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Oceaneering International (NYSE: OII) shares are in play today after the stock was recommended by CNBC's Jim Cramer on his Mad Money program. The hedge fund manager turned television star believes that the company's offshore drilling robotic operated vehicles (ROVs) are the next big things in the industry as it makes drilling a lot more safe and efficient.

Oceaneering is the largest producer of these robots, controlling some 34% of the market while 75% of its revenues are derived from the business. Cramer also pointed out that the company's ROV unbilical business, which supplies power and fluid cables between the ROVs and their ships and platforms, also makes it a competitive force in the industry.

Oceaneering International's stock currently trades at 23.6x earnings, which is slightly higher than its industry. Additionally, the firm's gross margins are lower than its industry despite higher quarterly revenue growth. Jim Cramer and other analysts contend that a higher growth rate going forward can justify the slightly higher multiple and equate to a higher share price in the long-term.

The recommendation comes shortly after another recommendation he gave on June 17th.

Shares of Oceaneering International dropped $2.23, or 2.78%, to $75.83 on the news.

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