Oceaneering to acquire Spectrum Sales & Services

Oceaneering International Inc.

Oceaneering International Inc. (NYSE:OII) has acquired Spectrum Sales & Services LLC, a nondestructive examination (NDE) company that has developed subsea pipeline inspection technology based on the use of Electro Magnetic Acoustic Transducer (EMAT) technology. 

Spectrum serves the oil and gas, petrochemical, and power industries primarily in the Gulf Coast region of the US. Spectrum's revenue for 2013 was $4 million.

This acquisition adds the EMAT service line to Oceaneering's Asset Integrity business segment, which Oceaneering intends to grow by leveraging its global footprint.

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