Oceanteam to acquire 60% of subsea services company
Sept. 4, 2007
Oceanteam Power & Umbilical ASA has signed a heads of agreement to acquire 60% of a new subsea services company to be renamed Oceanteam Subsea Services Ltd.
Offshore staff
BERGEN, Norway –Oceanteam Power & Umbilical ASA has signed a heads of agreement to acquire 60% of a new subsea services company to be renamed Oceanteam Subsea Services Ltd.
Oceanteam Subsea Services Ltd will be a separate business unit within OPU focused on hydrographic survey, inspection-repair-and-maintenance, ROV intervention, integrity management, and geotechnics.
The management team will be based in Aberdeen and Oceanteam says the Subsea Services operation plans to grow its fleet of ROVs, equipment, personnel, and market presence over the next few years. The company plans to have a spread operational at earliest option, which will also be fitted with a trenching package.
The two OPU-ordered Perry Slingby TRITION XLS construction and inspection ROVs, with delivery Sept. 2007, will be allocated to Oceanteam Subsea Services Ltd and OPU will invest a further €4.5 million ($6.1 million) in equipment, software, and working capital through equity and loans.
