a period of time beginning as of
the date upon which an Award of Restricted Stock is made pursuant to this Plan
and ending as of the date upon which the Common Stock subject to such Award is
no longer restricted or subject to forfeiture provisions.

                  "SAR" means a right to receive a payment, in cash or Common
Stock, equal to the excess of the Fair Market Value or other specified valuation
of a specified number of shares of Common Stock on the date the right is
exercised over a specified strike price, in each case, as determined by the
Committee.

                  "Stock Award" means an award in the form of shares of Common
Stock or units denominated in shares of Common Stock.

                  "Subsidiary" means (i) in the case of a corporation, any
corporation of which the Company directly or indirectly owns shares representing
more than 50% of the combined voting power of the shares of all classes or
series of capital stock of such corporation which have the right to vote
generally on matters submitted to a vote of the stockholders of such corporation
and (ii) in the case of a partnership or other business entity not organized as
a corporation, any such business entity of which the Company directly or
indirectly owns more than 50% of the voting, capital or profits interests
(whether in the form of partnership interests, membership interests or
otherwise).

                  4. Eligibility.

                  (a) Employees. Key Employees eligible for Awards under this
         Plan are those who hold positions of responsibility and whose
         performance, in the judgment of the Committee, can have a significant
         effect on the success of the Company and its Subsidiaries, including
         those individuals who are expected to become employees within six
         months.

                  (b) Independent Contractors. Independent Contractors eligible
         for Awards under this Plan are those Independent Contractors providing
         services to, or who will provide services to, the Company or any of its
         Subsidiaries.

                  (c) Officers and Directors. No Award shall be granted under
         this Plan to an individual who, at the time of grant, is a member of
         the Board or an "officer" within the meaning of Securities and Exchange
         Commission Rule 16a-1(f) under the Exchange Act.

                                      -3-
<PAGE>

                  5. Common Stock Available for Awards. Subject to the
provisions of paragraph 14 hereof, there shall be available for Awards under
this Plan granted wholly or partly in Common Stock (including rights or options
that may be exercised for or settled in Common Stock) an aggregate of 2,500,000
shares of Common Stock. The number of shares of Common Stock that are the
subject of Awards under this Plan, that are forfeited or terminated, expire
unexercised, are settled in cash in lieu of Common Stock or in a manner such
that all or some of the shares covered by an Award are not issued to a
Participant or are exchanged for Awards that do not involve Common Stock, shall
again immediately become available for Awards hereunder. The Committee may from
time to time adopt and observe such procedures concerning the counting of shares
against the Plan maximum as it may deem appropriate. The Board and the
appropriate officers of the Company shall from time to time take whatever
actions are necessary to file any required documents with governmental
authorities, stock exchanges and transaction reporting systems to ensure that
shares of Common Stock are available for issuance pursuant to Awards. The
Committee may from time to time adopt and observe such procedures concerning the
counting of shares against the Plan maximum, as it may deem appropriate. The
Board and the appropriate officers of the Company shall from time to time take
whatever actions are necessary to file any required documents with governmental
authorities, stock exchanges and transaction reporting systems to ensure that
shares of Common Stock are available for issuance pursuant to Awards.

                  6. Administration.

                  (a) Authority of the Committee. This Plan shall be
         administered by the Committee. Subject to the provisions hereof, the
         Committee shall have full and exclusive power and authority to
         administer this Plan and to take all actions that are specifically
         contemplated hereby or are necessary or appropriate in connection with
         the administration hereof. The Committee shall also have full and
         exclusive power to interpret this Plan and to adopt such rules,
         regulations and guidelines for carrying out this Plan as it may deem
         necessary or proper, all of which powers shall be exercised in the best
         interests of the Company and in keeping with the objectives of this
         Plan. Subject to paragraph 6(c) hereof, the Committee may, in its
         discretion, provide for the extension of the exercisability of an
         Award, accelerate the vesting or exercisability of an Award, eliminate
         or make less restrictive any restrictions contained in an Award, waive
         any restriction or other provision of this Plan or an Award or
         otherwise amend or modify an Award in any manner that is (i) not
         adverse to the Participant to whom such Award was granted, (ii)
         consented to by such Participant or (iii) authorized by paragraph
         14(c), hereof; provided, however, that no such action shall permit the
         term of any Option to be greater than five years from the applicable
         grant date. The Committee may make an Award to an individual who it
         expects to become an employee of the Company or any of its Subsidiaries
         within the next six months, with such Award being subject to the
         individual's actually becoming an employee within such time period, and
         subject to such other terms and conditions as may be established by the
         Committee. The Committee may correct any defect or supply any omission
         or reconcile any inconsistency in this Plan or in any Award in the
         manner and to the extent the Committee deems necessary or desirable to
         further the Plan purposes. Any decision of the Committee in the
         interpretation and administration of this Plan shall lie within its
         sole and absolute discretion and shall be final, conclusive and binding
         on all parties concerned.

