Houston-based offshore oil equipment supplier Oceaneering International plans to purchase a Lafayette-based private ocean-bottom mapping company for $230 million, the companies announced this morning.
As FuelFix.com reports, Oceaneering International’s acquisition of C&C Technologies will give it access to technology that can map the ocean and survey marine construction for surface and subsea assets, which would boost utilization of its underwater vehicles. The company will also gain satellite-based positioning services for drilling rigs, seismic vessels and construction vehicles.
The services, Oceaneering says, will help it get work inspecting pipelines with X-ray and ultrasonic technology, “which could pull through additional demand for tooling and pipeline repair services,” Oceaneering CEO Kevin McEvoy says in a written statement.
“C&C’s services are used in all of the major phases of an offshore field life cycle, particularly in exploration and development,” and complement Oceaneering’s services, McEvoy says. The transaction is set to close in early April.
C&C has 550 employees, and McEvoy says Oceaneering expects to save costs and combine revenues when integrating the two firms. C&C will retain its name and continue to be headquartered in Lafayette.
“There are no layoffs contemplated in either company at the present time” as a result of this merger, Oceaneering spokesman Jack Jurkoshek tells FuelFix.com.
“We are truly excited about the combination of C&C and Oceaneering,” C&C CEO Thomas Chance says in a prepared statement. “The two companies are very complementary and synergistic. This will translate into stronger service lines for more clients worldwide. C&C and Oceaneering will certainly be a technical and operational powerhouse on a global basis.”
