Acteon swaps companies with Actuant Corporation
Subsea services group Acteon has signed a definitive agreement to buy Viking Seatech, a provider of temporary and permanent mooring services, from Actuant Corporation.
Acteon said that the acquisition of Viking Seatech would broaden the group’s existing mooring business with a local presence in both Australia and Indonesia.
Viking Seatech offers marine engineering and consultancy for assurance, inspection, audits, and surveys. The company also specializes in mooring equipment for offshore installation and recovery as well as and rig positioning.
According to Actuant’s statement from Wednesday, Acteon bought Viking Seatech for approximately $12 million, much less than the price tag of £150 million ($193 million at current exchange rates) that Actuant bought it for in 2013.
Randy Baker, Actuant president and CEO, said: “The decision to divest Viking was not taken lightly, but it is consistent with our strategy to concentrate our energy offerings where we can provide the most value over the long term. It also helps to simplify and stabilize our portfolio by significantly limiting exposure to upstream, offshore oil & gas.”
Another company to swap hands was Mirage Machines, a manufacturer of portable machine tools, which Actuant bought from Acteon for $16 million, plus potential future performance based consideration.
Baker added that the acquisition of the UK-based Mirage business would complement Actuant’s wholly-owned subsidiary, Hydratight.
The two transactions will close simultaneously and are subject to customary regulatory approvals and closing conditions.
Offshore Energy Today Staff