US company buys Scottish offshore firm Ecosse Subsea
- Published
The company has expertise in underwater trenching
Offshore engineering firm Ecosse Subsea has been bought by a subsidiary of Texas company Oceaneering International.
Aberdeen-based Ecosse is valued at £50m in the deal.
It describes itself as a provider of seabed preparation, route clearance and trenching services to the renewable energy and oil and gas industries.
Oceaneering, which is based in Houston, said the purchase allowed it to expand into the renewable energy market.
Its president and chief executive Roderick A Larson said: "We are pleased to complete the acquisition of Ecosse, which we believe offers Oceaneering the opportunity to expand our service line capabilities and grow our market position within the offshore renewable energy market, and provide our customers with proven tools to optimise installation projects."
'Strategic opportunity'
He added: "The addition of Ecosse reflects our commitment to expand into the adjacent renewable energy market to more comprehensively serve the offshore energy industry.
"We expect the acquisition to be accretive to Oceaneering's 2018 cash flow and earnings."
Former Ecosse chairman Mike Wilson added: "This is a strategic opportunity for our customers and our employees.
"Oceaneering has outstanding people, a global presence, innovative technologies and diversified services and products.
"Together we can establish a stronger platform to take on even larger and higher profile projects in the renewables and oil and gas industries."