Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Oceaneering International (NYSE: OII) shares jumped 12% today after the company posted solid earnings.

So what: The company posted earnings of $1.09 per share, easily beating analyst estimates of $0.94. Revenue of $516 million, up 7% from a year ago, also beat estimates.

Now what: The offshore oil service industry is picking up in the wake of the Gulf oil spill, and Oceaneering is a prime benefactor. I see no reason to think the trend won't continue given current regulatory conditions and a pickup in drilling activity once the Gulf fully opens. I'm buying these earnings as a sign of better things to come.

Interested in more info on Oceaneering International? Add it to your watchlist here by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool has a disclosure policy.