Document:

<PAGE>   1
                                                                   EXHIBIT 10.20

AWARD NO. B-119                                                    14,188 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and JOHN R. HUFF (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 14,188
shares of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture

<PAGE>   2

(and restrictions terminated thereon) in accordance with the provisions of this
Paragraph 3. (The period of time between the Date of Grant and the vesting of
shares of Restricted Stock shall be referred to herein as the "Restricted
Period" as to those shares of stock.) The shares of Restricted Stock shall be
treated as described below for purposes of vesting and other terms and
conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   3

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   4

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                              OCEANEERING INTERNATIONAL, INC.

                                              By  /s/ George R. Haubenreich, Jr.
                                                 -------------------------------
                                                 George R. Haubenreich, Jr.
                                                 Senior Vice President,
                                                 General Counsel and
                                                 Secretary

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ John R. Huff
-------------------------------

<PAGE>   5
AWARD NO.  B-120                                                   8,392  SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and T. JAY COLLINS (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 8,392 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   6

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   7

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   8

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                          OCEANEERING INTERNATIONAL, INC.

                                          By /s/ George R. Haubenreich, Jr.
                                             -----------------------------------
                                             George R. Haubenreich, Jr.
                                             Senior Vice President,
                                             General Counsel and Secretary

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ T. Jay Collins
-------------------------------

<PAGE>   9
AWARD NO.  B-121                                                    3,620 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and BRUCE CRAGER (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 3,620 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   10

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   11

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   12

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                               OCEANEERING INTERNATIONAL, INC.

                                               By /s/ George R. Haubenreich, Jr.
                                                  ------------------------------
                                                  George R. Haubenreich, Jr.
                                                  Senior Vice President,
                                                  General Counsel and Secretary

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ Bruce Crager
-----------------------------------

<PAGE>   13
AWARD NO.   B-122                                                   2,400 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and MARVIN J. MIGURA (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 2,400 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   14

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   15

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   16

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                             OCEANEERING INTERNATIONAL, INC.

                                             By /s/ George R. Haubenreich, Jr.
                                                --------------------------------
                                                George R. Haubenreich, Jr.
                                                Senior Vice President,
                                                General Counsel and Secretary
The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ Marvin J. Migura
-----------------------------------

<PAGE>   17

AWARD NO.  B-123                                                    4,828 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and M. KEVIN MCEVOY (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 4,828 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   18

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   19

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   20

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                             OCEANEERING INTERNATIONAL, INC.

                                             By /s/ George R. Haubenreich, Jr.
                                                --------------------------------
                                                George R. Haubenreich, Jr.
                                                Senior Vice President,
                                                General Counsel and Secretary

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ M. Kevin McEvoy
-----------------------------------

<PAGE>   21

AWARD NO.  B-124                                                  1,200 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and GEORGE R. HAUBENREICH, JR. (the "Participant").
Except as defined herein, capitalized terms shall have the same meaning ascribed
to them under the 1996 Incentive Plan of Oceaneering International, Inc., as
from time to time amended, a copy of which is attached hereto and made a part
hereof for all purposes (the "Plan"). To the extent that any provision of this
Agreement conflicts with the express terms of the Plan, it is hereby
acknowledged and agreed that the terms of the Plan shall control and, if
necessary, the applicable provisions of this Agreement shall be hereby deemed
amended so as to carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 1,200 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   22

referred to herein as the "Restricted Period" as to those shares
of stock.) The shares of Restricted Stock shall be treated as described
below for purposes of vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   23

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   24

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                               OCEANEERING INTERNATIONAL, INC.

                                               By /s/ John R Huff
                                                  ------------------------------
                                                  John R. Huff
                                                  Chief Executive Officer

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ George R. Haubenreich, Jr.
------------------------------------

<PAGE>   25

AWARD NO.  B-125                                                   4,224  SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and F. RICHARD FRISBIE (the "Participant"). Except
as defined herein, capitalized terms shall have the same meaning ascribed to
them under the 1996 Incentive Plan of Oceaneering International, Inc., as from
time to time amended, a copy of which is attached hereto and made a part hereof
for all purposes (the "Plan"). To the extent that any provision of this
Agreement conflicts with the express terms of the Plan, it is hereby
acknowledged and agreed that the terms of the Plan shall control and, if
necessary, the applicable provisions of this Agreement shall be hereby deemed
amended so as to carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 4,224 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   26

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   27

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   28

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                             OCEANEERING INTERNATIONAL, INC.