                                      -4-
<PAGE>

                  (b) Indemnity. No member of the Committee or officer of the
         Company to whom the Committee has delegated authority in accordance
         with the provisions of paragraph 7 of this Plan shall be liable for
         anything done or omitted to be done by him or her, by any member of the
         Committee or by any officer of the Company in connection with the
         performance of any duties under this Plan, except for his or her own
         willful misconduct or as expressly provided by statute.

                  (c) Prohibition on Repricing of Awards. No Award may be
         repriced, replaced, regranted through cancellation or modified without
         shareholder approval (except in connection with a change in the
         Company's capitalization), if the effect would be to reduce the
         exercise price for the shares underlying such Award.

                  7. Delegation of Authority. The Committee may delegate to the
Chief Executive Officer and to other senior officers of the Company its duties
under this Plan pursuant to such conditions or limitations as the Committee may
establish.

                  8. Awards. The Committee shall determine the type or types of
Awards to be made under this Plan and shall designate from time to time the
Employees and Independent Contractors who are to be the recipients of such
Awards. Each Award may be embodied in an Award Agreement, which shall contain
such terms, conditions and limitations as shall be determined by the Committee
in its sole discretion and shall be signed by the Participant to whom the Award
is made and by an Authorized Officer for and on behalf of the Company. Awards
may consist of those listed in this paragraph 8 hereof and may be granted
singly, in combination or in tandem. Awards may also be made in combination or
in tandem with, in replacement of, or as alternatives to, grants or rights under
this Plan or any other plan of the Company or any of its Subsidiaries, including
the plan of any acquired entity; provided that, except as contemplated in
paragraph 14, no Option may be issued in exchange for the cancellation of an
Option with a higher exercise price nor may the exercise price of any Option be
reduced. All or part of an Award may be subject to conditions established by the
Committee, which may include, but are not limited to, continuous service with
the Company and its Subsidiaries, achievement of specific business objectives,
increases in specified indices, attainment of specified growth rates and other
comparable measurements of performance. Upon the termination of employment by a
Participant who is an Employee, any unexercised, deferred, unvested or unpaid
Awards shall be treated as set forth in the applicable Award Agreement.

                  (a) Stock Option. An Award may be in the form of an Option.
         The price at which shares of Common Stock may be purchased upon the
         exercise of an Option shall be not less than the Fair Market Value of
         the Common Stock on the date of grant. The term of an Option shall not
         exceed 5 years from the date of grant. Subject to the foregoing
         provisions, the terms, conditions and limitations applicable to any
         Options awarded pursuant to this Plan, including the term of any
         Options and the date or dates upon which they become exercisable, shall
         be determined by the Committee.

                  (b) Stock Appreciation Right. An Award may be in the form of
         an SAR. The strike price for a SAR shall not be less than the Fair
         Market Value of the Common Stock on the date on which the SAR is
         granted. The term of an SAR shall not exceed five years from the date
         of grant. Subject to the foregoing limitations, the terms, conditions
         and limitations applicable to any SARs awarded pursuant to this Plan,
         including the term of any SARs and

                                      -5-
<PAGE>

         the date or dates upon which they become exercisable, shall be
         determined by the Committee.

                  (c) Stock Award. An Award may be in the form of a Stock Award.
         The terms, conditions and limitations applicable to any Stock Awards
         granted pursuant to this Plan shall be determined by the Committee.

                  (d) Cash Award. An Award may be in the form of a Cash Award.
         The terms, conditions and limitations applicable to any Cash Awards
         granted pursuant to this Plan shall be determined by the Committee.

                  9. Award Payment; Dividends; Substitution.

                  (a) General. Payment of Awards may be made in the form of cash
         or Common Stock, or a combination thereof, and may include such
         restrictions as the Committee shall determine, including, in the case
         of Common Stock, restrictions on transfer and forfeiture provisions. If
         payment of an Award is made in the form of Restricted Stock, the
         applicable Award Agreement relating to such shares shall specify
         whether they are to be issued at the beginning or end of the
         Restriction Period. In the event that shares of Restricted Stock are to
         be issued at the beginning of the Restriction Period, the certificates
         evidencing such shares (to the extent that such shares are so
         evidenced) shall contain appropriate legends and restrictions that
         describe the terms and conditions of the restrictions applicable
         thereto. In the event that shares of Restricted Stock are to be issued
         at the end of the Restricted Period, the right to receive such shares
         shall be evidenced by book entry registration or in such other manner
         as the Committee may determine.

