Houston-headquartered Oceaneering International has, through one of its wholly-owned subsidiaries, acquired the Aberdeen-based Ecosse Subsea Limited for approximately GBP 50 million.
Ecosse builds and operates seabed preparation, route clearance and trenching tools for submarine cables and pipelines on an integrated basis that includes vessels, ROVs and survey services.
Enabling technologies acquired in the transaction include Ecosse's modular SCAR Seabed System, capable of completing the entire trenching work scope, and its newly developed SCARJet trenching system. The SCARJet is a trenching system designed for use with standard work class ROVs which adds jetting and post-lay trenching capabilities to the existing pre-cut methods offered by the SCAR ploughing tools.
Roderick A. Larson, President and Chief Executive Officer of Oceaneering, said: "We are pleased to complete the acquisition of Ecosse, which we believe offers Oceaneering the opportunity to expand our service line capabilities and grow our market position within the offshore renewable energy market, and provide our customers with proven tools to optimize installation projects. The addition of Ecosse reflects our commitment to expand into the adjacent renewable energy market to more comprehensively serve the offshore energy industry. We expect the acquisition to be accretive to Oceaneering's 2018 cash flow and earnings."