                                             By /s/ George R. Haubenreich, Jr.
                                                --------------------------------
                                                George R. Haubenreich, Jr.
                                                Senior Vice President,
                                                General Counsel and Secretary
The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ F. Richard Frisbie
-----------------------------------

<PAGE>   29

AWARD NO.  B-126                                                      600 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and JOHN L. ZACHARY (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 600 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   30

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   31

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   32

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                             OCEANEERING INTERNATIONAL, INC.

                                             By /s/ George R. Haubenreich, Jr.
                                                --------------------------------
                                                George R. Haubenreich, Jr.
                                                Senior Vice President,
                                                General Counsel and Secretary

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ John L. Zachary
-----------------------------------

<PAGE>   33

AWARD NO.  B-128                                                    1,560 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and FRED E. SHUMAKER (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 1,560 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   34

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   35

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   36

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                             OCEANEERING INTERNATIONAL, INC.

                                             By /s/ George R. Haubenreich, Jr.
                                                --------------------------------
                                                George R. Haubenreich, Jr.
                                                Senior Vice President,
                                                General Counsel and Secretary

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ Fred E. Shumaker
------------------------------------

<PAGE>   37

AWARD NO.    B-127                                                  1,800 SHARES

                         OCEANEERING INTERNATIONAL, INC.
                   FY99 BONUS RESTRICTED STOCK AWARD AGREEMENT

                  THIS AGREEMENT is made as of the date set forth on the
signature page hereof, between Oceaneering International, Inc., a Delaware
corporation (the "Company"), and CLYDE W. HEWLETT (the "Participant"). Except as
defined herein, capitalized terms shall have the same meaning ascribed to them
under the 1996 Incentive Plan of Oceaneering International, Inc., as from time
to time amended, a copy of which is attached hereto and made a part hereof for
all purposes (the "Plan"). To the extent that any provision of this Agreement
conflicts with the express terms of the Plan, it is hereby acknowledged and
agreed that the terms of the Plan shall control and, if necessary, the
applicable provisions of this Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan.

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

                  (a) "Change in Control" means, with respect to the Company, if
(i) a third person, including a "group" as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, becomes the beneficial owner of shares of the
Company having 30 percent or more of the total number of votes that may be cast
for the election of directors of the Company, or (ii) as the result of, or in
connection with, any cash tender or exchange offer, merger or other business
combination, sale of assets or contested election or any combination of the
foregoing transactions (a "Transaction"), the persons who were directors of the
Company before the Transaction shall cease to constitute a majority of the Board
of Directors of the Company or of any successor to the Company. Without limiting
the foregoing, no "Change of Control" shall be deemed to have taken place for
the purposes of this Agreement, if a person or persons is appointed or elected
as a member(s) of the Board as a result of or in connection with a Transaction
or other event unless item (i) or (ii) above shall also have occurred.

                  (b) "Closing Stock Price" means, with respect to common stock
on a particular date, (i) if the shares of common stock are listed on a national
securities exchange, the last sale price per share of common stock on any such
national securities exchange 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 and, (ii) if the shares of Common Stock are not so listed but
are quoted in the NASDAQ National Market System, the last sale price per share
of shares of common stock reported on the NASDAQ National Market System 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.

                  (c) "Disability" means a physical or mental impairment of
sufficient severity that, in the opinion of a physician selected by the Company,
the Participant is unable to fulfill his duties.

                  2. Award. As an FY99 Bonus Award and in consideration of the
covenants and promises of the Participant herein contained, pursuant to action
taken by the Committee on June 17, 1999 (the "Date of Grant"), the Company
hereby awards to the Participant as of the Date of Grant a total of 1,800 shares
of Common Stock, pursuant to the Plan, subject to the conditions and
restrictions set forth below and in the Plan (the "Restricted Stock").

                  3. Restrictions on Transfer. The shares of Restricted Stock
granted hereunder to the Participant may not be sold, assigned, transferred,
pledged or otherwise encumbered from the Date of Grant until said shares shall
have become vested and not otherwise subject to forfeiture (and restrictions
terminated thereon) in accordance with the provisions of this Paragraph 3. (The
period of time between the Date of Grant and the vesting of shares of Restricted
Stock shall be

<PAGE>   38

referred to herein as the "Restricted Period" as to those shares of stock.) The
shares of Restricted Stock shall be treated as described below for purposes of
vesting and other terms and conditions of this Agreement:

                  (a) Vesting of Common Stock: The shares of the Restricted
Stock shall vest 25% on June 18, 1999, 25% on June 23, 2000, 25% on June 22,
2001 and 25% on June 21, 2002. Upon termination of a Participant's employment
(with or without cause, voluntary, involuntary or for any reason whatsoever
except as provided in Sections 3(c) and 3(d)), all Restricted Stock for which
the conditions of the applicable provisions of this paragraph (a) have not been
satisfied as of the date of such termination of employment shall be forfeited.

