Oceaneering International, Inc. announced that its wholly-owned Norwegian subsidiary, Oceaneering AS, has closed the previously- announced definitive agreement to acquire AGR Field Operations (AGR FO). AGR FO is a provider of inspection, maintenance, subsea engineering, and field operations services, principally to the oil and gas industry.
The acquisition price was approximately $230 million, including acquired debt, and was funded with cash and debt from Oceaneering’s existing revolving credit facility.
Oceaneering is a global provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology expertise, Oceaneering also serves the defense and aerospace industries.
[mappress] Subsea World News Staff , December 21, 2011; Image: AGR