Oceaneering International has completed the $30m asset purchase of Blue Ocean Technologies, a privately held provider of riserless light well intervention (RLWI) services.
Included in the purchase are three RLWI systems, with two presently under construction and expected to be fully operational by mid-2017.
Oceaneering expects to invest around $10m to complete construction of the two RLWI systems.
Subsea well intervention services are intended to maximise production and boost the recovery rate from offshore oil and gas reservoirs, as well as prepare wells to be plugged and abandoned.
Blue Ocean’s RLWI systems have the capability to perform a variety of services for well interventions, including diagnostics, damage remediation and workovers, as well as plugging.
Blue Ocean’s RLWI technology holds the current depth record for deepwater riserless intervention at 8,200ft (2,500m).
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Oceaneering CEO Kevin McEvoy said: “We are pleased to complete the acquisition of Blue Ocean, which we believe will enable us to further penetrate the subsea well intervention market and support existing and new customers with additional safe, cost effective subsea solutions.
"The services offered by Blue Ocean are complementary to our subsea products operations, and Blue Ocean will add talent and expertise that reflects our commitment to provide quality results with an integrated and expanded platform to drive growth.
"This acquisition fits our strategy on increasing our services and products offerings focus related to the production phase of the offshore field lifecycle.”
Oceaneering plans to report the future financial results of Blue Ocean through Oceaneering’s Subsea Products segment, under its Services and Rentals business unit.