Wednesday 22 August 2018

Tekmar Group plc, a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, is pleased to announce that it has today signed a sale and purchase agreement for the acquisition of Subsea Innovation Ltd. The Proposed Acquisition is subject to shareholder approval.

The proposed acquisition represents the Group’s first transaction since its successful AIM admission in June 2018, launching the Group’s strategy to acquire offshore energy businesses which have a clear technology focus, have complementary customer bases and can leverage Group support. Subsea Innovation, which currently operates largely in the global oil and gas market will bring world-class engineering in the design, development and manufacture of back deck equipment and subsea pipeline repair clamps (“EPRC”) to Tekmar’s portfolio, along with a blue chip client list and a skilled engineering team.

Background

Subsea Innovation is a world leader in the design, manufacture and supply of complex engineered equipment and technology used in the offshore energy market. Its products range from large equipment handling systems which operate on the back of installation vessels, pipeline repair clamps which protect major oil and gas pipelines, and equipment for the construction of offshore oil and gas projects. The business also has an extremely skilled engineering design team who develop world-leading concepts for some of the world’s most challenging and exciting projects.

Subsea Innovation employs 27 skilled staff, including a highly experienced management team, all of whom will remain with the business post acquisition.

The addition of Subsea Innovation’s engineering team will add 16 specialist engineers to aid the development of new products for Group companies; in addition to adding long standing relationships with key EPC clients such as Technip FMC, Saipem and Subsea7 and oil and gas operators including the likes of BP, Shell and Total.

Subsea Innovation and Tekmar have shared heritage. In 2011, Tekmar Subsea Limited, originally founded by two commercial divers in 1985, divided to form two new entities Tekmar Energy Limited and Subsea Innovation Ltd.

Subsea Innovation will continue to trade under its own name and remain as a separate legal entity. There will be no disruption or change for its customers.