                  (b) Tax Reimbursement: Within 10 days after the expiration of
the Restricted Period with respect to a particular share of Restricted Stock,
the Company shall pay to the Participant an amount sufficient to provide for the
payment of all United States federal income taxes imposed with respect to
Participant's acquisition of such share, as well as an amount sufficient to
reimburse Participant for the tax obligation on such amounts so that Participant
is paid an amount as a tax assistance payment by the Company sufficient to fund
all of his income taxes on both the share of Restricted Stock and the tax
assistance payment. In the event the Participant is not at the time a tax
assistance payment is to be made subject to United States income tax, such tax
assistance payment shall be computed by reference to the income tax of the laws
of the country to which the participant is subject; provided, however, that such
tax assistance payment shall not exceed the amount that would have been payable
if the Participant were subject solely to United States income tax. No United
States state (or equivalent foreign) income taxes will be considered in
determining tax assistance payments. The Committee shall have sole and complete
discretion in the calculation of tax assistance payments, and the determination
of the Committee shall be final and binding on the Participant except in the
case of bad faith or willful misconduct. In computing the tax assistance
payment, it shall be assumed that the Participant is at the maximum marginal tax
rate for individual taxpayers. Subject to Section 3(c), in the event a
Participant sells any share of Restricted Stock within three years after
expiration of the Restricted Period with respect to such Restricted Stock, the
Participant shall immediately pay to the Company the amount of the tax
assistance payment previously received by the Participant from the Company with
respect to such share.

                  (c) Effect of Change in Control: In the event a Change in
Control occurs prior to the time that the conditions of paragraph (b) above have
been satisfied with respect to a share of Restricted Stock, and upon such Change
in Control, the requirements of paragraph (b) above shall be deemed to have been
satisfied on the the date of such Change of Control, and tax assistance payments
shall be made with respect to such shares within 10 days thereafter.

                  (d) Effect of Death or Disability. In the event of the death
or Disability of the Participant while employed by the Company, the conditions
of paragraph (b) above shall be deemed immediately satisfied and tax assistance
payments shall be made by Company to the Participants with respect to such event
within 30 days thereafter.

                  (e) Dividends: Dividends (other than dividends in capital
stock) with respect to shares of Restricted Stock shall be paid to the
Participant without regard to the restrictions otherwise applicable to such
shares. Dividends in capital stock of the Company shall accumulate and be
associated with the Restricted Stock to which they relate and shall vest at the
time such Restricted Stock vests.

                  (f) Voting of Common Stock: A Participant shall have the right
to exercise any voting rights appurtenant to Restricted Stock without regard to
any restrictions otherwise imposed by reason of this Agreement.

<PAGE>   39

                  4. Code Section 83(b) Election. The Participant shall not make
an election, under Code Section 83(b), to include in income the fair market
value of the Restricted Stock in respect of this award of Restricted Stock on
the Date of Grant.

                  5. Sale of Restricted Stock. The Participant shall not sell
Restricted Stock except pursuant to an effective registration statement under
the Securities Act of 1933 (or pursuant to an exemption from registration under
such act), and the Participant hereby represents that he is acquiring the
Restricted Stock for his own account and not with a view to the distribution
thereof.

                  6. Escrow of Certificates. The certificates representing
shares of Restricted Stock shall be registered in the name of the Participant
and deposited, together with a stock power endorsed by the Participant in blank,
with the Corporate Secretary of the Company during the Restricted Period. Each
such certificate shall bear a legend as provided by the Company, conspicuously
referring to the terms, conditions and restrictions described in the Plan and in
this Agreement. Subject to the provisions of Section 7 below, upon termination
of the Restricted Period with respect to shares of Restricted Stock, a
certificate representing such shares shall be delivered to the Participant as
promptly as practicable following such termination.

                  7. Withholding of Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to the Participant by the Company
unless the Participant (or Beneficiary, as defined in Section 8 below) remits to
the Company the amount of all federal, state and other governmental withholding
tax requirements imposed upon the Company with respect to the issuance of such
shares or unless provisions to so pay such withholding requirements have been
made to the satisfaction of the Committee.

