The Return of U.S. Underwater Services
Benford Capital Partners LLC and Coppermine Capital LLC acquired the assets of Neptune Underwater Services (USA) LLC, the U.S. diving business of Neptune Marine Services Limited (NPMRF) (“Neptune”), in a newly-formed entity, called U.S. Underwater Services LLC
Benford Capital and Coppermine, in partnership with the Company’s management team, are acquiring the business for the second time, after selling it to Neptune in 2007. The name U.S. Underwater Services, the Company’s brand prior to Neptune’s involvement, was chosen to capitalize on its t reputation for quality, service and reliability.
Based in Mansfield, Texas, and operating out of a 50,000 square-foot facility, U.S. Underwater Services provides underwater inspection, construction, and diving services to drilling rigs, platforms and pipelines in the Gulf of Mexico. The Company also provides inspection services to inland customers, which consist of municipalities (e.g. water storage and treatment facilities, wastewater), government facilities, power plants, and industrial facilities.
In addition to acquiring the assets of Neptune Marine Services (USA), U.S. Underwater Services and Neptune entered into a ten-year exclusive license agreement for the use of Neptune’s patented NEPSYS® underwater dry welding technology in the Gulf of Mexico.