Oceaneering International Inc. (NYSE: OII) announced April 2 it closed the acquisition of C&C Technologies Inc., a privately held survey services company, for $230 million in cash.
Ken Sill, senior analyst, Global Hunter Securities, called the transaction a “complementary tuck-in acquisition” in a Feb. 2 report.
C&C Technologies is a provider of ocean-bottom deepwater mapping services and marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs, seismic and construction vessels.
Houston-based Oceaneering will absorb 550 C&C personnel. Thomas Chance, C&C's co-founder, president and CEO, agreed to remain with the company for at least a year, Sill said.
Oceaneering expects that C&C will generate $20-30 million toward EBITDA in the 12 months following the close of the transaction, before integration costs. The company plans to include C&C in its subsea projects segment and expects the acquisition to be accretive to earnings.
C&C, of Lafayette, La., also provides land and near-shore survey services along the U.S. Gulf Coast, in Mexico and shallow water conventional geophysical surveys in the Gulf of Mexico (GoM).
C&C Technologies will retain its name and continue to be headquartered in Louisiana.
Oceaneering owns about 330 remotely operated vehicles (ROV), about 35% of the worldwide fleet. Its fleet stretches from the GoM to Africa, Norway, Brazil, Asia/Pacific and elsewhere.
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