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February 2, 2015

Oceaneering to buy offshore mapping services provider C & C Technologies

Oceaneering International has agreed to acquire US-based offshore mapping services provider C & C Technologies (C&C) for around $230m.

Oceaneering International has agreed to acquire US-based offshore mapping services provider C & C Technologies (C&C) for around $230m.

Louisiana-based C&C provides a range of survey and mapping services for the land and offshore oil and gas industry, including ocean-bottom mapping services in deepwater using autonomous underwater vehicles and marine construction surveys for both surface and subsea assets.

"C&C also provides satellite-based positioning services for drilling rigs and seismic and construction vessels."

C&C also provides satellite-based positioning services for drilling rigs and seismic and construction vessels.

The company offers land and near-shore survey services along the US Gulf Coast and in Mexico, and undertakes shallow water conventional geophysical surveys in the US Gulf of Mexico.

The transaction, which is subject to customary closing conditions, is expected to be completed in early April.

C&C will retain its name and continue to be headquartered in Lafayette, Louisiana.

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Oceaneering International president and CEO Kevin McEvoy said: "We are pleased to have entered into an agreement to acquire C&C, as we believe this transaction is a unique opportunity to strategically expand our service-line capabilities and underwater service offerings.

"C&C’s services are used in all of the major phases of an offshore field life-cycle, particularly in exploration and development, and are highly complementary with Oceaneering’s products, services, capabilities and areas of expertise."

Oceaneering provides engineered services and products, predominantly to the offshore oil and gas industry, with a focus on deepwater applications.

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