Add-on Acquisition • Energy Services and Equipment

Oceaneering Acquires Norse Cutting & Abandoment AS

On March 7, 2011, Oceaneering acquired energy services and equipment company Norse Cutting & Abandoment AS from EV Private Equity for 60M USD

Acquisition Context
  • This is Oceaneering’s 4th transaction in the Energy Services and Equipment sector.
  • This is Oceaneering’s 5th largest (disclosed) transaction.
  • This is Oceaneering’s 4th transaction in Norway.

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M&A Deal Summary

Date March 7, 2011
Target Norse Cutting & Abandoment AS
Sector Energy Services and Equipment
Buyer(s) Oceaneering
Sellers(s) EV Private Equity
Deal Type Add-on Acquisition
Deal Value 60M USD
Advisor(s) C.W. Downer & Co. (Financial)

Target Company

Norse Cutting & Abandoment AS

Tananger, Norway
Norse Cutting & Abandonment AS is an oilfield technology company that specializes in providing subsea tooling services used in the plugging, abandonment, and decommissioning of offshore oil and gas production platforms and subsea wellheads.
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Buyer Overview 1

Buyer

Oceaneering

Houston, Texas, United States

Category Company
Founded 1964
Sector Energy Services and Equipment
Employees10,100
Revenue 2.7B USD (2024)
DESCRIPTION
Oceaneering International's corporate headquarters in Houston, Texas.
Oceaneering International's corporate headquarters in Houston, Texas.

Oceaneering provides engineered services and products primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, the company also serves the defense, entertainment, and aerospace industries. Oceaneering International was formed in 1964 and is based in Houston, Texas.


Deal Context for Buyer #
Overall 10 of 17
Sector: Energy Services and Equipment 4 of 8
Type: Add-on Acquisition 6 of 11
Country: Norway 4 of 5
Year: 2011 1 of 2
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-17 GTO Subsea AS

Kristiansund, Norway

GTO is a rental provider of specialized subsea dredging and excavation equipment, including remotely operated vehicle (ROV) deployed units, to the offshore oil and gas industry.

Buy $45M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-11-22 AGR Field Operations

Straume, Norway

AGR FO is a provider of inspection, maintenance, subsea engineering, and field operations services, principally to the oil and gas industry.

Buy $240M

Seller Profile 1

SELLER

EV Private Equity

Stavanger, Norway

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2002
PE ASSETS 1.0B NOK
Size Small
Type Sector Focused
DESCRIPTION

Energy Ventures is an independent venture capital firm that manages/advises four venture funds. It actively seeks early- to mid-stage investments in technology companies that deliver a marketable, proprietary product or service in the upstream oil and gas sector. Energy Ventures focuses on investments based in the North Sea area or North America with an international orientation. Established in 2002, Energy Ventures is based in Stavanger, Norway with additional offices in Aberdeen, UK, and Houston, Texas.


Deal Context for Seller #
Overall 10 of 33
Sector: Energy Services and Equipment 8 of 21
Type: Add-on Acquisition 8 of 24
Country: Norway 6 of 12
Year: 2011 1 of 2
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-21 Wireless Seismic

Stafford, Texas, United States

Wireless Seismic manufactures the only wireless seismic data acquisition system with real-time data return, improving safety and data quality while lowering operating costs. Wireless Seismic was founded in 2006 and is based in Stafford, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-15 Stingray Geophysical

Guildford, United Kingdom

Stingray Geophysical is a fibre-optic based, permanent reservoir monitoring solutions company.

Sell -