UPDATE 1-Oceaneering Q1 beats Street, raises FY profit view

* Q1 EPS $0.80 vs $0.68 estimate

* Q1 revenue $435 mln, below estimates

* Raises bottom of FY 2009 EPS view * Sees Q2 EPS $0.75-$0.85

April 29 (Reuters) - Oilfield services company Oceaneering International Inc (OII.N) reported better-than-expected first quarter profit as its remotely operated vehicles and subsea projects segments, and raised it profit view for the year.

"Subsea projects exceeded our projection as a result of performing more deepwater installation work and shallow water diving projects on hurricane damaged facilities," said Chief Executive T. Jay Collins, adding that the remotely operated vehicles segment was helped by lower-than-expected expenses.

First quarter net income rose 7 percent to $44.3 million or 80 cents per share. Revenue slipped to $435.1 million.

Analysts on average were expecting earnings of 68 cents a share, before special items, on revenue of $458.4 million, according to Reuters Estimates

The company forecast second quarter earnings in the range of 75 cents to 85 cents per share and raised the bottom range of its 2009 earnings outlook. It now sees full year earnings of $3.10 to $3.60 per share.

Shares of the company closed at $44.41 Wednesday on the New York Stock Exchange.

For the alerts, please double click [ID:nWNAB0563] (Reporting by Arup Roychoudhury in Bangalore; Editing by Savio D'Souza) (arup.roychoudhury@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arup.roychoudhury.reuters.com@reuters.net))