Oceaneering expands subsea services with Blue Ocean buy
- Business & Finance
Subsea services provider Oceaneering International has acquired the assets of Blue Ocean Technologies, a privately held provider of riserless light well intervention (RLWI) services, for approximately $30 million in cash.
Oceaneering said on Monday that the acquisition includes three RLWI systems, two of which are currently under construction, and are expected to be fully functional by mid-2017.
Also, the company said that it would invest an additional $10 million to complete the construction of the two RLWI systems.
Blue Ocean’s RLWI systems can perform well intervention services which include well diagnostics, damaged well remediation and workovers, and well plugging and abandonment.
According to Oceaneering, Blue Ocean’s RLWI technology holds the current depth record for deepwater riserless intervention at 8,200 feet (2,500m).
Kevin McEvoy, Chief Executive Officer of Oceaneering, said: “We are pleased to complete the acquisition of Blue Ocean, which we believe will enable us to further penetrate the subsea well intervention market and support existing and new customers with additional safe, cost effective subsea solutions.”