Subsea 7 has struck a deal to acquire rival oilfield service business Siem Offshore Contractors (SOC) for an initial £125million.
Luxembourg-registered Subsea 7, which has a base in Westhill, Aberdeenshire, could also pay out a deferred contingent consideration capped at £35million.
The company said the takeover of SOC, a wholly-owned subsidiary of Norway-headquartered Siem Offshore, would help it win more renewables work.
SOC, which employs about 100 people, specialises in the installation of subsea cables and provides repair and maintenance services to the offshore renewable energy market.
The deal, which includes the Siem Aimery cable lay vessel and the Siem Moxie support vessel, should go through in the first half of this year.
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