Oceaneering International Acquires Equity Interest in Viper Subsea
August 10, 2015
Oceaneering International Services Ltd has acquired a minority equity interest in Viper Subsea Technology. Oceaneering International Services Ltd is a UK based subsidiary of Oceaneering International Inc, a NYSE listed company and is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deep-water applications.
The deal was completed on the 7th August and Neil Douglas, Managing Director of Viper Subsea Technology said “This is an ideal opportunity to accelerate the growth and the global reach of Viper Subsea’s innovative products and services. Oceaneering is a widely respected company with a great reputation whose products and offerings complement our own and this is clearly an important strategic step for us. Our technology and capability will also provide significant pull-through for Oceaneering,” he continues “There will be no change in the day to day management team or management structure of Viper Subsea. We have a successful and highly experienced team in place who will continue to drive the development of Viper Subsea forward.”
Viper Subsea was established in 2007 by Neil Douglas and Max Nodder. The company’s team of highly skilled engineers design and supply hydraulic, chemical, and electrical subsea distribution systems and equipment, as well as offering a range of engineering consultancy services. A portfolio of patents reflects the company’s investment in Research and Development. Of particular note is the innovative V-LIFE system, a solution to one of subsea engineering’s most common problems – the degradation of insulation resistance in subsea cables, umbilicals and connectors. The breakthrough technology is saving the subsea industry millions by avoiding intervention and equipment replacement costs. V-LIFE has successfully been used to resurrect completely failed systems allowing fields to recommence hydrocarbon production.
Oceaneering is a global oilfield provider of engineered services and products primarily to the offshore oil and gas industry, with a focus on deep-water applications. Through the use of its applied technology expertise, Oceaneering also serves the defence, entertainment, and aerospace industries.