                  8. Beneficiary Designations. The Participant may file with the
Corporate Secretary of the Company a designation of one or more beneficiaries
(each a "Beneficiary") to whom shares otherwise due the Participant shall be
distributed in the event of the death of the Participant while in the employ of
the Company. The Participant shall have the right to change the Beneficiary or
Beneficiaries from time to time; provided, however, that any change shall not
become effective until received in writing by the Corporate Secretary of the
Company. If any designated Beneficiary survives the Participant but dies before
receiving all of his benefits hereunder, any remaining benefits due him shall be
distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file at the time of the Participant's death, or if
the designated Beneficiary or Beneficiaries have all predeceased such
Participant, the payment of any remaining benefits shall be made to the
Participant's estate. In the event of any dispute, the Company shall be fully
protected and discharged of its obligations under this Agreement if it delivers
the shares otherwise due a Participant to the probate court administering his
estate.

                  9. Limitation of Rights. Nothing in this Agreement or the Plan
shall be construed to:

                  (a) give the Participant any right to be awarded any
Restricted Stock other than in the sole discretion of the Committee;

                  (b) give the Participant or any other person any interest in
any fund or in any specified asset or assets of the Company or any affiliate of
the Company; or

                  (c) confer upon the Participant the right to continue in the
employment or service of the Company or any affiliate of the Company, or affect
the right of the Company or any affiliate of the Company to terminate the
employment or service of the Participant at any time or for any reason.

                  The Committee shall have the discretion to make determinations
under this Agreement and Plan, and such determinations shall be final and
binding on the Participant except in the case of bad faith and willful
misconduct.

<PAGE>   40

                  10. Nonalienation of Benefits. Except as contemplated by
Section 8 above, no right or benefit under this Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary, or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Participant or his Beneficiary hereunder shall
become bankrupt or attempt to transfer, anticipate, alienate, assign, sell,
pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Section 8 above, or if any creditor shall attempt to subject the
same to a writ of garnishment, attachment, execution, sequestration, or any
other form of process or involuntary lien or seizure, then such right or benefit
shall cease and terminate.

                  11. Prerequisites to Benefits. Neither the Participant, nor
any person claiming through the Participant, shall have any right or interest in
the Restricted Stock awarded hereunder, unless and until all the terms,
conditions and provisions of this Agreement and the Plan which affect the
Participant or such other person shall have been complied with as specified
herein.

                  12. Rights as a Stockholder. Subject to the limitations and
restrictions contained herein, the Participant (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of Restricted Stock once such
shares have been registered in his name hereunder.

                  13. Successors and Assigns. This Agreement shall bind and
inure to the benefit of and be enforceable by the Participant, the Company and
their respective permitted successors and assigns (including personal
representatives, heirs and legatees), except that the Participant may not assign
any rights or obligations under this Agreement except to the extent and in the
manner expressly permitted herein.

                  14. The Committee shall have sole and complete discretion in
the interpretation of this Agreement and the determination of the Committee
shall be final and binding on the Participant except in the case of bad faith or
willful misconduct.

                  15. Governing Law. This Agreement shall be governed by,
construed and enforced in accordance with the laws of the State of Delaware.

                  16. Gender and Number. Whenever the context requires or
permits, the gender and number of words shall be interchangeable.

                  This Agreement is executed and delivered, in duplicate,
pursuant to the Plan, the provisions of which are incorporated herein by
reference.

                  Dated: June 18, 1999.

                                             OCEANEERING INTERNATIONAL, INC.

                                             By /s/ George R. Haubenreich, Jr.
                                                ------------------------------
                                                George R. Haubenreich, Jr.
                                                Senior Vice President,
                                                General Counsel and Secretary

The undersigned Participant accepts
the Restricted Stock subject to all
the terms of this Agreement.

/s/ Clyde E. Hewlett
-----------------------------------<PAGE>   1
                                                                     EXHIBIT 4.7

                    FIRST AMENDMENT TO STOCKHOLDER AGREEMENT

                  THIS FIRST AMENDMENT TO STOCKHOLDER AGREEMENT (this
"AGREEMENT") is entered into on September 29, 2000 by and among ENERGY PARTNERS,
LTD., a Delaware corporation (the "COMPANY"), EVERCORE CAPITAL PARTNERS L.P.,
EVERCORE CAPITAL PARTNERS (NQ) L.P. and EVERCORE CAPITAL OFFSHORE PARTNERS L.P.,
each a limited partnership organized under the laws of the State of Delaware
(collectively, the "EVERCORE ENTITIES"), ENERGY INCOME FUND, L.P., a limited
partnership organized under the laws of the State of Delaware ("EIF"), and the
individual stockholders of the Company signatories hereto. Terms used but not
defined herein have the meanings assigned to such terms in the Stockholder
Agreement (the "STOCKHOLDER AGREEMENT") dated November 17, 1999 by and among the
Company, the Evercore Entities, EIF and the individual stockholders of the
Company party thereto (the "INDIVIDUAL STOCKHOLDERS").

