Ocean energy solutions provider Ocean Power Technologies (OPT) has acquired 3Dent Technology, a provider of offshore engineering and design services for both the oil / gas and wind industries.
OPT expects the acquisition of 3Dent to bring additional revenue from its established project and customer base.
As per the deal terms, OPT will pay an amount of stock equal to $800,000 to 3Dent using the closing strike price on 11 December 2020. This equates to 361,991 shares of OPT common stock.
In addition, the deal allows OPT to expand its ability to provide comprehensive solutions to customers in markets such as offshore wind and offshore oil and gas with 3Dent’s complimentary services.
3Dent’s services include simulation engineering of hydrodynamic and structural applications, concept design, software engineering, and vessel monitoring for drilling contractors and construction yards, among others.
OPT president and CEO George H Kirby said: “3Dent brings significant expertise in offshore engineering to OPT and our customers by providing complete project lifecycle engineering services, from concept through installation to decommissioning, including early-stage feasibility and design.
“Together, we are well-positioned to bring added value to our customers while expanding into new markets such as ocean renewables.”
3Dent Technology will operate as Ocean Power Technologies’ wholly owned subsidiary under its current brand name.
3Dent Technology co-founder and president Dr Jose Vazquez said: “We believe that we have been very successful in providing creative and technically sound problem-solving expertise to the offshore industry, and OPT’s commercial experience and technology align well with our expertise.
“Together, we believe that we can accelerate the growth of our offshore engineering services while solidifying and expanding OPT’s position as an offshore energy solution provider.”
Last year, OPT was selected to study the deployment and operational requirements of using its PB3 PowerBuoy to provide ‘remotely controllable zero-carbon power’ for subsea oil production.