                  (b) Deferral. With the approval of the Committee, amounts
         payable in respect of Awards may be deferred and paid either in the
         form of installments or as a lump-sum payment. The Committee may permit
         selected Participants to elect to defer payments of some or all types
         of Awards in accordance with procedures established by the Committee.
         Any deferred payment of an Award, whether elected by the Participant or
         specified by the Award Agreement or by the Committee, may be forfeited
         if and to the extent that the Award Agreement so provides.

                  (c) Dividends and Interest. Rights to dividends or Dividend
         Equivalents may be extended to and made part of any Award consisting of
         shares of Common Stock or units denominated in shares of Common Stock,
         subject to such terms, conditions and restrictions as the Committee may
         establish. The Committee may also establish rules and procedures for
         the crediting of interest on deferred cash payments and Dividend
         Equivalents for Awards consisting of shares of Common Stock or units
         denominated in shares of Common Stock.

                                      -6-
<PAGE>

                  10. Stock Option Exercise. The price at which shares of Common
Stock may be purchased under an Option shall be paid in full at the time of
exercise in cash or, if elected by the Participant, the Participant may purchase
such shares by means of tendering Common Stock or surrendering another Award,
including Restricted Stock, valued at Fair Market Value on the date of exercise,
or any combination thereof. The Committee shall determine acceptable methods for
Participants to tender Common Stock or other Awards; provided that any Common
Stock that is or was the subject of an Award may be so tendered only if it has
been held by the Participant for six months. The Committee may provide for
procedures to permit the exercise or purchase of such Awards by use of the
proceeds to be received from the sale of Common Stock issuable pursuant to an
Award. Unless otherwise provided in the applicable Award Agreement, in the event
shares of Restricted Stock are tendered as consideration for the exercise of an
Option, a number of the shares issued upon the exercise of the Option, equal to
the number of shares of Restricted Stock used as consideration therefor, shall
be subject to the same restrictions as the Restricted Stock so submitted as well
as any additional restrictions that may be imposed by the Committee.

                  11. Taxes. The Company shall have the right to deduct
applicable taxes from any Award payment and withhold, at the time of delivery or
vesting of cash or shares of Common Stock under this Plan, an appropriate amount
of cash or number of shares of Common Stock or a combination thereof for payment
of taxes required by law or to take such other action as may be necessary in the
opinion of the Company to satisfy all obligations for withholding of such taxes.
The Committee may also permit withholding to be satisfied by the transfer to the
Company of shares of Common Stock theretofore owned by the holder of the Award
with respect to which withholding is required. If shares of Common Stock are
used to satisfy tax withholding, such shares shall be valued based on the Fair
Market Value when the tax withholding is required to be made. The Committee may
provide for loans, on either a short term or demand basis, from the Company to a
Participant to permit the payment of taxes required by law.

                  12. Amendment, Modification, Suspension or Termination. The
Board may amend, modify, suspend or terminate this Plan for the purpose of
meeting or addressing any changes in legal requirements or for any other purpose
permitted by law, except that (i) no amendment or alteration that would
adversely affect the rights of any Participant under any Award previously
granted to such Participant shall be made without the consent of such
Participant and (ii) no amendment or alteration shall be effective prior to its
approval by the stockholders of the Company to the extent stockholder approval
is otherwise required by applicable legal requirements.

                  13. Assignability. Unless otherwise determined by the
Committee and provided in the Award Agreement, no Award or any other benefit
under this Plan shall be assignable or otherwise transferable. Any attempted
assignment of an Award or any other benefit under this Plan in violation of this
paragraph 13 shall be null and void.

                                      -7-
<PAGE>

                  14. Adjustments.

                  (a) The existence of outstanding Awards shall not affect in
         any manner the right or power of the Company or its stockholders to
         make or authorize any or all adjustments, recapitalizations,
         reorganizations or other changes in the capital stock of the Company or
         its business or any merger or consolidation of the Company, or any
         issue of bonds, debentures, preferred or prior preference stock
         (whether or not such issue is prior to, on a parity with or junior to
         the Common Stock) or the dissolution or liquidation of the Company, or
         any sale or transfer of all or any part of its assets or business, or
         any other corporate act or proceeding of any kind, whether or not of a
         character similar to that of the acts or proceedings enumerated above.