                  WHEREAS, the Company, the Evercore Entities, EIF and the
Individual Stockholders are party to the Stockholder Agreement.

                  WHEREAS, the parties hereto wish to amend the Stockholder
Agreement as set forth in this Agreement.

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

                  1. Section 2.1(b) is amended by replacing the first sentence
with the following:

                           "The Evercore Entities, Evercore Permitted
         Transferees, EIF, EIF Permitted Transferees, and, subject to Section
         2.1(c) with respect to Management Shareholders, the Individual
         Shareholders and Shareholder Transferees may Dispose of any Securities,
         in whole or in part, at any time or from time to time to Evercore
         Permitted Transferees, EIF Permitted Transferees or Shareholder
         Permitted Transferees without any restriction, except for limitations
         and restrictions under the Securities Act, and except that the
         Individual Shareholders and Shareholder Transferees may not Dispose of
         any Securities for a period of 180 days following the date of
         consummation of a Qualifying Public Offering."

                  2. Section 2.1(c) is deleted in its entirety and replaced with
the following:

                                    "(c) Without prior approval of the
                           Compensation Committee, Management Shareholders and
                           Shareholder Transferees may not Dispose of any shares
                           of Common Stock other than to Shareholder Transferees
                           for three years after the date of consummation of a
                           Qualifying Public

<PAGE>   2

                                      -2-

                           Offering; provided, however, that, without being
                           subject to the provisions of this Agreement other
                           than Section 2.4,

                                    (i) subject to clause (y) of the proviso to
                           Section 2.1(c)(iii), a Management Shareholder and his
                           or her Shareholder Transferees may Dispose of the
                           percentage of shares of Common Stock owned on the
                           date of the First Amendment by such Management
                           Shareholder and his or her Shareholder Transferees on
                           or after the dates set forth below:

<TABLE>
<CAPTION>

                           Percentage               Date
                           ----------               ----

                           <S>      <C>
                              0%    On or after date of Qualifying Public
                                    Offering and prior to first annual
                                    anniversary of a Qualifying Public Offering

                             25%    On or after first annual anniversary of
                                    Qualifying Public Offering and before second
                                    annual anniversary of Qualifying Public
                                    Offering

                             50%    On or after second annual anniversary of
                                    Qualifying Public Offering and before third
                                    annual anniversary of Qualifying Public
                                    Offering

                            100%    On or after third annual anniversary of
                                    Qualifying Public Offering
</TABLE>

                           provided that (x) the percentages applicable to
                           Richard A. Bachmann shall be 0%, 15%, 30% and 100%,
                           respectively, (y) shares of Common Stock (or options
                           to acquire such shares) which vest following the date
                           of the First Amendment shall be deemed to be owned by
                           such Management Shareholder on the date of the First
                           Amendment effective as of the date of vesting, and
                           (z) shares of Common Stock (or options to acquire
                           such shares) acquired by a Management Shareholder
                           following the date of the First Amendment shall be
                           subject to such restrictions on transfer as may be
                           imposed by the Compensation Committee, and shall not
                           be deemed subject to this Section 2.1(c);

                                    (ii) a Management Shareholder that has
                           ceased to be an employee of the Company as a result
                           of a termination without Cause shall be permitted to
                           Dispose of shares of Common Stock; and

<PAGE>   3
                                      -3-

                                    (iii) a Management Shareholder may pledge,
                           encumber or grant a security interest in up to 50% of
                           the Common Stock beneficially owned by him or her;
                           provided that (y) in no event shall shares of Common
                           Stock encumbered pursuant to this clause, plus shares
                           of Common Stock sold pursuant to Section 2.1(c)(i),
                           exceed 50% of the shares of Common Stock owned by
                           such Management Shareholder and his or her
                           Shareholder Transferees on the date of the First
                           Amendment prior to the third anniversary of a
                           Qualifying Public Offering and (z) the pledgee of
                           such shares shall agree that the shares so pledged
                           will remain subject to the provisions of this
                           Agreement as shares of a Management Shareholder."

