Houston-headquartered Oceaneering International has acquired Scottish engineering firm Ecosse Subsea for around £50m ($69m).
Ecosse builds and operates seabed preparation, route clearance and trenching tools for submarine cables and pipelines.
Roderick Larson, president and CEO of Oceaneering, commented: “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.”
Oceaneering will place Ecosse within its subsea projects division.