UPDATE 1-Oceaneering Q4 profit rises; sees weak Q1 earnings

* Q4 EPS $0.93

* Q4 revenue rises 9 pct

* Sees Q1 EPS of $0.60-$0.70, vs estimate of $0.75

Feb 18 (Reuters) - Oilfield services company Oceaneering International Inc (OII.N) posted a 12 percent rise in fourth-quarter profit, but forecast first-quarter earnings below market estimates as it has been hurt by a tight credit market and fall in oil prices.

The company expects 2009 earnings of $3 to $3.60 a share. Analysts on average were expecting $3.52 a share, before items, according to Reuters Estimates.

In October last year, the company said it could earn $4 a share or more in 2009 if oil prices averaged above $70 a barrel. Oil prices CLc1, however, were slightly lower than $35 a barrel on Wednesday.

In the fourth quarter, company posted a net income of $51 million, compared with $45.5 million a year ago. Revenue rose to $525.7 million.

The company said the latest quarter's results included an impairment charge of $5.7 million to reduce investment in the Ocean Pensador, an oil tanker held for possible conversion, to its fair value.

Analysts, on average, expected the company to earn 93 cents a share, before items, on revenue of $520.5 million.

The company said it expects capital expenses of $175 million in 2009. It also expects to repay a $105 million debt scheduled to mature this year.

Shares of the company closed at $30.49 Wednesday on the New York Stock Exchange.

For the alerts please click [ID:nWNAB4209] (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Himani Sarkar)