                  3. Section 4.1 is deleted in its entirety and replaced with
the following:

                  "SECTION 4.1. COVENANTS. Until the Transition Date, without
         the Required Approval, except as provided in Section 8.1, the Company
         will not take any of the following actions:

                  (a) consolidate or merge with or into any Person or enter into
         any similar business combination, transaction or series of
         transactions, except any such transaction or series of transactions, as
         the case may be, involving only Wholly Owned Subsidiaries of the
         Company;

                  (b) amend or repeal any provision of, or add any provision to,
         the Company's Certificate of Incorporation, Bylaws or any Certificate
         of Designation or otherwise alter or change the preferences, rights,
         privileges or powers of the Securities;

                  (c) create, designate, reclassify, authorize the issuance of,
         or issue or sell any new series or class of securities or increase the
         authorized number of, authorize the issuance of, or issue, any
         additional shares of securities, except in connection with redemptions
         or repurchases of preferred stock under the Certificates of
         Designation;

                  (d) except as specifically provided otherwise in this
         Agreement, change or modify the size of the Company's Board of
         Directors or any provision of the Company's Restated Certificate of
         Incorporation, Certificate of Designation, Bylaws or other governance
         document establishing requirements for quorum or action of the
         Company's Board of Directors;

                  (e) voluntarily liquidate, dissolve, wind up or discontinue
         the business of the Company;

<PAGE>   4
                                      -4-

                  (f) pay, declare or set aside any sums for the payment of, any
         dividends, or make any distributions on, any Securities except as
         required by the terms of the Preferred Stock;

                  (g) redeem, purchase or otherwise acquire any of its
         Securities or redeem, purchase or make any payments with respect to any
         stock appreciation rights, phantom stock plans or similar rights or
         plans relating to the Company or its subsidiaries, except for
         redemptions or repurchases of Preferred Stock permitted under the
         Certificates of Designation;

                  (h) purchase, acquire or obtain any capital stock or other
         proprietary interest, directly or indirectly, in any other entity or
         all or substantially all of the business or assets of another Person
         for consideration (including assumed liabilities) in excess of
         $2,500,000;

                  (i) enter into or commit to enter any joint ventures or any
         partnerships or establish any non-Wholly Owned Subsidiaries, in each
         case, where the contributions or investments by the Company are in
         excess of $2,500,000 in cash or assets, except as set forth or provided
         for in a capital expenditure budget of the Company set forth in Exhibit
         D or approved after the Effective Date under subpart (o) below;

                  (j) sell, lease, transfer or otherwise dispose of any asset or
         group of assets, in an aggregate amount (as to the Company and all of
         its subsidiaries), for consideration in excess of $2,500,000 in a
         single transaction or in a series of related transactions;

                  (k) create, incur, assume or suffer to exist any indebtedness
         for borrowed money of the Company or any of its subsidiaries in an
         aggregate amount (as to the Company and all of its subsidiaries) in
         excess of $2,500,000, except for any indebtedness to be repaid upon
         consummation of a Qualifying Public Offering;

                  (l) mortgage, encumber, create, incur or suffer to exist,
         liens on its assets, in an aggregate amount (as to the Company and all
         of its subsidiaries) in excess of $2,500,000, except for liens on
         assets that exist as of the date hereof and liens incurred after the
         Effective Date in the ordinary course of business that do not secure
         indebtedness for borrowed money or capitalized lease obligations;

                  (m) increase any compensation or benefits or enter into or
         amend any employment agreement with any of its current or future
         officers or directors or adopt any new employee benefit plan or amend
         any existing employee benefit plan in any material respect that
         provides benefits more favorable to participants in such plans, except
         for such changes to or new plans set forth on Schedule 4.1;

<PAGE>   5
                                      -5-

                  (n) make any award of any restricted stock or stock options or
         other stock-based compensation to any Person or reallocate any such
         awards, including the shares referenced in Section 7.1 to be executed
         and delivered at the Effective Date;

                  (o) adopt, approve or amend (in excess of $3,000,000 in the
         aggregate) any capital budget or operating budget of the Company or
         make expenditures (in excess of $3,000,000 in the aggregate) not
         contemplated by a capital or operating budget of the Company, except
         for individual operating expenditures of $100,000 or less in the
         ordinary course that require immediate action by the Company and that
         would otherwise cause the total expenditures not contemplated by a
         capital or operating budget of the Company to exceed $3,000,000;

                  (p) engage in hedging transactions with respect to oil and/or
         gas prices; and

                  (q) agree in writing or otherwise to take any of the foregoing
         actions.

         Nothing in this Section 4.1 shall affect, impair or limit the
         requirements of class voting with respect to the Preferred Stock set
         forth in the Certificates of Designation. For purposes of this Section
         4.1, the "REQUIRED APPROVAL" means, (i) for so long as Richard A.
         Bachmann serves on the Board and is Chief Executive Officer of the
         Company, the approval of Mr. Bachmann and an Evercore Approval
         Director, (ii) if Mr. Bachmann either no longer serves on the Board or
         is not Chief Executive Officer of the Company, the approval of an
         Evercore Approval Director and (iii) with respect to any cash dividends
         on Common Stock, the approval of an Evercore Approval Director and
         either Mr. Bachmann or a majority of the members of the Independent
         Committee."

