Offshore engineering services provider Tekmar Group has signed an agreement to acquire Subsea Innovation.
Image: Tekmar to acquire Subsea Innovation. Photo: Courtesy of Tekmar Energy Limited.
The acquisition is subject to shareholder approval and it represents the company’s first transaction after its AIM admission in June this year. The company has a strategy to acquire offshore energy businesses which have clear technology focus and have complementary customer bases and can use the company’s support.
In 2011, Tekmar Subsea, originally founded by two commercial divers in 1985, was divided into two new entities Tekmar Energy and Subsea Innovation.
Subsea Innovation operates in the global oil and gas market and is expected to bring its engineering experience in the design, development and manufacture and supply of complex engineered equipment and technology used in the offshore energy market and subsea pipeline repair clamps (EPRC) to Tekmar’s portfolio.
Its products include large equipment handling systems operating on the back of installation vessels, pipeline repair clamps which protect major oil and gas pipelines and equipment for the construction of offshore oil and gas projects.
Tekmar Group CEO James Ritchie said: “When we floated on AIM we promised investors a dynamic business with a clear plan for the future. Today is just one part of the implementation of that plan and we are delighted to welcome Subsea Innovation into the Tekmar Group.”
“As we continue through into 2019, you will continue to see us work towards our vision to become the partner of choice for the supply and installation support of subsea protection technology to the global energy markets. We will continue to put clients first and continue to innovate to remain at the forefront of the world’s offshore energy industries.”