Norwegian offshore services player Reach Subsea has entered an agreement with Equinor Ventures to acquire OCTIO, a Bergen-based provider of monitoring solutions for hydrocarbon producing fields and CO2 storage reservoirs.
The deal will see Reach acquire Equinor’s interests in OCTIO, as well as the associated company MonViro, owned by OCTIO employees. The transaction will be settled in cash, which will be funded from Reach Subsea’s available resources. As part of the transaction, certain OCTIO employees will subscribe for new shares in Reach at NOK3 ($0.34) per share. The transaction is expected to close in the fourth quarter of 2021.
“The acquisition of OCTIO will deepen Reach Subsea’s technology competence and expand our value chain, accelerating the company’s strategy to become a full-service provider of subsea data and solutions for clients globally,” said Jostein Alendal, CEO of Reach Subsea.
Alendal added that the acquisition of OCTIO’s technologies will strengthen the data gathering, data processing, and data analytics capabilities of Reach Remote, an unmanned surface vehicle (USV) the company plans to roll out in 2023.