Oceaneering Buys RLWI Services Provider Blue Ocean

Oceaneering International has acquired the assets of Blue Ocean Technologies, a privately held provider of riserless light well intervention (RLWI) services, for approximately $30 million in cash. 

Included in the acquisition are three RLWI systems, two of which are currently under construction, and are expected to be fully functional by mid-2017, the company informed.

Oceaneering expects to invest approximately $10 million to complete construction of the two RLWI systems.

Blue Ocean’s RLWI systems have the capability to perform a variety of well intervention services, including well diagnostics, damaged well remediation and workovers, and well plugging and abandonment.

Kevin McEvoy, chief executive officer of Oceaneering, 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 life cycle.”