Approving an increase in the quarterly cash dividend paid to shareholders, deepwater oil industry services provider Oceaneering International (NYSE:OII) announced today that its board of directors approved a 22% increase in its quarterly cash dividend from $0.18 to $0.22 per share.

The new, higher payment will be made on June 20 to shareholders of record at the close of business on May 31.

Oceaneering began paying a quarterly dividend in 2011 at a rate of $0.15 per share and has increased it every year thus far. The new payout annualizes to $0.88 per share and would yield 1.4% at yesterday's closing price.

Oceaneering is a global provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Oceaneering also serves the defense, entertainment, and aerospace industries.

OII Dividend Chart

OII Dividend data by YCharts. Chart does not include current dividend increase.

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