Oceaneering completes acquisition of Blue Ocean Technologies

Oceaneering International Inc. (NYSE:OII) has acquired the assets of Blue Ocean Technologies LLC, a privately held provider of riserless light well intervention (RLWI) services, for approximately $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 expects to invest approximately $10 million to complete construction of the two RLWI systems.

Blue Ocean's RLWI technology holds the current depth record for deepwater riserless intervention at 8,200 feet (2,500m).

Oceaneering intends to report the future financial results of Blue Ocean through Oceaneering's Subsea Products segment, under its Services and Rentals business unit.

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.

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