Aberdeen-headquartered Ecosse Subsea has been sold for around £50million.
Engineering services firm Oceaneering announced the buyout of the firm yesterday.
Ecosse, whose business focuses on service delivery in the oil and gas, offshore wind, power transmission, wave and tidal industries, had been operating since 1996.
The north-east subsea firm last year reported revenue of £28million with pre-tax earnings of £7million for the year ending March 31, 2017.
Oceaneering, which primarily provides engineering services for the offshore energy industry, also serves the defence, entertainment and aerospace industries.
With the signing of this deal Oceaneering will look to increase its presence in the global renewable energy and cable protection marketplace.
Roderick Larson, president and chief executive officer 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, and provide our customers with proven tools to optimize installation projects.
“The addition of Ecosse reflects our commitment to expand into the adjacent renewable energy market to more comprehensively serve the offshore energy industry.
“We expect the acquisition to be accretive to Oceaneering’s 2018 cash flow and earnings.”
Mike Wilson, former chairman of Ecosse, added: “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.”
PwC Corporation’s Scottish finance team, who advised on the deal between Oceaneering and Ecosse Subsea, said they were delighted to help broker the agreement between the two firms.
Jon Shelley, head of corporate finance at PwC Scotland, said: “PwC is delighted to have advised the shareholders of ESS on this successful transaction.
“Oceaneering International Inc presents a great partner for the business, its employees and customers and will help support the company through the next phase of its impressive growth.
“The deal represents an excellent example of overseas investors partnering with the most innovative businesses in Scotland.”
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