US giant takes over Ecosse Subsea in £50m deal

Mike Wilson
Mike Wilson

A US offshore engineering giant listed on the New York stock exchange has taken over a rival Scots minnow for £50 million.

Texas-based Oceaneering International has acquired Aberdeen-based Ecosse Subsea Limited, which builds and operates seabed preparation, route clearance and trenching tools for submarine cables and pipelines.

Ecosse Subsea also recently launched its SCARJet trenching system, which is designed for use with standard ROVs.

Mike Wilson, former chairman of Ecosse, explained: “This is a strategic opportunity for our customers and our employees. Oceaneering has outstanding people, a global presence, innovative technologies and diversified services and products.

“Together we can establish a stronger platform to take on even larger and higher profile projects in the renewables and oil and gas industries.”

Roderick Larson, President Chief Executive 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.”

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

Meanwhile, Aberdeen based drilling and engineering contractor KCA Deutag has acquired oil assets in the Middle East from Dalma Energy, to give it access to the onshore Saudia Arabia drilling market for £480 million.

The new business will trade as KCA Deutag and will have a combined workforce of about 9,700 people.

7 Mar 2018

 

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