                  4. The definitions of "CAUSE" and "MANAGEMENT SHAREHOLDERS"
are deleted in their entirety and replaced with the following:

              " `CAUSE', with respect to any Management Shareholder, has the
              meaning set forth in the Employment and Stock Ownership Agreement
              of such Management Shareholder (collectively, the "EMPLOYMENT
              AGREEMENTS")."

              " `MANAGEMENT SHAREHOLDERS' means, for purposes of Section 7.1(d),
              those individuals set forth on Exhibit E, and for any other
              purpose, Messrs. Richard Bachmann, Clinton Coldren, Wayne
              Greenwalt, John McCandless, Don Olson, James Orth, Louis Willhoit,
              Jr. and Ken Smith, and Mses. Suzanne Baer and Jean Stallard, and
              any other individuals who sign an Additional Party Counterpart as
              a Management Shareholder after the date hereof."

                  5. The following definition is hereby added:

<PAGE>   6
                                      -6-

         " `FIRST AMENDMENT' means the First Amendment to Stockholder Agreement
         dated September 29, 2000."

                  6. Section 9.15 is deleted in its entirety and replaced with
         the following:

                  "SECTION 9.15. EMPLOYMENT AGREEMENTS. Upon any Management
         Shareholder's resignation or termination for Cause, the provisions of
         Section 2.1 shall not apply to a transaction to acquire Securities
         pursuant to the Employment Agreement of such Management Shareholder."

                  7. By their execution hereof, Richard A. Bachmann and the
Evercore Entities acknowledge that the Required Approval has been obtained for
the execution, delivery and performance of this Agreement and the form of Second
Amendment to Employment Agreement attached to this Agreement as Annex 1.

                  8. Except as expressly set forth herein, the terms of the
Stockholder Agreement are unchanged, and the Stockholder Agreement, as amended
by this Agreement, is hereby confirmed and ratified.

                  9. This Agreement may be executed in multiple counterparts,
each of which shall be deemed an original and all of which shall, taken
together, be considered one and the same agreement, it being understood that the
parties need not sign the same counterpart.

                  10. This Agreement shall become effective upon the later to
occur of the date of (i) the execution of this Agreement by the Company, the
Evercore Entities, EIF and the holders of a majority of the Securities owned by
Individual Shareholders, and (ii) the consummation of a Qualifying Public
Offering. For the avoidance of doubt, following 180 days after the effectiveness
of this Agreement, Section 2.4 is the only restriction on Individual
Shareholders who are not also Management Shareholders.

<PAGE>   7

                                      S-1

                  IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement as of the date first above written.

                                         ENERGY PARTNERS, LTD.

                                         By:
                                            ------------------------------------
                                            Name: Richard A. Bachmann
                                            Title: Chairman, President and Chief
                                                   Executive Officer

                                         EVERCORE CAPITAL PARTNERS L.P.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         EVERCORE CAPITAL PARTNERS (NQ) L.P.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         EVERCORE CAPITAL OFFSHORE PARTNERS L.P.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>   8
                                      S-2

                                         EVERCORE CO-INVESTMENT PARTNERSHIP L.P.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         ENERGY INCOME FUND, LP

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         ---------------------------------------
                                         Richard Bachmann

                                         ---------------------------------------
                                         Suzanne Baer

                                         ---------------------------------------
                                         Wayne Greenwalt

                                         ---------------------------------------
                                         William O. Hiltz

                                         ---------------------------------------
                                         John McCandless

                                         ---------------------------------------
                                         Don Olson

                                         ---------------------------------------
                                         James Orth

<PAGE>   9
                                      S-3

                                         ---------------------------------------
                                         Louis Willhoit, Jr.

                                         ---------------------------------------
                                         Jean Stallard

                                         ---------------------------------------
                                         Clinton Coldren

                                         ---------------------------------------
                                         Ken Smith

                                         ---------------------------------------
                                         Thomas DeBrock

                                         ---------------------------------------
                                         Ken Meyers

                                         ---------------------------------------
                                         John Phillips

                                         ---------------------------------------
                                         Eamon Kelly

                                         ---------------------------------------
                                         Harold Carter

                                         ---------------------------------------
                                         Franklin W. Hobbs

<PAGE>   10
                                      S-4

                                         OIL AND GAS RENTAL SERVICES, INC.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         VATICAN VENTURES, L.L.C.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         ---------------------------------------
                                         Stephen A. Loeb

                                         NELL LABATT FAMILY LIMITED PARTNERSHIP

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         MORGAN KEEGAN AND COMPANY, INC.,
                                         CUSTODIAN FBO DONALD A. OLSON IRA

