Oceaneering Acquires Ecosse Subsea

Ecosse is headquartered in Aberdeen. The company specializes in preparing the seabed for submarine cables such as grid connections for offshore wind farms. The acquisition for 50 million Pounds include Ecosse’s modular SCAR Seabed System, capable of completing the entire trenching work scope (route preparation, boulder clearance, trenching and backfill), and its newly developed SCARJet trenching system. The SCARJet is an evolutionary trenching system designed for use with standard work class ROVs and adds state of the art jetting and post-lay trenching capabilities to the existing pre-cut methods offered by the SCAR plowing tools.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, said, “We are pleased to complete the acquisition of Ecosse, which we believe offers Oceaneering the opportunity to expand our service line capabilities and grow our market position within the offshore renewable energy market, and provide our customers with proven tools to optimize installation projects. The addition of Ecosse reflects our commitment to expand into the adjacent renewable energy market to more comprehensively serve the offshore energy industry. We expect the acquisition to be accretive to Oceaneering’s 2018 cash flow and earnings.”