Oceaneering International Inc. (NYSE: OII) said Oct. 17 it acquired the assets of Blue Ocean Technologies LLC for $30 million in cash, expanding the Houston company's subsea services into riserless light well intervention (RLWI).
Blue Ocean is a privately held provider of RLWI systems, which holds the current depth record for deepwater riserless intervention at 2,500 m (8,200 ft).
Oceaneering's acquisition included three RLWI systems, two of which are currently under construction, and are expected to be fully functional by mid-2017. The company said it expects to invest about $10 million to complete the construction of the two RLWI systems.
Blue Ocean's RLWI systems are capable of performing a wide variety of cost effective services for well interventions, according to the release. These include well diagnostics, damaged well remediation and workovers and well plugging and abandonment.
Oceaneering intends to report the future financial results of Blue Ocean through its subsea products segment, under its services and rentals business unit.
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