US-based subsea specialist Sea Con is being acquired by Switzerland-based TE Connectivity in an all-cash deal worth US $490 million.
TE is buying the California-based contractor to expand its harsh environment and oil & gas industry range of services. Sea Con provides Remotely Operated Vehicle, Autonomous Underwater Vehicle, oil & gas, environmental and oceanographic applications to the subsea and military sectors.
TE chief executive Tom Lynch said the acquisition “expands TE’s position as a leader in connectivity solutions for harsh environments and significantly strengthens our position in the high-growth oil and gas industry”.
The companies added that the combination of the Sea Con group’s range of harsh environment electrical/fiber optic capability and TE’s cable product line, together with the power product range obtained under the Deutsch acquisition, will create a complete solution for undersea oil and gas applications, providing customers with a complete range of connector products.
Recommended Reading
Plus 16 Bcf/d: Power Hungry AI Chips to Amp US NatGas Draw
2024-04-09 - Top U.S. natural gas producers, including Chesapeake Energy and EQT Corp., anticipate up to 16 Bcf/d more U.S. demand for powering AI-chipped data centers in the coming half-dozen years.
Turning Down the Volumes: EQT Latest E&P to Retreat from Painful NatGas Prices
2024-03-05 - Despite moves by EQT, Chesapeake and other gassy E&Ps, natural gas prices will likely remain in a funk for at least the next quarter, analysts said.
CNX Joins Crowd of Companies Cutting Back NatGas Production
2024-03-12 - Appalachian gas producer CNX Resources is reducing natural gas production in 2024 and announced delays for well completions on three shale pads.
Midstream Builds in a Bearish Market
2024-03-11 - Midstream companies are sticking to long term plans for an expanded customer base, despite low gas prices, high storage levels and an uncertain political LNG future.
Exclusive: Can NatGas Save the 'Fragile' Electric Grid?
2024-02-28 - John Harpole, the founder and president of Mercator Energy, says he is concerned about meeting peak electric demand and if investors will hesitate on making LNG export facilities investment decisions after the Biden administration's recent LNG pause, in this Hart Energy LIVE Exclusive interview.