Oceaneering offers engineering services and products, primarily to the offshore oil and Gas industry, with a focus on deepwater applications.
The product line to be acquired by GE will go to market under the Oceaneering Subsea All Electric and Ifokus brand.
The agreement will see Oceaneering’s 16-strong Stavanger-based engineering team join GE Oil & Gas. It will then be transitioned into the Subsea Systems business, which also operates in Stavanger, Norway.
The transaction, which is subject to regulatory approvals, is anticipated to be closed in the first quarter of 2015, and will expand GE’s existing subsea controls product line portfolio.
GE Oil & Gas Subsea Systems business CEO Rod Christie said: "With Ifokus as part of our solutions portfolio, GE has the opportunity to pave the way for electrification in the oil and gas subsea space, giving us a new technology that is faster to operate for processing applications, has excellent enhanced diagnostic capabilities and can be seamlessly integrated into a customer’s existing controls, communications and power network."