M2 Subsea, a recently formed subsea services business, has acquired the entire remotely operated underwater vehicle (ROV) fleet from Harkand, which went into administration in May.
The acquisition of 32 ROVs was funded with private equity investment from a fund advised by UK firm Alchemy Special Opportunities.
M2 Subsea is based in Aberdeen and Houston, and headed up by president and CEO Mike Arnold, who has 35 years in the subsea business including stints at Bibby Offshore and Hallin Marine.
Commenting on the acquisition, Arnold said: “The time is absolutely right for a new ROV services provider with a fresh approach that can, through experience, expertise, the correct asset base and lean management, dramatically reduce both cost and risk whilst continuing to provide a professional and quality service. Key to this will be the company’s collaboration with vessel owners and operators, helping them to maximize utilization of vessels and offering competitive solutions to meet our clients’ demands.”
M2 said it expects to create more than 50 onshore and 100 offshore jobs. It will operate primarily in the North Sea, Gulf of Mexico and West Africa initially and will move into the Asia Pacific and Middle East markets by the end of 2017.