Viper Subsea Technology said innovative oifield products and services developed in Aberdeen and Portishead, near Bristol, were poised for accelerated growth and global reach after a US firm acquired a minority stake.
Houston-based Oceaneering International Services, whose global operations include regional headquarters in Dyce, Aberdeen, completed the deal on August 7 for an undisclosed sum.
The acquisition is not expected to lead to any change in Viper’s workforce or product and service development.
Vioper was among the winners at last year’s Subsea UK Awards in Aberdeen.
It was recognised for its work on an innovative method of tackling water penetration which results in system failure and loss of production.
Welcoming Oceaneering’s investment, Viper managing director Neil Douglas said: “This is an ideal opportunity to accelerate the growth and the global reach of Viper Subsea’s innovative products and services.
“Oceaneering is a widely respected company, with a great reputation, whose products and offerings complement our own and this is clearly an important strategic step for us.
“Our technology and capability will also provide significant pull-through for Oceaneering.
“There will be no change in the day-to-day management team or management structure of Viper Subsea.
“We have a successful and highly experienced team in place who will continue to drive the development of Viper Subsea forward.”
Viper was established in 2007 by Mr Douglas and Max Nodder.
Its engineers design and supply hydraulic, chemical, and electrical subsea distribution systems and equipment, as well as offering a range of consultancy services.
The company’s V-Life system for combating the degradation of insulation resistance in subsea cables, umbilicals and connectors is said to be saving the global subsea industry millions of pounds by avoiding intervention and equipment replacement costs.
V-Life has successfully been used to resurrect completely failed systems, allowing fields to recommence hydrocarbon production.
Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deep-water applications. It employs about 12,400 people in 28 countries.
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