Oceaneering Buys Ecosse Subsea
Oceaneering International has acquired Ecosse Subsea, a provider of offshore engineering, seabed preparation, route clearance and trenching services, for approximately GBP 50 million.
Enabling technologies acquired in the transaction include Ecosse’s modular SCAR seabed system and its newly developed SCARJet trenching system.
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.”
Mike Wilson, former chairman of Ecosse, said, “This is a strategic opportunity for our customers and our employees. Oceaneering has outstanding people, a global presence, innovative technologies and diversified services and products. Together we can establish a stronger platform to take on even larger and higher profile projects in the renewables and oil and gas industries.”
Oceaneering intends to report the future financial results of Ecosse through Oceaneering’s Subsea Projects segment.