Oceaneering gets Ecosse under its wings in a £50M sale deal
Global provider of engineered services and products Oceaneering International has acquired Ecosse Subsea through one of its subsidiaries.
A provider of offshore engineering, seabed preparation, route clearance and trenching services to the renewable energy and oil and gas industries, Ecosse Subsea, has been acquired for approximately £50 million, the companies said in a joint press release.
Enabling technologies acquired in the transaction include Ecosse’s modular SCAR Seabed System, capable of completing the entire trenching work, 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.”
Mark Gillespie, Director, Global Renewables and Subsea Projects of Ecosse, said: “We are excited to become part of Oceaneering. With Oceaneering’s global strength, we expect to be better positioned to further penetrate the growing and emerging renewables and cable markets in Europe and the United States.”