M&A Deal Summary

Oceaneering International Acquires Drill support ROV business

On November 30, 2003, Oceaneering International acquired engineering company Drill support ROV business from Subsea 7 for 108M USD

Acquisition Highlights
  • This is Oceaneering International’s 1st transaction in the Engineering sector.
  • This is Oceaneering International’s 3rd largest (disclosed) transaction.
  • This is Oceaneering International’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2003-11-30
Target Drill support ROV business
Sector Engineering
Buyer(s) Oceaneering International
Sellers(s) Subsea 7
Deal Type Divestiture
Deal Value 108M USD

Target

Drill support ROV business

United Kingdom
drill support ROV business consisting of 82 remotely operated vehicles (ROVs), including 54 work class and 28 observation class, related contracts and employees, and significant subsea engineering, tooling, and products capabilities and capacity.

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Buyer(S) 1

Buyer

Oceaneering International

Houston, Texas, United States
Category Company
Founded 1964
Sector Energy Services and Equipment
Employees10,100
Revenue 2.4B USD (2023)
DESCRIPTION
Oceaneering International's corporate headquarters in Houston, Texas.
Oceaneering International's corporate headquarters in Houston, Texas.

Oceaneering International is a provider of 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, Oceaneering also serves the defense, entertainment, and aerospace industries. Oceaneering International was formed in 1964 and is based in Houston, Texas.

DEAL STATS #
Overall 5 of 17
Sector (Engineering) 1 of 3
Type (Divestiture) 2 of 4
Country (United Kingdom) 2 of 4
Year (2003) 5 of 7
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-02 Rotator AS

Nodeland, Norway

Rotator AS is a designer and manufacturer of subsea control valves, topside control valves, subsea chemical injection valves, and specialty control panels.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-02 Stolt ROV Business Operations

Netherlands

Stolt ROV Business Operations including 34 work class ROVs, ancillary equipment, and related contracts and employees.

Buy $50M

Seller(S) 1

SELLER

Subsea 7

Luxembourg, Luxembourg
Category Company
Founded 1993
Sector Construction
Employees8,349
Revenue 6.0B USD (2023)
DESCRIPTION

Subsea 7 is a provider of seabed-to-surface engineering, construction and services contractor to the offshore energy industry. Subsea 7 was founded in 1993 and is headquarters in Luxembourg City, Luxembourg.

DEAL STATS #
Overall 1 of 1
Sector (Engineering) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2003) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 4Subsea

Asker, Norway

4Subsea is a provider of technology and services that help operators maintain production from subsea oil and gas fields and offshore wind farms. By combining expert engineering competence, operational experience, and digitalized decision support, The company ensures the integrity of subsea assets all the way from the reservoir to deck. 4Subsea was formed in 2007 and is based in Asker, Norway.

Buy -
Mergr

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