Oceanteam Acquires Stake in new Subsea Services Company

Wednesday, September 05, 2007
Oceanteam Power & Umbilical ASA announced has signed a Heads of Agreement to acquire 60 percent of a new Subsea Services company against investment within the company. The company will be renamed to Oceanteam Subsea Services Ltd. The company has been recently founded by a team of subsea services experts headed by Graeme Kidd with an excellent track record within the Offshore Service Industry. Graeme Kidd has been working in the subsea industry for over 25 years and still retains an enthusiasm for the industry and its entrepreneurial approach to the delivery of problem solutions. The new company brings together a team of highly experienced and knowledgeable individuals who are of the view that they have novel innovation to offer the market place.

Oceanteam Subsea Services Ltd will be a separate business unit within OPU focussed on Hydro-graphic Survey, Inspection- Repair- and Maintenance Services, ROV Intervention, Integrity Management and Geotechnics. The management team will be based in Aberdeen and is initially capable to service clients within the North Sea, West Africa, Brazil and Gulf of Mexico. Oceanteam Subsea Services plans to grow its fleet of ROV's, equipment, personnel and market presence significantly over the next few years. The company plans to have a spread operational at earliest option, which will also be fitted with a trenching package.

The two OPU ordered Perry Slingby TRITION XLS construction and inspection ROV's, with delivery September 2007, will be allocated to Oceanteam Subsea Services Ltd and OPU will invest a further Euro 4.5 million in equipment, software and working capital through equity and loans. Oceanteam Subsea Services is expected to produce a positive EBITDA as from Q1 2008.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Italian Pleads Guilty to Marine-hose Price-fixing in US

A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday.

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

Marine Science

Huge Iceberg Broken off Antarctica Heads for Open Ocean

Scientists are monitoring an iceberg roughly six times the size of Manhattan - one of the largest now in existence - that broke off from an Antarctic glacier and is heading into the open ocean.

CNR: Innovation Maintains US Naval Advantages

An interview with Rear Adm. Matt Klunder, U.S. Navy Chief of Naval Research What are your near term, mid-term and long term science and technology (S&T) objectives?

Newport News Shipbuilding's Apprentice School to partner Old Dominion University

The Signing of a memorandum of understanding between the Apprentice School and Old Dominion University (ODU) will take place tomorrow (23rd April) at 3101 Washington Ave.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 4.8510 sec (0 req/sec)