Oceaneering to Pay $240M for Subsea Business

23 November 2011

Oceaneering International Inc said Tuesday that its Norwegian subsidiary will pay $240 million for a business that inspects and maintains subsea oil and gas operations.

The business, AGR Field Operations, is being sold by Norway's AGR Group ASA and FieldCo Invest AS. The deal is expected to close by year-end.

Oceaneering said it would use cash and borrowing from its revolving credit facility to finance the purchase of the unit, which has more than 800 employees and operates in Norway and Australia.

The company said the acquisition will boost 2012 net income by about $10 million, to between $2.45 and $2.65 per share from an earlier forecast of $2.35 to $2.55 per share.