Tuesday 6 March 2018

Oceaneering International, Inc. announced that one of its wholly owned subsidiaries 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 50 million pounds sterling.

Headquartered in Aberdeen, Scotland, Ecosse builds and operates seabed preparation, route clearance and trenching tools for submarine cables and pipelines on an integrated basis that includes vessels, ROVs and survey services. Enabling 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.

Oceaneering intends to report the future financial results of Ecosse through Oceaneering's Subsea Projects segment.