Oceaneering buys Aberdeen firm
Ecosse Subsea sold to US giant in £50m deal
Mark Gillespie: ‘we expect to be better positioned in emerging renewables’
Ecosse Subsea, the Aberdeen-based offshore engineering company, has been acquired by a subsidiary of Oceaneering International in a deal worth £50 million.
The acquisition comes just a week after Ecosse was awarded £2.5m in funding to develop wave energy technology.
Roderick A Larson, president and 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, and provide our customers with proven tools to optimise 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.”
Founder Mike Wilson, former chairman of Ecosse, expects to bank almost £40m from his 75% stake in the business. He said: “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.”
Mark Gillespie, Director, Global Renewables and Subsea Projects of Ecosse, said: “We are excited to become part of Oceaneering.
“With Oceaneering’s global strength, we expect to be better positioned to further penetrate the growing and emerging renewables and cable markets in Europe and the United States.”