Oceaneering International, Inc., headquartered in Houston, Texas, has acquired Ecosse Subsea Limited, a provider of offshore engineering, seabed preparation, route clearance and trenching services to the renewable energy and oil and gas industries, for approximately $69 million.
Ecosse is headquartered in Aberdeen, Scotland. The company was recently awarded £2.5 million ($3.5 million) funding by Wave Energy Scotland to develop a magnetic gear system which could be pivotal in developing the next generation of wave energy convertors.
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."
Technologies acquired in the transaction include Ecosse's modular SCAR Seabed System, capable of completing the entire trenching work scope (route preparation, boulder clearance, trenching and backfill), and its newly developed SCARJet trenching system. The SCARJet is an evolutionary trenching system designed for use with standard work class ROVs and adds state of the art jetting and post-lay trenching capabilities to the existing pre-cut methods offered by the SCAR plowing tools.
Mike Wilson, former Chairman of Ecosse, said, "This is a strategic opportunity for our customers and our employees. Together we can establish a stronger platform to take on even larger and higher profile projects in the renewables and oil and gas industries."