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April 12, 2019

Acteon to acquire US-based offshore marine survey company Benthic

UK-based subsea services group Acteon has agreed to acquire American offshore marine geotechnical and geophysical survey company Benthic.

UK-based subsea services group Acteon has agreed to acquire American offshore marine geotechnical and geophysical survey company Benthic.

Headquartered in Houston, Benthic delivers subsea drilling technology and has carried out several geotechnical site investigations and geophysical surveys in deep-water basins for its oil and gas clients.

Its portable remotely operated drill (PROD) technology is capable of conducting in-situ penetration testing, procuring samples and cores from water depths exceeding 3,000m and seabed slopes greater than 20°. The acquisition is expected to bolster Acteon’s deepwater and ultra-deepwater surveying capabilities.

“I am excited by the opportunities offered by becoming part of Acteon, which will allow us to offer a broad range of integrated solutions.”

 

Benthic CEO Steve Pywell said: “Our commitment to a continuous programme of innovation stretches back 15 years.

“I am excited by the opportunities offered by becoming part of Acteon, which will enable us to work collaboratively with the other companies in the group and allow us to offer a broad range of integrated solutions.”

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The transaction is expected to be completed in May, following which, Pywell will continue to lead Benthic. The company also aims to foray into offshore wind and scientific research sectors in future. Evercore, Clifford Chance and KPMG served as Acteon’s principal advisors for the transaction.

Acteon chief executive Richard Higham said: “Having Benthic in our portfolio greatly enhances Acteon’s existing survey businesses and further strengthens the group’s global offer; we plan to continue its existing programme of capital expenditure to ensure it can service growing worldwide customer demand.”

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