C-Innovation, an affiliate of Edison Chouest Offshore, has acquired the controlling interest in Caltex Oil Tools.
Houston-based company has a core management team with more than 65 years of experience in deep water, remote technologies and intervention solutions.
The Caltex team should enable C-I to further expand its engineering and subsea service capabilities in order to deliver a more complete offering.
This acquisition, says the company, underscores its core mission to serve as the single source solution for the subsea and offshore industries.
David Sheetz , vice president of C-I, said, “ With the acquisition of Caltex, we advance our position as the single source solution for our customers. Caltex’s highly experienced team is a perfect fit to support C-I’s continued growth as a leader in the subsea market. We have been working with Caltex for a few years now, and I believe this deal will allow us to jointly develop more efficient technology and processes to increase returns in riserless light well intervention (RLWI) projects.”
Justin Branner , general manager of Caltex, also said:
“C-Innovation will be a catalyst in our pursuit to develop technology and provide services that drive efficiency and close the technology gap throughout the industry. C-Innovation is a loyal customer from the beginning trusting Caltex with providing well intervention and flowline intervention services, so this made sense for us as a company to solidify our relationship and optimize the value offering to the end customers.”
“ We are enthusiastic about welcoming the Caltex team into the Chouest family of companies ,” said Dino Chouest , president of C-Innovation. “Teaming C-Innovation with Caltex, along with other Chouest companies, will further strengthen us as a world leader in offering our clients a total solution in today’s challenging market.”
C-Innovation has not disclosed the financial terms surrounding the deal.