Oceaneering wraps up C&C Technologies acquisition


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Submitted by Paddy Harris on 7th April 2015

07th April 2015

Oceaneering International last week (2 April) closed the previously announced definitive agreement to acquire C&C Technologies, Inc., a global provider of survey and satellite-based positioning services

Oceaneering International has closed the previously announced definitive agreement to acquire C&C Technologies, Inc., a global provider of survey and satellite-based positioning services

Oceaneering expects the acquired business to generate USD 20m to USD 30m of EBITDA, before integration costs, and to be accretive to earnings

Subject to customary post-closing working capital adjustments, the acquisition price of approximately USD 230m was paid in cash.

Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications.

Through the use of its applied technology expertise, Oceaneering also serves the defence and aerospace industries.

Headquartered in Lafayette, Louisiana, C&C is a leading provider of ocean-bottom mapping services in deepwater, utilising customised autonomous underwater vehicles and provides marine construction surveys for both surface and subsea assets, as well as satellite-based positioning services for drilling rigs and seismic and construction vessels.

C&C also provides land and near-shore survey services along the US Gulf Coast and in Mexico, and performs shallow water conventional geophysical surveys in the US Gulf of Mexico.