Oceaneering to buy Lafayette ocean-mapping firm for $230m

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HOUSTON – Offshore oil equipment supplier Oceaneering International plans to purchase a private ocean-bottom mapping company for $230 million, it said Monday.

The deal to buy Lafayette, Louisiana-based C&C Technologies will give Oceaneering access to technology that can map the ocean and survey marine construction for surface and subsea assets, which would boost utilization of its underwater vehicles.

The Houston-based company will also gain satellite-based positioning services for drilling rigs, seismic vessels and construction vehicles.

The services, Oceaneering says, will help it get work inspecting pipelines with x-ray and ultrasonic technology, “which could pull through additional demand for tooling and pipeline repair services,” Oceaneering CEO Kevin McEvoy said in a written statement.

“C&C’s services are used in all of the major phases of an offshore field life cycle, particularly in exploration and development,” and compliment Oceaneering’s services, McEvoy said. The transaction is set to close in early April.

He noted C&C has 550 employees and said Oceaneering expects to save costs and combine revenues when integrating the two firms.

“There are no layoffs contemplated in either company at the present time,” as a result of this merger, Oceaneering spokesman Jack Jurkoshek told Fuelfix.

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