                  (b) In the event of any subdivision or consolidation of
         outstanding shares of Common Stock, declaration of a dividend payable
         in shares of Common Stock or other stock split, then (i) the number of
         shares of Common Stock reserved under this Plan, (ii) the number of
         shares of Common Stock covered by outstanding Awards in the form of
         Common Stock or units denominated in Common Stock, (iii) the exercise
         or other price in respect of such Awards, and (iv) the appropriate Fair
         Market Value and other price determinations for such Awards shall each
         be proportionately adjusted by the Board to reflect such transaction.
         In the event of any other recapitalization or capital reorganization of
         the Company, any consolidation or merger of the Company with another
         corporation or entity, the adoption by the Company of any plan of
         exchange affecting the Common Stock or any distribution to holders of
         Common Stock of securities or property (other than normal cash
         dividends or dividends payable in Common Stock), the Board shall make
         appropriate adjustments to (i) the number of shares of Common Stock
         covered by Awards in the form of Common Stock or units denominated in
         Common Stock, (ii) the exercise or other price in respect of such
         Awards, and (iii) the appropriate Fair Market Value and other price
         determinations for such Awards to give effect to such transaction shall
         each be proportionately adjusted by the Board to reflect such
         transaction; provided that such adjustments shall only be such as are
         necessary to maintain the proportionate interest of the holders of the
         Awards and preserve, without exceeding, the value of such Awards. In
         the event of a corporate merger, consolidation, acquisition of property
         or stock, separation, reorganization or liquidation, the Board shall be
         authorized to issue or assume Awards by means of substitution of new
         Awards, as appropriate, for previously issued Awards or to assume
         previously issued Awards as part of such adjustment.

                  (c) In the event of a corporate merger, consolidation,
         acquisition of property or stock, separation, reorganization or
         liquidation, the Board may make such adjustments to Awards or other
         provisions for the disposition of Awards as it deems equitable, and
         shall be authorized, in its discretion, (i) to provide for the
         substitution of a new Award or other arrangement (which, if applicable,
         may be exercisable for such property or stock as the Board determines)
         for an Award or the assumption of the Award, regardless of whether in a
         transaction to which Section 424(a) of the Code applies, (ii) to
         provide, prior to the transaction, for the acceleration of the vesting
         and exercisability of, or lapse of restrictions with respect to, the
         Award and, if the transaction is a cash merger, provide for the
         termination of any portion of the Award that remains unexercised at the
         time of such transaction or (iii) to provide for the acceleration of
         the vesting and exercisability of an

                                      -8-
<PAGE>

         Award and the cancellation thereof in exchange for such payment as
         shall be mutually agreeable to the Participant and the Board.

                  15. Restrictions. No Common Stock or other form of payment
shall be issued with respect to any Award unless the Company shall be satisfied
based on the advice of its counsel that such issuance will be in compliance with
applicable federal and state securities laws. Certificates evidencing shares of
Common Stock delivered under this Plan (to the extent that such shares are so
evidenced) may be subject to such stop transfer orders and other restrictions as
the Committee may deem advisable under the rules, regulations and other
requirements of the Securities and Exchange Commission, any securities exchange
or transaction reporting system upon which the Common Stock is then listed or to
which it is admitted for quotation and any applicable federal or state
securities law. The Committee may cause a legend or legends to be placed upon
such certificates (if any) to make appropriate reference to such restrictions.

                  16. Unfunded Plan. Insofar as it provides for Awards of cash,
Common Stock or rights thereto, this Plan shall be unfunded. Although
bookkeeping accounts may be established with respect to Participants who are
entitled to cash, Common Stock or rights thereto under this Plan, any such
accounts shall be used merely as a bookkeeping convenience. The Company shall
not be required to segregate any assets that may at any time be represented by
cash, Common Stock or rights thereto, nor shall this Plan be construed as
providing for such segregation, nor shall the Company, the Board or the
Committee be deemed to be a trustee of any cash, Common Stock or rights thereto
to be granted under this Plan. Any liability or obligation of the Company to any
Participant with respect to an Award of cash, Common Stock or rights thereto
under this Plan shall be based solely upon any contractual obligations that may
be created by this Plan and any Award Agreement, and no such liability or
obligation of the Company shall be deemed to be secured by any pledge or other
encumbrance on any property of the Company. Neither the Company nor the Board
nor the Committee shall be required to give any security or bond for the
performance of any obligation that may be created by this Plan.

                  17. Governing Law. This Plan and all determinations made and
actions taken pursuant hereto, to the extent not otherwise governed by mandatory
provisions of the Code or the securities laws of the United States, shall be
governed by and construed in accordance with the laws of the State of Delaware.

                  18. Effectiveness. This Plan shall be effective as of
September 13, 2002 (the "Effective Date"), the date on which it was approved by
the Board of Directors of the Company.

                                      -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]