Oceaneering Acquires Spectrum Sales & Services (USA)
- Business & Finance
Oceaneering International, Inc. has acquired Spectrum Sales & Services LLC, a nondestructive examination (NDE) company that has developed subsea pipeline inspection technology based on the use of Electro Magnetic Acoustic Transducer (EMAT) technology.
Spectrum currently serves the oil and gas, petrochemical, and power industries primarily in the Gulf Coast Region of the United States. Spectrum’s revenue for 2013 was approximately $4 million.
This acquisition adds the EMAT service line to Oceaneering’s Asset Integrity business segment, which Oceaneering intends to grow by leveraging its global footprint.
Press Release, June 18, 2014