Houston-based Oceaneering International on Oct. 17 said that it has acquired the assets of privately owned Blue Ocean Technologies, LLC. The purchase price of $30 million includes three riserless light well intervention (RWLI) systems. Only one system is functional at this time, but the two systems under construction are expected to be completed halfway through 2017.
“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,” Kevin McEvoy, CEO of Oceaneering, said in a statement.
He added that “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.”
Blue Ocean Technologies, headquartered in Conroe, Texas, emerged in 2008 as one of the first companies to provide RWLI systems as a cost-effective alternative to traditional solutions. RWLI systems are subsea solutions designed to increase the oil and gas recovery rate from a well.
The acquisition is a smart move on the part of Oceaneering, because assets are usually sold at a considerable discount during an industry-specific downturn. It also diversifies the company’s number of offerings, thereby increasing potential sources of revenue.
“This acquisition fits our strategy on increasing our services and products offerings focus related to the production phase of the offshore field life cycle,” McEvoy said.