Oceaneering (OII) Completes $30M Blue Ocean Technologies Acquisition
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Oceaneering International, Inc. (NYSE: OII) announced today that it has acquired the assets of Blue Ocean Technologies, LLC ("Blue Ocean"), a privately held provider of riserless light well intervention ("RLWI") services, for approximately $30 million in cash. Included in the acquisition are three RLWI systems, two of which are currently under construction, and are expected to be fully functional by mid-2017. Oceaneering expects to invest approximately $10 million to complete construction of the two RLWI systems.
Subsea well intervention services are intended to maximize production and increase the recovery rate from offshore oil and gas reservoirs or, alternatively, prepare wells to be plugged and abandoned. Blue Ocean's RLWI systems have the capability to perform a wide variety of cost effective services for well interventions, including well diagnostics, damaged well remediation and workovers, and well plugging and abandonment. Blue Ocean's leading RLWI technology holds the current depth record for deepwater riserless intervention at 8,200 feet (2,500m).
Kevin McEvoy, Chief Executive Officer of Oceaneering, stated, "We are pleased to complete the acquisition of Blue Ocean, which we believe will enable us to further penetrate the subsea well intervention market and support existing and new customers with additional safe, cost effective subsea solutions. The services offered by Blue Ocean are complementary to our subsea products operations, and Blue Ocean will add talent and expertise that reflects our commitment to provide quality results with an integrated and expanded platform to drive growth. This acquisition fits our strategy on increasing our services and products offerings focus related to the production phase of the offshore field life cycle."
Oceaneering intends to report the future financial results of Blue Ocean through Oceaneering's Subsea Products segment, under its Services and Rentals business unit.
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