A subsidiary of Oceaneering International is to buy AGR Field Operations (FO) from AGR Group and FieldCo Invest for $240m.
The acquisition includes AGR FO’s acquired debt, and Oceaneering will fund the deal with cash and debt through its revolving credit facility.
The deal, which is yet to be approved by the Norwegian Competition Authority, will close by the end of 2011.
Oceaneering expects AGR FO to generate $200m in revenue and $20m of operating income during 2012.
AGR FO provides inspection, maintenance, subsea engineering and field operations services, primarily to the oil and gas industry.
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