HOUSTON – Oceaneering International Inc. has acquired the assets of Blue Ocean Technologies, LLC, a privately held provider of riserless light well intervention (RLWI) services, for about $30 million in cash.
Included in the acquisition are three RLWI systems, two of which are currently under construction, and are expected to be fully functional by mid-2017. Oceaneering says it expects to invest about $10 million to complete construction of the systems.
Blue Ocean’s RLWI systems have the capability to perform a variety of cost-effective services for well interventions, including well diagnostics, damaged well remediation and workovers, and well P&A. The company’s RLWI technology holds the current depth record for deepwater riserless intervention at 8,200 ft (2,500 m).
Kevin McEvoy, CEO of Oceaneering, said: “We are pleased to complete the acquisition of Blue Ocean, which we believe will enable us to further penetrate the subsea well intervention market and support existing and new customers with additional safe, cost-effective subsea solutions.
“The services offered by Blue Ocean are complementary to our subsea products operations, and Blue Ocean will add talent and expertise that reflects our commitment to provide quality results with an integrated and expanded platform to drive growth. This acquisition fits our strategy on increasing our services and products offerings focus related to the production phase of the offshore field life cycle.”
Oceaneering says it intends to report the future financial results of Blue Ocean through its Subsea Products segment, under its Services and Rentals business unit.