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.
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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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