Houston-based Oceaneering International is diving further into the subsea sector with the acquisition of a minority interest in the UK’s Viper Subsea Technology.
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Image from Oceaneering. |
The deal, completed on Friday (7 August), was for an undisclosed amount.
“This is an ideal opportunity to accelerate the growth and the global reach of Viper Subsea’s innovative products and services. Oceaneering is a widely respected company with a great reputation whose products and offerings complement our own and this is clearly an important strategic step for us. Our technology and capability will also provide significant pull-through for Oceaneering,” Neil Douglas, Viper managing director said.
Opposite of what has been seen in several 2Q results, the acquisition is expected to cause no change in Viper’s workforce or development.
“There will be no change in the day to day management team or management structure of Viper Subsea. We have a successful and highly experienced team in place who will continue to drive the development of Viper Subsea forward,” Douglas said.
Oceaneering operations
In addition to a 13% decrease in its revenue, Oceaneering announced it was dropping its blowout preventer (BOP) control systems business, in its 2Q 2015 report. The company attributed the BOP drop to deteriorating demand prospects.
Oceaneering also recently acquired Louisiana-based C&C Technologies in April for about US$230 million in cash. C&C specializes in deepwater seafloor mapping services, subsea surveys, and satellite positioning.
Viper R&D
Viper Subsea was established in 2007 and has a team of engineers that design and supply hydraulic, chemical, and electrical subsea distribution systems and equipment, in addition to offering a range of engineering consultancy services.
Viper is also proactive is research and development, with several patents and investments in the subsea sector including V-IR, V-Lock, and V-LIFE.
In January, US supermajor Chevron was the latest major operator to join Viper’s joint industry project (JIP) to develop its subsea integrity monitoring system V-IR. The JIP, also backed by Shell, BP, and Total, will develop the system to identify and locate faults in remote subsea electrical distribution systems. The JIP partners will contribute funding and ensure the products are optimized for field use.
In July, Viper released an upgrade to its V-Lock hydraulic stab plate that is designed to eliminate the need for long lengths of hydraulic tubing behind the fixed plate couplings to maintain coupler compliance.
Viper’s V-LIFE system focuses on one of subsea engineering’s most common problems: the degradation of insulation resistance in subsea cables, umbilicals and connectors.
The breakthrough technology is saving the subsea industry millions by avoiding intervention and equipment replacement costs. V-LIFE has successfully been used to resurrect completely failed systems allowing fields to recommence hydrocarbon production, the company said.
Read more:
Oceaneering International to acquire C & C Technologies
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