AquaTerra buys subsea engineering and technology firm
Offshore construction and engineering specialist, AquaTerra Group, has extended its capabilities with the acquisition of the trade and assets of subsea engineering and technology business SETS.
AquaTerra delivers engineering, construction, and decommissioning projects, including caisson and conductor inspection, repair and maintenance (IRM), removal and replacement. The company is currently involved in the removal and repair of more than 40 conductors and caissons in the North Sea.
Formed in 2011, SETS is focused primarily on conductor inspection and integrity, repair and maintenance. The company designs, manufactures, and implements remotely operated tooling to facilitate conductor cleaning and inspection, and repair clamp and shim installation.
The acquisition increases AquaTerra’s headcount to over 120 and provides a suite of additional equipment and capabilities.
Peter Robinson, AquaTerra Group’s Managing Director, said: “The acquisition of SETS represents a major step forward for our business and significantly enhances our offshore construction division. This acquisition means AquaTerra is now able to provide expert conductor and caisson intervention services both above and below the waterline.
“Our enhanced capability will provide clients with low-cost early engagement for asset assessment and condition monitoring, which will contribute to industry-wide goals to minimize asset downtime and maximize operational efficiency.”
SETS’ engineering team also brings smart intervention technology to AquaTerra, designed for splashzone and subsea conductor and caisson IRM operations. Remotely operated by multi-disciplined topsides team on the platform, the technology removes the need for diver support, dramatically reducing time and cost.
The acquisition builds on AquaTerra’s technology development focus, which includes an ongoing project with the Oil & Gas Technology Centre (OGTC) to develop AquaShim, a composite stabilization system for conductors. Successfully installed offshore, and with a growing order book from several North Sea operators, AquaShim becomes part of a suite of stabilization solutions with both topside and subsea applications.
AquaTerra said that plans were already in place for further investment over the next two years to develop additional tooling innovations including cutting and subsea composite wrapping of conductors, caissons, and risers.
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