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>   11
                                      S-5

                                         TUNDRA RESOURCES, L.L.C.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         ---------------------------------------
                                         Jeff Feinman

                                         ---------------------------------------
                                         Marvin Gearhart

                                         ---------------------------------------
                                         Lucy T. Riess

                                         ---------------------------------------
                                         F. Kelleher Riess

                                         ---------------------------------------
                                         Gerald E. Songy

                                         L Z P, L.L.C.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>   12
                                      S-6

                                         CROSBY LAND AND RESOURCES, A
                                         MISSISSIPPI PARTNERSHIP

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         ---------------------------------------
                                         Anthony J. Magro

                                         TRI-C PROPERTIES, L.L.C.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                         CORPORATE CAPITAL, L.L.C.

                                         By:
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>   13
                                                                         ANNEX 1

SECOND AMENDMENT TO
EMPLOYMENT AND
STOCK OWNERSHIP AGREEMENT
                                                        UNITED STATES OF AMERICA
BY AND BETWEEN
                                                        STATE OF LOUISIANA
ENERGY PARTNERS, LTD.
                                                        PARISH OF ORLEANS
AND

[NAME OF EMPLOYEE]

                  THIS SECOND AMENDMENT TO EMPLOYMENT AND STOCK OWNERSHIP
AGREEMENT (this "Second Amendment") is entered into in New Orleans, Louisiana on
this 29th day of September, 2000, by and between [Name of Employee], an
individual of the full age of majority domiciled in the Parish of Orleans, State
of Louisiana (hereinafter called "Employee"), and Energy Partners, Ltd., a
corporation organized and existing under the laws of the State of Delaware
(hereinafter called the "Company"), represented herein by its duly authorized
President, Richard A. Bachmann.

                  WHEREAS, Employee and the Company entered into that certain
Employment and Stock Ownership Agreement dated June 5, 1998;

                  WHEREAS, Employee and the Company entered into that certain
First Amendment to Employment and Stock Ownership Agreement dated November 17,
1999;

                  WHEREAS, Employee entered into a Stockholder Agreement dated
November 17, 1999, by and among the Company, Employee and the other shareholders
of the Company named therein;

                  WHEREAS, concurrent with the execution hereof, Employee is
entering into a First Amendment to Stockholder Agreement dated September 29,
2000 ("First Amendment"), by and among the Company, Employee and the other
shareholders of the Company named therein;

                  NOW, THEREFORE, the parties agree as follows:

<PAGE>   14
                                      -2-

                  1. The definition of "Stockholder Agreement" contained in
Section 2.2 shall mean such Stockholder Agreement as amended by the First
Amendment.

                  2. Section 2.7 is amended by adding the following at the end
thereof:

              "; provided further, however, if the Employee's employment
              terminates as contemplated in this Section 2.7 other than in the
              circumstances set forth in the immediately preceding proviso, the
              number of Shares that may be acquired as set forth in Section 2.12
              shall, depending on the date the Employee's employment terminates,
              be equal to the number of Shares owned by Employee on the date of
              this Second Amendment multiplied by the following fraction:

<TABLE>
<CAPTION>

                         Fraction
                         of Shares             Date of Termination
                         ---------             -------------------
<S>                                 <C>
                           3/4      On or after date of consummation of
                                    Qualifying Public Offering and before first
                                    anniversary of Qualifying Public Offering

                           1/2      On or after first anniversary of Qualifying
                                    Public Offering and before second
                                    anniversary of Qualifying Public Offering

                           1/4      On or after second anniversary of Qualifying
                                    Public Offering and before third anniversary
                                    of Qualifying Public Offering

                            0       On or after third anniversary of Qualifying
                                    Public Offering
</TABLE>

                  3. This Second Amendment shall become effective upon
consummation of a Qualifying Public Offering.

<PAGE>   15

                                      -3-

                  IN WITNESS WHEREOF, the parties hereto have set forth their
hand on the day, month and year first above written in multiple originals, each
of which shall have the same force and effect as if it were the same original.

WITNESSES:                                ENERGY PARTNERS, LTD.

                                          By:
-------------------------------              -----------------------------------
Name:                                        Name:
                                             Title:

-------------------------------
Name:

WITNESSES:

                                          By:
-------------------------------              -----------------------------------
Name:                                        Name:

-------------------------------
Name:

WITNESSES:                                ACKNOWLEDGED AND AGREED TO THE TERMS
                                          HEREOF:

                                          By:
-------------------------------              -----------------------------------
Name:                                        Spouse

-------------------------------
Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]