Oceaneering Wraps Up C & C Technologies Deal
- Business & Finance
Oceaneering has closed the previously announced definitive agreement to acquire C & C Technologies.
Headquartered in Lafayette, Louisiana, C&C is a provider of ocean-bottom mapping services in deepwater utilizing customized autonomous underwater vehicles and provides marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs and seismic and construction vessels.
C&C also provides land and near-shore survey services along the U.S. Gulf Coast and in Mexico, and performs shallow water conventional geophysical surveys in the U.S. Gulf of Mexico, Oceaneering wrote.
Earlier in February this year, when the acquisition was first announced, Oceaneering also informed that Thomas Chance, Co-founder and President of C&C, has agreed to remain with the company for at least a year, to facilitate a smooth transition. He will assist in assimilating C&C’s business into Oceaneering and developing a plan for growth that takes advantage of Oceaneering’s existing service line capabilities to provide integrated solutions for customers.
Subject to customary post-closing working capital adjustments, the acquisition price of approximately $230 million was paid in cash.